More and more people are on the move, it’s estimated that 258 million people are currently living outside their country of origin.
On 16 June, the world celebrated International Day of Family Remittances (IDFR) in recognition of migrant workers’ financial contribution to families and communities in their home countries.
Billions in funds are transferred between family members across country borders worldwide, and according to the World Bank, remittances to Sub-Saharan Africa alone reached $38 billion in 2017. This figure is expected to grow to $41 billion this year.
These transfers have an enormous impact, as they are among the largest financial inflows in developing countries.
According to the International Fund for Agricultural Development (IFAD), up to 75% of remittances are used to cover basic living expenses, such as nutritional and housing expenses, and, for many families in developing countries, makes up an estimated 60% average of their total household income.
Bid to empower remittances
In a bid to empower these remittances, Huawei has forged numerous partnerships with digital money transfer services, including WorldRemit and Xpress Money to offer the world’s unbanked, access to safe, secure, and affordable financial services.
Thanks to partnerships like these, people are able to access mobile money by connecting to a banking service via Huawei’s mobile-money platform called Huawei Mobile Money; which has been deployed in 19 countries, serving over 193 million users in countries including in Kenya, Tanzania, Zimbabwe, Indonesia, and Bangladesh.
The platform focuses on allowing service providers to transform its customers lifestyles by providing mobile wallet services (such as cash-in, cash-out, and P2P transfer) and bill payments transacted seamlessly using communications network capabilities through feature phones and smartphones.
“It adds a sophisticated open-payment gateway functionality to enable merchants to accept payments through various payment methods, such as mobile wallet, bank card, and credit card,” said Huawei. “The technology is not restricted, and because it works on both smartphones and basic handsets, it has been particularly successful in developing markets.”
Huawei’s partnerships with mobile money transfer services bring international remittances directly to Huawei’s customers across the continent.
Huawei’s Mobile Money Solution has already been deployed in 19 countries, serving over 193 million users globally.
For more information, visit the Huawei website.
This article was published in partnership with Huawei.