Nairobi — Money transfer company WorldRemit has launched a new digital service that will make it faster and more cost effective to send and received money with Africa.

The digital service will first launch in Kenya, Rwanda, Tanzania and Uganda before rolling out to other countries in Africa.

The company's Chief Executive and Co-founder Ismail Ahmed said the service aims to do away with the prohibitive charges that individuals and businesses pay to transfer money within Africa, a major impediment for the continent-wide free-trade agreement signed by 44 countries.

"Just as WorldRemit has revolutionised the way people send money from developed countries, our vision is to do the same within Africa. From the frequent traveller, who works in different countries, to the small business owner buying goods abroad," said Ahmed.

He said the intra-Africa service will allow customers to use local banks, mobile money and cash pick-up points to send and receive money.

With its transfers to Africa growing by 80 percent year-on-year, WorldRemit transfers more than $1.6 billion at an annualised rate to the region.