Profee plans to capture up to 20% of the money transfer market by 2026
According to World Bank data, in 2024 Ghana emerged as one of the top recipients in Africa with inward remittances reaching $4.6 billion, or 6.2% of GDP – almost twice as much as in 2023 ($2.4 billion). The Bank of Ghana reports even higher numbers: $6.7 billion vs $5.1 billion. Moreover, some industry analysts estimate the size of the national money transfer market exceeding $11 billion in 2024.
'We see a massive shift happening in the remittance space. Ghana's digital adoption is accelerating, and we're building a service that meets the needs of today's mobile-first users. By 2026, our goal is clear: to handle every fifth money transfer from Europe to Ghana via Profee — securely, instantly, and at the best possible rate.' — Dmitrii Gorokh, Head of Brand & Marketing Communications at Profee.
Due to substantial amounts of money flowing into the country through unofficial channels, providing remittance market statistics is a challenge. But even the lowest estimates indicate the importance of international money transfers for the Ghanaian economy.
Building upon these developments, the Profee's goals and vision as a digital remittance leader with a 20% share of the money transfer market, are shaped by the following strengths.
Top-tier security.
With the rapid online money app growth worldwide and in Africa, the issue of security comes to the forefront. Profee money transfers are protected by the state-of-the-art technology and procedures compliant with regulatory and industry requirements. A trusted remittance partner, the company uses multi-level procedures for transaction monitoring, employs advanced data encryption, and regularly updates its PCI DSS certification.
Low cost.
The UN's financial inclusion goals call for a reduction of the cost of international money transfers to 3% by 2030, but current average rates for Africa are still more than twice as high as that. For Ghana, the situation is currently exacerbated by the cedi appreciation which reduces the value of inward remittances. Leading the digital payments adoption, Profee understands the importance of accessible money transfers online for the Ghanaian market and acts accordingly. Its dynamic AI-driven market monitoring system allows its customers to enjoy the most competitive currency exchange rates on the market at any given moment. In addition, the first Profee money transfer comes with no commission and at a special promo exchange rate, thus stimulating the growth in digital transfers.
Instant delivery.
Regardless of the sender's location or currency, Profee money transfers are delivered almost instantly.
Maximum convenience.
The future of online remittances and any other digital B2C services depends on convenience. Seamless, customer friendly processes translate into high retention rates. A Profee money transfer only requires a connected smartphone and takes several taps to send. Transactions can be performed from the comfort of one's home, office, or even on the go and at any time of the day. Aiming to lead the remittance disruption, the company offers a selection of payment methods including bank cards and Google Pay and Apple Pay. To sign up with Profee, one only needs to visit www.profee.com or download the iOS/Android app and provide basic personal details with no excessive bureaucracy.
As the above overview shows, the Profee's expansion plans have a solid foundation. Ghanaian expats in Europe appreciate its innovative and customer-oriented approach, which makes the Profee's market share target of 20% easily achievable.
About Profee
An EU-licensed fintech company, Profee offers fast and secure online money transfers across 90+ destinations worldwide. The company continues to deliver exceptional year-on-year growth in both customer base and revenue, driven by bold innovation and cutting-edge financial technology. Recognised as the Best International Money Transfer Solution 2024 by Acquisition International's Global Excellence Awards, Profee combines the highest security and efficiency with the most competitive rates and low fees, making it a go-to remittance solution for Europe-based expats.
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