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Evolving remittance trends

04 Aug

Did you know that in many countries around the world, one member of a family lives and works in another country where they can make a larger salary than they could back home? And yet, less than 10% of the world has a bank account. This basically means almost every family, especially in the developing world are in some way dependant on some form of income from a member of the family who but actually do not have access to a bank account.

So with so many people living and working away from home, and a whole lot more who are financially excluded , it is interesting to see how the remittance world has evolved over the past few years in order to accommodate the most secluded and illiterate people in developing countries.

Back in the day, sending money to Kenya for example was a long complicated process that involved a lot of unnecessary costs on the part of the sender and even the receiver.

With advancements in technologies, the costs of remitting money have substantially dropped; the ease and accessibility of money transfer have also increased.  Contrary to past trends, informal systems are now considered more expensive, slower and less versatile than formal systems.

 
 

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