Money transfer beyond geographical borders have always been a sensitive matter. Some countries have a lot of restrictions and red tape to get through. Africa, which is one of the continents with a high incidence of people who work outside their countries has to greatly rely on the remittance business.
What is remittance?
Remittance is peer-to-peer money transfer from one country to another, predominantly by migrant workers to their home countries. The World Bank reported $436 billion went to emerging markets in remittances as of 2014 and $583 billion was transferred across the world in total.
How does money transfer work in Africa?
Quick facts state that South Africa sends the most remittance into Africa, while Nigeria receives the most remittance on the continent.
There are various ways that remittances are paid i.e through bank institutions, money transfer agencies like Western Union, through the mobile money which is popular in Africa and through informal channels.
There are many forms of money transfer across the continent depending on a country’s laws and regulations. There however is a need to find a platform that syncs all these pay alternatives so as to suit remittance all over the continent to ensure seamless pay.
Innovations that Africa has adopted to simplify pay
Dusupay, an online platform aiding payments across Africa, has come up to better money transfer across Africa and from the rest of the world to Africa. With this platform, remittance businesses have the ability to send money across Africa using any pay mode they are incorporated to therefore allowing the transfer businesses to send to various countries without having to set up physical stalls or incorporate with all payment systems thus cutting costs while maximising their businesses. Not forgetting that their funds are guaranteed security all the way to the recipient.