Has Covid-19 made Money Transfer System Advanced And Straightforward For Expatriates?

Did you send money to Senegal or any other country during the lockdown? The COVID-19 pandemic’s human and economic consequences are still being felt around the world. The rapid spread of the pandemic and global efforts to contain it has a remarkable effect on how we live and conduct business. Although it is too soon to know the full impact of trauma, in the long run, financial companies in the money and financial markets, insurance, and wealth management sectors must plan for the TP impact of the ‘new standard.’

Consumers, companies, and societies worldwide are concerned about the coronavirus (COVID-19) outbreak, which is causing global fear and economic hardship. The situation is rapidly evolving, with far-reaching consequences.

What is the Pre and Post Covid-19 Situation for the economy of Developing Countries?

Before the COVID-19 crisis, domestic sales and international money transfer to Senegal & other emerging economies were already insufficient to meet the Sustainable Development Goals (SDG). Low- and middle-income countries may struggle to fund their public health, social, and economic reactions to COVID-19 due to high levels of public debt and additional pressures imposed by the pandemic’s effect on all major expansion sources of funds. Early indications point to the significant deficit and equity outflows from developed economies and ripple effects on domestic finance, which have already been prompted by the unfolding health and socio-economic crises.

The pandemic is already wreaking havoc on Africa’s economy, with development forecast to plummet to a minus 1.6 per cent and a real per capita drop of 3.9 per cent in 2020, rendering it the continent’s worst year since records began in 1970.

Why People Prefer Online Money Transfer Service During Situations Like Coronavirus Pandemic?

A high amount of respondents use money transfer services to help their families who live in other countries, allowing them to meet their basic needs from online money transfer to Senegal and other countries. Individuals and companies have faced many new obstacles due to the COVID-19 pandemic, with many sectors being seriously affected, putting daily income and financial stability in jeopardy for many families.

As a result, quicker and safer money transfer methods are a top priority for the entire world. The diaspora has access to various online money transfer platforms and peer-to-peer payment applications, which are proving to be critical to send money to Senegal online for families during the COVID-19 pandemic.