With its headquarters in the UK, PayAngel is a multi-channel money transfer app designed for the global African diaspora. Customers can send and receive money digitally quickly and easily with its dependability, security, and convenience. Crucially, PayAngel is the only business that enables recipients of remittances received through its services to receive inbuilt life insurance. This eliminates third-party risk for remitters by enabling them to pay for goods and services directly from suppliers.

Furthermore, PayAngel's bank-grade security is based on Microsoft's Zero Trust Model, which it uses to safeguard its clients and partners. The business is renowned for its exceptional customer service, lowest conversion rates, no hidden costs, and cutting-edge goods that genuinely cater to the needs of the African diaspora. The PayAngel team, which is made up of seasoned bankers and professionals with over 40 years of combined expertise in banking and mobile technology, deserves all the praise.

In terms of technology, PayAngel goes above and beyond, using the appropriate innovation approach to provide quick transfers and noticeably superior value.  

The business was established in 2013 and is headquartered in the UK's Dartford, Kent. The corporation currently operates sibling companies in Ghana, the US, Canada, and Ireland.

Following an interview with Business Fortune, Jones Amegbor, the founder of PayAngel, shared his thoughts as follows:

"We go out to, hear from, and constantly develop in order to satisfy the requirements of the African community. Our first priority is this.

As a migrant who personally sends money home, I had numerous difficulties. Back then, sending money home was a difficult chore. The recipients suffered from not having the money on time to pay for those urgent and, most of the time, vital necessities if I didn't find time during the weekdays or on the weekends to visit an outlet and deliver the monies. In addition to the hardship of having to travel and the pain of not getting paid on time, I encountered numerous additional problems, such as misappropriation of cash, deceitful extortion, and, of course, paying excessive fees that were too exorbitant for Africa in comparison to other continents.

 "PayAngel was founded to tackle these problems and offer the African diaspora a practical means to meaningfully connect to their home countries wherever they are. That we are keeping our word makes me happy.

Gaining Ground Quickly

At the moment, PayAngel powers payments and transfers to Ghana, Nigeria, Kenya, and South Africa, as well as having rails to 28 more African nations from the UK, Canada, and Australia. Over the previous four years, it has continuously experienced 2x to 3x yearly growth, translating to a compound yearly growth rate of 146 percent.

By speeding growth and extending operations beyond the US and other European nations to numerous other countries in sub-Saharan Africa, PayAngel hopes to dramatically scale up. Within the next five years, the firm hopes to transact $4.4 billion and generate over $100 million in revenue.

 "We envisage PayAngel living up to its title of being the 'African Payment Expert' over the next five years by linking the African diaspora everywhere and facilitating payments into, within, and out of Africa in a seamless and, crucially, middleman-free manner. We are creating a worldwide platform that will allow immigrants to influence the evolution of the digital economy in their home countries while setting up local companies to benefit from the increase in cross-border trade.

Cooperation & Acknowledgment

The UN Capital Development Fund (UNCDF), which receives support from the European Union Trust Fund for Africa (EUTF), "Microsoft for Startups," and the Swiss government have all backed PayAngel. Additionally, the business is a part of the Founder Institute and the 1000 Black Voices Growth Accelerator. 

The "Corporate Vision Best Specialty Money Remittance Services Award" was recently awarded by the business. PayAngel also just topped MFS Africa and Terrapay, other finalists at the Innovations in Payments and Remittances Conference and Awards Night, and won the Social Impact Awards held this October.

Jones Amegbor | Innovation

Jones Amegbor is a seasoned banker and chartered certified accountant who holds an MBA from Oxford University in information technology and blockchain strategy.

Jones began his professional career with Barclays, where he became part of the bank's leadership program and immediately proved himself to be a gifted individual. He left Barclays to build a life as a contractor/consultant, working on different technical accounting and IT change projects within the Treasury sector for Lloyds Banking Group and the Co-operative Banking Group. Jones had previously held positions in retail, corporate risk, internet banking, finance, and investment banking product control.

Due to PayAngel's contribution to the transformation of payment solutions throughout Africa, Jones was recently featured in the CEO publication and named one of the "Top 20 Dynamic CEOs of 2022 in the UK."

"We are creating a global platform that allows immigrants to influence the growth of digital economy in their home regions and positions local businesses to benefit from the increase in cross-border trade.”