Why Remittance Market is the trend for Sub-Saharan Countries of Africa?

Expats send money to Senegal from abroad is an example of Remittance. Due to the economic crisis caused by the COVID-19 deadly virus and lockdown, international money transfers are expected to drop by roughly 20% in 2020. The predicted drop, which would be the steepest in modern history, is primarily due to a decline in migrant workers’ salaries and jobs, who are more vulnerable to job loss and income loss during an economic downturn in their country of residence. Remittances to low to middle countries (LMICs) are expected to drop 19.7% to $445 billion, robbing many poor households of a critical income source.

In 2019, international money transfers to Senegal should say overall, Sub-Saharan Africa fell 0.5% to $48 billion. Remittance flows to the area are forecast to drop by 23.1 per cent in 2020, to $37 billion, due to the COVID-19 crisis, before recovering at a rate of 4% in 2021.

How Migrants Make An Invaluable Contribution To The Sustainable Development Goals Through Remittances?

Migrants are the engines of growth, sending billions of dollars in foreign remittances to their families and communities back home. Despite forecasts of a drop, some countries see increased remittance inflows as migrants send more money home to support during the epidemic. Via sends money to Senegal online, and savings migrants contribute to the Sustainable Development Goals. They contribute to reducing inequality and ending poverty (SDG I), as well as encouraging good health (SDG II), quality education (SDG IV), clean water and sanitation (SDG VI), decent jobs and economic development (SDG VIII) and ending poverty (SDG I). (SDG X). Their contribution to progress through money transfers and investments is also acknowledged in Goal 20 of the Global Compact on Secure, Orderly, and Regular Migration, which the United Nations General Assembly adopted in December 2018. Migrants will send an estimated US$8.5 trillion back to their communities of origin in developed countries between 2015 and 2030 (the SDG timespan). More than US$2 billion would be retained or spent out of that number.

Why Migrants Send Money Back Home?

Providing Assistance to Family

Without a doubt, this is the most common explanation for people searching for fast and easy ways to send money back home. Many visa holders have parents and other relatives who are financially dependent on them.

Putting money into something

Without question, investment is the second most common explanation. South Africa is slowly becoming a more appealing investment destination. As an investor, you really do not have the time to fly to South Africa any time you need to make a payment or similar transaction.

This is what makes online money transfer to Senegal and other African countries such a convenient choice. It streamlines the procedure and allows you to submit money instantly.