BOSS Revolution Money Expands African Remittance Footprint

Rhea-AI Summary

IDT Corporation (NYSE: IDT) has announced an expansion of its BOSS Money money transfer service, now allowing US customers to send funds to Togo and Sierra Leone, along with new payout options in Benin. Transfers can be picked up at over 318 locations in Togo and select stores in Sierra Leone, with cash available at La Poste and Express Union in Benin. This service now covers 22 African countries and 215,000 locations. Additionally, BOSS Money is expanding partnerships with United Bank for Africa to facilitate direct deposits in Liberia and Ghana.

Positive

• Expansion of money transfer service to Togo and Sierra Leone, increasing market reach.
• New cash pick-up options in Benin enhance customer convenience.
• Partnership with United Bank for Africa improves service offerings in Liberia and Ghana.

Negative

• None.

Money Transfers Now Available from the US to Togo, Sierra Leone, and Benin

Newark, NJ., Feb. 03, 2022 (GLOBE NEWSWIRE) -- IDT Corporation (NYSE: IDT) today announced that BOSS Money has expanded its money transfer service in Africa, enabling its US customers to affordably and conveniently send money to Togo and Sierra Leone and adding new payout options in Benin.

In Togo, cash can be picked up at over 318 branches of La Poste and Banque Populaire pour l’Épargne et le Crédit. In Sierra Leone, cash can be picked up at select Afro International, BnB Transfer and Jalloh Enterprise Ltd., stores. In Benin, cash can now be picked up at La Poste du Benin in addition to Express Union Benin SA branches. BOSS Money customers can also send cash directly to MTN Benin mobile wallets.

BOSS Money is also expanding its partnership with the United Bank for Africa (UBA). US customers will soon be able to send cash for direct deposit or pick-up at UBA branch offices in Liberia and Ghana. In Nigeria, where BOSS Money currently offers cash pick-up at UBA branches, BOSS Money will soon provide direct deposit to UBA accounts.

BOSS Money now offers its US customers transfers to 22 African countries via 126 payers with cash pick-up or deposit available at over 215,000 locations.

“We continue to rapidly expand our payout options in Africa, giving customers more options to support family and friends back home,” said Alfredo O’Hagan, IDT’s SVP for Consumer Payments. “US to Africa corridors remain underserved, and we are pleased to provide additional options to help our customers share resources with their family and friends across the continent affordably and securely.”

The BOSS Revolution Money Transfer service is readily available through the convenient BOSS Revolution Money app and its nationwide network of BOSS Revolution Money Transfer retailers. First-time users of the app (free at App Store and Google Play) pay no fees on any transfer up to $300. BOSS Revolution Money Transfer is also available online or at any BOSS Revolution Money retailer.

About IDT Corporation:

IDT Corporation (NYSE: IDT) is a global provider of fintech, cloud communications, and traditional communications services. We help families to share, communicate and support each other across international borders. We also enable businesses to transact and communicate with their customers with enhanced intelligence and insight.

Our BOSS Money international money remittance and mobile top-up services offer convenient and reliable value transfers. Our BOSS Revolution calling service provides dependable voice and messaging communications globally. Our National Retail Solutions’ (NRS) point-of-sale retail network enables independent retailers to operate and process transactions more effectively while providing advertisers and consumer marketers with unprecedented reach into underserved consumer markets. net2phone’s unified communications as a service solution provides businesses with intelligently integrated cloud communications and collaboration tools across channels and devices. Our IDT Global and IDT Express wholesale offerings enable communications service enterprises to provision and manage international voice and SMS services.

Contact:
Bill Ulrey
IDT Investor Relations
Phone: (973) 438-3838
E-mail: invest@idt.net

FAQ

What new countries are included in IDT's BOSS Money service expansion?

IDT's BOSS Money service has expanded to include Togo and Sierra Leone.

How many locations can customers pick up cash in Togo?

Cash can be picked up at over 318 locations in Togo.

What are the new payout options available in Benin?

Cash can now be picked up at La Poste du Benin and Express Union Benin branches.

What is the total number of African countries served by BOSS Money?

BOSS Money now serves 22 African countries.

How is IDT enhancing its partnership with United Bank for Africa?

IDT is expanding its partnership to allow direct deposit in Liberia and Ghana alongside existing cash pick-up options in Nigeria.