Did you know that it was in 2008, banks began offering mobile phone banking (Mobile Money), allowing cell phone users to electronically transfer funds to retailers or individuals, in the +256?
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Aaaahhhh aaaahhhhhh…did you know that the Sustainable Development Goals or what is commonly called, SDGs, have a set target and link to money remittance, all over the world? Hhhhmmmmm…. It all boils down to the cost of sending money across the world….with our friend SDG 3 having a set target of 3%? (Oops….too bad that this target has been over-looked, all over the world, with the costs rising year, each and every year….and only 13 more years left to see to it that these rates go back down as the saying goes, in our motherland)
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Has it ever crossed your mind that remittances are TAXED, as well?
Sub-Saharan Africa, continues to have the highest cost of sending 200 US Dollars, all over the world, as of 2017 January?
South Africa is the largest sender of remittance in Africa and also the most expensive of the G20 countries to send remittances from.
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Nigeria is the biggest receiver of money remittances in Africa – attracting remittance from the diaspora of over $21 billion per annum.
Still on Sub-Saharan Africa, did you know that it is the most expensive region to remit to and as a result the majority of remittances are still sent via our usual informal channels such as buses and taxis.
Photo credit: biztechafrica.com
According to a World Bank Report, the following countries were also top recipients of remittance: Sudan ($3.2 billion), Kenya ($1.8 Billion), Senegal ($1.2 billion), South Africa ($1.0 billion) and Uganda ($0.8 billion). Imagine….that was 2 years ago….how do you think 2017 shall be looking by the close of business on the 31st of December?
Remittance flows to and within Africa approach US$40 billion. Ddaaammmnnnnnn, all that much, for just Africa alone?
The African continent, alone, has over 30 million people in the diaspora.
Photo credit: statehouse.go.ug
In a survey done by GTZ-SIDA carried out in 2007, in Uganda, to measure remittances in the country, an estimated sum of US$406.5million was transacted for the year of 2016!
In this same study mentioned above, it was discovered that children, household heads and spouses form the bulk of receiving households accounting for 52.3percent, 18.7percent and 12.2percent of total, respectively.
Then, when it came to profiling of remitters themselves, it was discovered that the majority of remitters (73.8percent) were reported to be above 30 years of age, with the greater percentage of remitters, (65.4percent) were reported to be males.
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Almost all remitters (93.4percent) were working. 66.2percent of remitters were reportedly married while 36.4percent of them had no dependant children in Uganda.
Simply put, did you know that remittances do play an important role in reducing the incidence and severity of poverty?
Uganda’s capital account was liberalised in 1997, meaning that residents and non- residents are free to bring in and take out foreign exchange without restriction. Did you know this?
Photo credit: letstalkpayments.com
I’ll leave it at this….ndowooza you now see how important money remittance is and has been amongst us.
Honestly did not know any of this. Wasn’t even aware of some of the topics. Mobile phone banking seems like it’s been around for so long but at the same time still recent, but dang 2008. As for remittances, wow.
Hehe…. now you do know. Even I had no clue on that. Thank you for sharing, though.
Absolutely interestng facts. I wonder why most of the remittances in that continent are to Nigeria and also why South Africa sends the most? Are they both the poorest and richest in the region? I do notice that where I live it is getting cheaper to send money back home, I guess to encourage us to send more often. Lots to ponder here.
Hhhhmmmmm…..that could be due to many things….. but these two countries aren’t the richest per say. As it stands, South Africa is the 5th richest country in Africa with Equatorial Guinea, surprisingly, being the richest.
Ooohhhhhh….that’s good news on your end, Joleisa. Indeed. Thank you for sharing.
I always have such a weird feeling if I go on my bank through a phone.. I dont know why but I don’t use it because I don’t feel safe
Hhhhmmmmm….that’s interesting and okay. It happens to many. Thank you for sharing, Tiazim.
Helpful info, thanks!
Thank you, Sandra. And you’re most welcome, for appreciating the effort.
I only do my banking through my phone. I don’t know how I would be able to do it without it.
Aaaaaahhhhhhh….wow, that’s good news, Lucicoo. Thank you for sharing and appreciating.
I didn’t know lol but this is educational. Great post
Hehe….now you do. That’s good, right Lou?
Thank you for appreciating and sharing.
Hehe…. lucky for you, you do know, now. Thank you.
I’ve recently started using mobile phone payments after a several year hiatus. For now, it seems to be a bigger pain than other forms of payment, but there’s currently some rewards built in (cash back) that have made it worth it.
Aaaaahhhhhh…its good to hear that, Joe. Thanks for the confidence and sharing.
I am always skeptical in using my phone for transactions..that’s a great post, thanks for sharing!
Aaaahhhhhh….I know the feeling. Thank you for appreciating.
This is so cool! I had no idea about these things. It is so interesting to learn new things.
Thank you, Elisha. Indeed, it is.
The very root of your writing while appearing agreeable initially, did not work very well with me personally after some time. Somewhere within the sentences you actually were able to make me a believer unfortunately just for a very short while. I however have a problem with your leaps in assumptions and one would do nicely to help fill in all those breaks. When you can accomplish that, I could surely be fascinated.
Hhhhhhmmmmmm….that’s interesting, Chester. I’ll keep this feedback strongly in mind! Thank you.
This really answered my downside, thanks!
Hehe….you are welcome!
Hmmm, good to know indeed! I learned a lot just from reading this one post, thanks for sharing your knowledge 🙂
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As far back as 2008!? I had no idea. I thought it was only a recent addition to most banks, post-2015.
😂😂😂 well, it’s good you know now!
Money remittance is hugely important on the continent! It’s the way to give back, to stay connected, to support community, to build, etc.
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I had no idea. Thank you for the information. I have to be honest, I prefer cash over anything else. But I also see the convenience of “sending it”. Butt those fees! =(
😩😩😩 yyyeeeaaahhhhh…
I did not know much about money remittance but I learned quite a bit from this article. I do most of my banking online but don’t tend to do international interactions.
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Learned new things from this post. And about how it works with the countries.
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So many interesting facts here. I actually learn things from reading your post. Such great!
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