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Payment solutions provider headquartered in Kenya cellulite are making use of cross paysits new partner Africa-wide digital payments platform money Q.provides remittance services to expatriates in Africa.
A partnership between Cellulant and a Dubai-based fintech solutions company will enable Africans living abroad to pay their bills and recharge airtime for beneficiaries across Africa.
Mobile money transfers offer a unique opportunity for millions of people to access the formal financial system, bringing financial services and revenue-generating potential closer to the community.
In addition, remittances can help reduce poverty, improve nutrition, increase birth weight and increase school enrollment for children from disadvantaged families.
On a macroeconomic scale, remittances play a stabilizing role, softening growth volatility and helping countries adapt to policy turmoil.
In terms of the microeconomic impact of remittances, remittances offer poor families a means to improve their children’s health and education prospects, accumulate savings, and increase spending on consumer durables and human investment.
The impact of remittances was enormous, generating $626 billion in remittance flows in 2022, more than three times more than foreign direct investment and official development assistance to low- and middle-income countries.
Staring Sub-Saharan Africa (SSA) Specifically, remittances grew by 16.4% in 2021, but only increased by 5.3% a year later.
The slowdown in activity is due to the easing of travel restrictions due to covid-19, but cost barriers are also playing a role.
The cost of sending money from SSA to other regions is among the highest in the world. The cost of sending $200 internationally remained high at 6% in the second quarter of 2022. Double the Sustainable Development Goal target of 3%.
but, G20actively recognizes the need to increase remittance flows to and from Africa and reduce costs associated with the process.
Mobile operators’ digital technology keeps remittance rates as low as 3.5%, yet only 1% of transactions are made through digital channels.
Remittances are the largest source of foreign exchange earnings for many developing countries and are stable and resilient in the face of economic downturns, he explains. Richard GetimbaVice President of Global and Regional Merchant for Cellulant.
They have been said to be the most stable, abundant and safe source of foreign aid for developing countries, he continues. This partnership reaffirms our commitment to enabling businesses, banks and consumers to make payments quickly and efficiently across Africa.
By leveraging Cellulant’s presence and partnerships on the continent, Money Q will be able to offer services across Africa, Gesimba concludes.
as a result, cross pays The digital wallet was first launched in Malawi in April this year, allowing customers to pay utility bills, recharge airtime, transfer funds to individuals and businesses, and make purchases in local markets using QR codes. I can.
