Byline by: Gbenga Okejimi, Country Manager Nigeria & Ghana ACCRA, Ghana 9 November 2022,-/African Media Agency /-A combination of rapidly evolving technology and the restrictions imposed by the COVID -19 pandemic has resulted in nothing short of a revolution in the online money transfer sector.
The movement has been truly significant at all levels of society, with users taking advantage of rapidly evolving technologies such as mobile wallets and contactless cards to make payments and move their money around the globe. Digital money transfers have now become a lifeline for many recipients, but on a broader level, they also contribute to the economic buoyancy of many countries across the globe. According to the UN, international remittances contribute to achieving 12 out of 17 Sustainable Development Goals, with a 10% increase in per capita remittances leading to a 3.5% reduction in povertyAn adequate system is needed to make sending money abroad a secure and simple procedure.
The increase in secure digital remittances, especially mobile-to-mobile transfers, has lowered the need for cash transactions. Consequently, opportunistic crime in many cash-heavy markets has been reduced, however, cybercrime remains a very present threat, which money transfer companies must work hard to combat.The transition to digital payments and online money transfers has already had a positive impact on migrant communities and emerging countries.