Remittances are critical to the lives of millions of people in developing countries. Nearly 200 million people live outside their home countries and according to a recent WWB Innovation Brief, official remittances to the developing world now total USD 93 billion per year, making them the second most important resource of external funding in developing countries ahead of capital market flows and external funding for developing countries.
As the average remitter becomes more sophisticated, their needs also begin to change. Remittance has thus become more than just a monthly payment to the developing world that will cover basic expenses. Remittances provide an opportunity for investment, development, financial inclusion, savings, and entrepreneurial innovation, among other things.
Remittance products are therefore an important part of the remittance industry. It is crucial for remittance companies to come up with innovative ways to cater for their evolving clientele, keep up with technological advancements and at the same time remain accessible to the average recipient of remittance money in the developing world.
If you are interested in more than just sending money to South Africa, go check out mukuru.com to get an idea of the innovative products they have on offer!