WorldRemit launches mobile money transfers to Armenia

With the WorldRemit app, people in 52 countries can now send money to Armenia, anytime, anywhere. Money is sent instantly to MobiDram mobile wallets, just like an instant message. According to the World Bank, remittances contributed more than USD 2 billion to Armenia’s economy in 2014, equivalent to almost 20% of its GDP.

There are at least 780,000 Armenians working abroad, and the total number of Armenians in the diaspora is thought to be larger than the country’s population. With 82% of Armenia’s adult population without a bank account, mobile financial services such as MobiDram hold great potential for the 3.3 million mobile subscribers in the country, especially those who are recipients of remittances.