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Nairaland Forum / Nairaland / General / Why Do People Use Western Union Or The likes Of Banks for receiving Money? (305 Views)
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Why Do People Use Western Union Or The likes Of Banks for receiving Money? by Nobody: 3:02pm On Feb 18, 2019 |
Despite the rise in remittance inflows to Nigeria and Africa in general, the average cost for money transfers to sub-Saharan Africa remains the highest in the world. According to Remittance Prices Worldwide (Q3 2018), the average cost to send money to Africa is 8.96%, compared with a global average of 6.94%. On average migrants sending money home to Africa lose 12% to fees. Moving money between African countries can cost much more – sending money to Tanzania from neighbouring Kenya or Rwanda, for example, costs an average of 22% (or a $44 cut on $200 transferred). One way to cut costs, and to ensure fast and efficient transfers, is to use a money transfer platform such as Korapay |
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