When young Africans leave home to chase better lives in developed countries, they don’t cut home ties. Instead, these migrants retain relationships some of which are with people who regularly send them money from home. Think students without scholarships who need school fees and upkeep money from parents, or those living abroad but working remotely for companies in Africa. Given their global scale, one expects money transfer companies like Western Union, WorldRemit, Wise, and PayPal to attend to these remittance needs since inter-bank transfers between Africa and many countries are next to impossible. But they do not. They are either too risk averse to deal with Africans, maybe because of viral accounts of fraud, or impelled by regulators. For example, Nigeria’s central bank says Western Union cannot be used to send money out of the country and barred Wise from operating in either direction.
SOURCE: QUARTZ AFRICA
Best Style Moments of Tems
To the World
From ‘The Woman King’ to Netflix’s ‘African Queens’ – How Africa’s History Went Pop
Who is Pretty Yende, the Soprano Performing at King Charles III’s Coronation?
Discover Dakar: From African Art to Rooftop Hangouts and Culinary Gems
Graffiti Now Covers the Walls of Libya’s Ancient City, a UNESCO World Heritage Site
When to Visit Malawi
The Beauty about Exploring Africa is that the Continent has a Lot to Offer
Ugandan Kids get Introduced to Irish Dancing Via Online Lessons
Get a Symmetrical Trim at this Kenyan Barber
Standard Bank Hosts Central Bankers to Demonstrate Africa’s Potential to Learn – and Lead
Ghana’s Debt Crisis is Affecting Companies Beyond its Borders