Money transfer apps are becoming popular around the world, including in Africa. These apps are also popular among Africans living outside the continent. Many of them use these apps to send remittances to family members who are still living in Africa. The other benefits that Africans can see from money transfer apps include easily sending money from Africa to countries around the world, increased safety compared to using cash, and even the opportunity to work more easily with overseas companies.
Read on to learn more about the benefits Africans can get from using money transfer apps.
Benefits For Africans Using Money Transfer Apps
For many Africans abroad, gifting with money is an important way for them to support their families back home. There are many ways that Africans abroad can send remittances, such as sending money through the post or using a service like Western Union. However, the traditional ways for Africans abroad to send remittances have serious downsides. Sending money through the post is slow, and there is a chance that the money will get lost or stolen in transit. Western Union and similar services charge high fees.
Africans abroad can instead use money transfer apps. These apps are quick and safe. Also, the fees charged by these apps are usually much lower than those charged by more traditional money transfer companies.
A More Convenient Way To Send Money Abroad
While it is more common for members of the African Diaspora to send money back to the continent than to receive money, Africans do need an easy way to send money to relatives abroad. For example, an African family may want to send birthday money to a family member working abroad. This could be difficult and costly to do using traditional money transfer methods. However, Africans can simply use international money transfer apps to quickly send money to friends and family members in various countries around the world.
Money Transfer Apps Are Safer Than Carrying Cash
In many parts of Africa, especially Sub-Saharan Africa, cash is used for most transactions. This is largely because most residents of Sub-Saharan Africa don’t have a bank account. In fact, the World Bank estimates that 65% of adults in Sub-Saharan Africa are unbanked. This means that these people can’t pay or receive money in the form of checks or wire transfers.
While cash is certainly more convenient, it can be dangerous to carry large amounts of cash. Using a money transfer app is much safer. Thanks to the popularity of money transfer apps among Africans, there’s a good chance that both parties who need to do a transaction have an app they can use.
Africans Can Work More Easily With Overseas Companies
One of the most underrated benefits of money transfer apps for Africans is that these apps make it easier for them to work with overseas companies. As previously mentioned, the majority of Sub-Saharan Africans don’t have a bank account. This could make it difficult for them to work with overseas companies, as these companies wouldn’t be able to pay them for their work. However, money transfer apps provide African workers with a way to receive payments quickly and safely from companies in other countries.
Money Transfer Apps Are Changing the Day-to-Day Lives of Africans
Money transfer apps are giving Africans access to money they need sooner rather than later. This helps them pay for essential expenses like food and medical care. These apps have already made life easier for many Africans, and this trend will continue as money transfer apps become more popular on the continent.