AFRICA ( Commonwealth Union) _ In order to better understand consumers’ preferences for international money transfers now and in the future as they navigate global headwinds, Western Union’s Global Money Transfer Index polled 30,600 consumers in 20 countries spanning the Middle East, Africa, and Asia Pacific.
According to the Money Transfer Index, 64% of all money transfer users worldwide send or receive money at least once every month. 75% of respondents anticipate an increase in these remittances during the course of the upcoming year. In order to comprehend remittance trends in the region and how they are predicted to keep increasing, the study also focused on Africa.
Transmission of money across Africa
Five important African markets were examined by the index: South Africa, Kenya, Nigeria, Senegal, and Morocco. According to the study, 62% of African consumers get money transfers once a month or more on average.
59% of people send money internationally at the same rate. More than 75% of recipients in Africa (78%) anticipate an increase in remittances in the following year.
According to the Global Money Transfer Index, 81 percent of customers across Africa are requesting more money from senders, compared to 79 percent globally, due to economic difficulties such as the rising cost of living.
71% of senders globally and 72% of senders in Africa believe that they are sending more than they did previously for the same reason. Despite the widespread belief that remittances are determined by when earnings are received, consumers claim that the frequency and volume of remittances are most impacted by family needs.
Western Union’s chief of Africa, Mohamed Touhami el Ouazzani, outlined his interpretation of the data. He said: The Index shows us that customers are relying on money transfers since their everyday lives have grown more difficult as a result of the cost of living pressure across Africa. Money transfer providers must remain flexible and support customers on their journey as consumers tell us that the amount of remittances they receive will need to increase.
