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WorldRemit | New digital money transfer technology could help US immigrants send $100 more each year

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Posted May 3, 2018 by Ugandan Diaspora News Team in Money Transfer ~ 1,254 views

     

Immigrants in the US send more than twice as much money to family and friends in emerging economies as is sent through official development assistance, but they could be sending millions more.

A leading digital online money transfer service, WorldRemit was launched in New York, with a campaign #WhyWeWork to highlight the contribution immigrants make both in the US and around the world and how much further their money could go.

WorldRemit estimates that immigrants living in the US could be sending a $100 a year more by moving away from high cost traditional channels to its digital money transfer service.

The $100 saved in switching to new technology to send money could:

● Pay the rent for a two bedroom house in Ethiopia for one month
● Buy groceries for a family for around a month in Nigeria or medical care for malaria or typhoid
● Buy school supplies for the year for 2 children in the Philippines
● Pay for a bag of seedlings generating a potato harvest to feed a family and earn an income selling the produce in Ghana

As WorldRemit launches its money transfer service in New York, the company is working with influencers from New York’s creative industry to highlight the positive impact of migration on creativity and innovation in New York and the far-reaching benefits of their work on communities around their world.

The #WhyWeWork campaign is backed by influencers such as Miriam Morales of Orange is the New Black, Tonl.co founder Joshua Kissi, Chekwas Okafor, founder of OnChek and style influencer and designer Martha Luna with more coming on board as the campaign spreads.

The campaign site www.worldremit.com/en/whywework presents the stories of these influencers and seeks to help more people to send $100 more each year by switching to lower cost channels.

The high costs and inconvenience of sending money home means many immigrants are losing out on more than a day’s earnings each year with even more time lost in travelling to agents to send money.

WorldRemit was founded by Ismail Ahmed, a UK-based entrepreneur originally from Somaliland, following both his personal experiences sending and receiving remittances and his professional experience working as a compliance expert.

Ismail Ahmed, CEO and Co-Founder of WorldRemit commented:

“New Yorkers benefit on a daily basis from the rich cultural fabric migration creates, but the impact of their work stretches far beyond the US. Immigrants in the US sending remittances constitute the most direct and significant source of support for those in emerging economies.

That money passes directly into the hands of those who need it, paying for school fees, healthcare or simply day-to-day living costs like food and rent. By moving the process of sending money away from costly agents towards using an online and app-based approach we can help people to send $100 more a year on average.”

The World Bank reports that the average cost of sending money from the USA is 5.8%, which remains significantly above the target set for the UN’s global target of 3%. At 5.8% immigrants are losing $11.60 for every $200 they send – that’s an hours earnings for many Americans.

Today, most people send money by either going to a small shop and using offline channels, like giving cash to family or connections travelling abroad or they’ll send through one of the traditional giants of the industry, like Western Union. The process takes time and money – going to an agent or a shop and queuing up knowing that family and friends will have to do the same to collect the money.

New services like WorldRemit are offering the option to send directly from a mobile phone making sending money as easy as sending an SMS.

ABOUT WORLDREMIT

WorldRemit is changing the way people send money.  It’s easy – just open the app or visit the website – no more agents.

■     Transfers to most countries are instant – send money like an instant message.

■     More ways to receive (mobile money, bank transfer, cash pickup).

■     Available in over 50 countries and 145+ destinations.

■     Backed by Leapfrog as well as Accel Partners and TCV – investors in Facebook, Spotify, Netflix and Slack.

WorldRemit’s global headquarters are in London, UK with offices in the United States, Canada, South Africa, Malaysia, Singapore, the Philippines, Japan, Hong Kong, Australia and New Zealand.


About the Author

Ugandan Diaspora News Team

Ugandan Diaspora News Online is an independent, non political news portal primarily aimed at serving Ugandans who work and reside outside Uganda. Our aim is to be a one stop shop for everything Ugandan and the celebration of our Ugandan heritage.

2 Comments


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