Speaking on the morning show, she highlighted how Fintech companies like LemFi are enabling seamless cross-border payments, making it easier for Nigerians in the diaspora to support loved ones, fund businesses, buy Nigerian goods and services, and actively participate in the local economy, particularly during peak periods like Detty December.

According to Simisola who spoke to Nigeria’s national Tv on the 29th of December,

“Detty December is more than just a festive season, it is a powerful economic driver. But for Nigeria to fully harness moments like this and remain economically ready for the future, we must build payment systems holistically. It’s not enough to focus on what users see; the back end is the engine that powers trust, efficiency, and scale. If we want to attract global spending and diaspora inflows, we must audit our processes and do things right.”

Her remarks underscore a major shift in how money moves during the festive season. Gone are the days when visitors had to carry bundles of cash simply because they were returning home often putting their safety at risk.

Today, secure cross-border payment solutions are accelerating the move toward a cashless economy while enabling people to support families, invest in local businesses, boost tourism, and contribute meaningfully to Nigeria’s broader economic growth.

Simisola is the Growth Marketing Lead at LemFi UK, where she drives brand growth, user acquisition, and market visibility across the United Kingdom.

Through strategic partnerships with influential UK-based communities such as NIUK, MASANG, and other African-led networks, she has played a key role in expanding LemFi’s reach and trust, contributing significantly to the company’s multi-million-dollar growth.

Beyond her corporate role, Simisola is deeply committed to supporting young people in tech. She is passionate about exposing young people to the breadth of opportunities within the tech ecosystem, encouraging them to build digital skills, explore diverse career paths, and stay ahead of emerging trends in an ever-evolving technological landscape.

This commitment has led her to speak at several schools and institutions across both the UK and Nigeria. Most notably, at Northumbria University, Newcastle, Simisola was invited as a guest speaker at an impactful Black History Month Careers Workshop, where she shared practical, real-world insights from her own journey.

Alongside other accomplished professionals, she offered students guidance on building careers in tech, marketing, and the global fintech space, leaving attendees inspired by her story, achievements, and the clear, actionable pathways she outlined for building future-ready careers.

Beyond speaking and mentorship, Simisola is also passionate about supporting early-stage startups. One such company is Ikubari, a tech and AI-driven platform focused on bridging the gap between content creators, visual storytellers, and users.

Simisola played a key role in shaping Ikubari’s growth and marketing strategy, support that helped the startup gain acceptance into the Amazon Web Services (AWS) Accelerator Program, a globally recognised initiative that provides early-stage companies with cloud credits, technical support, mentorship, and access to AWS infrastructure to accelerate innovation and scale.

Her impact further extends to grassroots mentorship. Simisola actively mentors students at SEBOL High School in Ibadan, introducing them to technology in practical, engaging ways. Through this work, she continues to inspire young people to view technology as a powerful pathway to opportunity, creativity, and global relevance.

In recognition of her contributions to the tech and marketing ecosystem, Simisola Haastrup is a recipient of the Marketing Tech Leader of the Year 2025 award from the Nigerian tech and Innovation award and the Digital Marketing Award at the Lagos Entrepreneurs Awards. These honours underscore her impact as a growth leader, mentor, and advocate for innovation across borders.

This collaboration officially launches pawaPay’s service for inbound remittances into Uganda, Rwanda, Zambia, Malawi, Gabon, Congo Brazzaville, and Tanzania.

The partnership allows IMTOs to efficiently deliver funds globally directly to recipients’ more than 161 million Airtel Money customers wallets, leveraging pawaPay’s renowned reliability, scalability, and 99.9% platform uptime. 

Building on five years of trusted collaboration in domestic mobile money, this expansion strengthens and simplifies Airtel Money Africa’s backend processes, using pawaPay’s robust payment service provider infrastructure, which processes over four million transactions daily. 

Airtel Money Africa CEO, Ian Ferrao, said:

“We’re pleased to expand our partnership with pawaPay to advance international remittances across Africa. Their proven reliability and commitment to African consumers make them an ideal partner. This integration empowers International Money Transfer Operators to securely connect with Airtel Money’s growing footprint, delivering real-time payments that support financial inclusion and economic growth.” 

pawaPay CEO, Nikolai Barnwell, said:

“Our mission is to simplify payments for businesses in Africa, and remittances are pivotal. Deepening our relationship with Airtel Money allows International Money Transfer Operators to leverage our world-class infrastructure for seamless cross-border payments.”

Remittances remain critical for millions of Africans, enabling family support, entrepreneurship, and financial inclusion.

This partnership ensures secure, instant mobile wallet transactions, key to advancing Africa’s digital economy.

pawaPay will extend this capability to additional Airtel Money Africa markets in coming months.

The move, which began quietly in March 2025, shows a change in strategy for Africa’s highest-valued startup.

The layoffs have hit the company’s compliance, legal, human resources, and sales units, roles Flutterwave now appears to be relocating to its home market, Nigeria. The rationale points to the fact that Nigeria is cheaper to operate in and is more stable from a regulatory standpoint.

Less than a year ago, Flutterwave let go of 3% of its global workforce after shutting down its Barter virtual card service. This new wave of layoffs is more aggressive, pointing to investor pressure to deliver profitability ahead of a long-anticipated public listing.

In Kenya, sources familiar with the matter confirmed that about 10 of the company’s 20 employees were dismissed, with a few more resigning in the weeks that followed. 

A similar story played out in South Africa, where over half of the staff, mostly salespeople, were affected. Fewer than eight employees remain in the Nairobi office, mostly handling regulatory compliance.

“They’re cutting roles in countries they see as expensive to run,” one source close to the company’s leadership told TechCabal. “Flutterwave is also hiring for the same roles in the Nigerian market.”

The company acknowledged the layoffs in a formal statement, calling them part of a performance and strategy-led review.

“These actions are a normal but necessary part of ensuring we operate at the highest level across every part of the business,” Flutterwave said. “We recognise and reward impact, and we make changes when expectations are not met.”

This restructuring phase has seen not just exits but promotions and bonuses for staff who exceeded expectations. But we see that the company is narrowing its focus. Flutterwave is doubling down on enterprise payments and its cross-border remittance app, Send, while strengthening partnerships and infrastructure in Nigeria.

However, there’s a regulatory elephant in the room. Despite operating in Kenya for years, Flutterwave still doesn’t have a full Payment Service Provider (PSP) licence. 

The Central Bank of Kenya only granted name approval in 2023, and the company is still awaiting formal clearance. In South Africa, the situation is similar; a larger market with no license in hand.

Still, Flutterwave insists it’s pushing ahead. “We are actively engaging with regulators,” the company said. “Our Kenyan application is progressing as planned.”

The layoffs come in the middle of Flutterwave’s operational integrity investigations. In April 2024, the company reportedly suffered a ₦11 billion security breach, although it claimed that customer funds were untouched. 

This, along with a history of frozen accounts and compliance queries in Nigeria and Kenya, has increased the need for a more disciplined structure.

Flutterwave last raised funds in early 2022, a $250 million Series D round that valued it at over $3 billion. Since then, profitability has become the north star. CEO Olugbenga Agboola confirmed as much earlier this year in an interview with Bloomberg, saying the company will only go public “once it becomes profitable.”

Some of the company’s most visible executives in East Africa are also gone. Leon Kiptum, the former regional manager for East Africa, and Saruni Maina, associate VP for stablecoins, both exited after less than two years with the firm.

The timing of these layoffs is telling, as regulators are tightening their hold and investors are demanding returns. Flutterwave is taking no chances; shedding weight, shifting talent to cheaper locations, and doubling down on its most bankable markets. 

Entering a saturated but profitable space in the UK–Nigeria money transfer corridor, Moniepoint is expanding internationally, working to solve real problems rather than building just another app promising “faster, cheaper” transfers.

For years, Moniepoint focused on digitising payments for Nigeria’s wide network of small businesses. Now, it wants to be the go-to bank for immigrants who straddle two continents.

In 2024 alone, Nigerians abroad sent home nearly $21 billion. About half of that came from the UK. That’s not small money. That’s why Moniepoint has chosen to start here.

At first glance, MonieWorld might seem like just another company among giants — Send, LemFi, NALA, Taptap Send — all fighting for attention from migrants eager to send money home. But there’s a bigger play at hand. “We’re not trying to be a remittance app,” said Tosin Eniolorunda, Moniepoint’s founder and CEO. “We’re building a proper immigrant banking platform.”

He’s not wrong to think bigger. New migrants need more than just a channel to send money back home. They need banking services that understand where they’re coming from — literally and culturally. They need help settling, saving, building credit, and navigating life in a new system that usually doesn’t see them.

There’s a challenge, of course. The market is crowded and competitive. Many of the popular apps today have strong networks and loyal users. People don’t switch financial tools on a whim — especially when word of mouth carries weight in immigrant communities. Moniepoint isn’t naïve to that.

“We’re not trying to say we’re here to be the cheapest,” Eniolorunda admits. “But because we already have an existing technology, processing rails, and have achieved economies of scale in many places, it’s a means that we can afford to be cheaper for our customers.”

So what’s different? For one, Moniepoint owns its infrastructure. It processes over a billion transactions monthly in Nigeria alone. It has the rails, the licenses, the experience. That end-to-end control is something many rivals can’t claim.

The app, MonieWorld, is already live on the App Store and Google Play. Transfers take seconds. There are no fees. Exchange rates are competitive and adjusted throughout the day. You can pay using bank transfers, cards, Apple Pay, or Google Pay.

MonieWorld is launching from London under Moniepoint GB — the company’s first real move outside Africa. But this is just the beginning. According to Eniolorunda, more corridors will follow. “The African diaspora needs a one-stop solution to better meet its financial services needs – and improve on the current fragmented market,” he said.

“Our expectation is that MonieWorld will enhance financial access for everyone involved, boosting UK-Nigeria bilateral trade and benefiting the global economy.”

The remittance business is known for razor-thin margins and fierce competition. But Moniepoint has never shied away from crowded spaces. When it entered agency banking in 2019, it was considered late. Now, it dominates. Maybe history is about to repeat itself.

As for the future? We don’t have all the details yet, but Moniepoint is hinting at credit-building tools and broader financial services for immigrants. If they pull that off — if they manage to be more than just a transfer app — they might just change the game again.

XLink Communications is tackling this issue with the launch of XLink Send, an innovative cross-border payment solution designed to make remittances more accessible, affordable, and efficient for millions.

High transaction fees and cumbersome processes have long hindered financial transactions, making it difficult for individuals and businesses to access essential financial services. 

XLink Send aims to eliminate these issues by simplifying cross-border payments through strategic partnerships with financial institutions, telecom providers, retailers, and fintech firms. 

The platform enables users to send money seamlessly to bank accounts, mobile wallets, or cash pickup locations, significantly reducing costs and transaction time.

The launch of XLink Send comes at an important time when remittances help in sustaining households and boosting local economies. 

With the simplification of payment processes and cutting transaction fees, XLinkXLink is going beyond enhancing the efficiency of remittance flows to also empowering individuals and businesses to thrive in Africa’s evolving financial sector.

Key Features of XLink Send:

• Lower Transaction Fees – By reducing the cost of remittances, XLink ensures that more funds reach recipients, directly improving the financial well-being of families.
• Multi-Platform Accessibility – Users can transact effortlessly through popular platforms such as WhatsApp, mobile applications, and APIs, catering to diverse technological preferences and access levels.
• Enhanced Regulatory Compliance – A robust Know Your Customer (KYC) system ensures thorough customer verification, maintaining adherence to financial regulations while strengthening trust in the system.

In leveraging cutting-edge technology and strategic collaborations, XLink is ensuring XLink Send bolsters Africa’s cross-border payments space—driving financial inclusion and economic growth across the region.

Backed by the Canadian Money Service Business licence, the new remittance app, available on the Google Play and Apple stores for download, will enable Nigerians in the diaspora to make faster, more secure and cheaper money transfers to loved ones from the convenience of their mobile phones.

The Y-Combinator-backed company was founded in 2019 as the first online brokerage service to connect Africans with the US stock market, allowing those across the socioeconomic bracket to buy and trade global stocks on the Bamboo app.

Coins by Bamboo is an extension of the brand ethos of Bamboo which is to give Africans the ability to invest in anything from everywhere.

It  further reflects the company’s commitment to democratising wealth building and facilitating meaningful investments in local communities as well as Africa’s future.

Having successfully scaled the Canadian vetting process to acquire an MSB licence, Bamboo is certified to offer remittance financial services to a high standard of regulatory and operational compliance. The company is also able to take advantage of lessons it’s learnt connecting Africans with global asset classes to bring cost savings that are crucial for the millennials and Gen-Z who have migrated to Canada over the last ten years but still maintain strong ties to their home country.

Speaking on the announcement, Richmond Bassey, co-founder and CEO of Bamboo says,

“We are thrilled to officially launch ‘Coins by Bamboo’ to the public. ‘Coins’ is a logical evolution of our core values – providing an opportunity for Africans to participate in the global investment economy.”

Bassey continues, “We believe that one of the most preferred and important investments of Africans is in other Africans – investing in people and their futures through human capital development; and we want to contribute to making this a seamless process. For us, this new app further ignites our mission to democratise access to investment opportunities for Africans by fostering social impact and opportunities to invest in the wellbeing of those who matter the most to them.”

Bamboo is also partnering with several charitable foundations including Women at Risk International Foundation (WARIF), Chess2Slums and Bethesda Home For The Blind to make it easier for Nigerians in the diaspora to donate to causes and projects that they care about.

According to the World Bank, remittance flows to sub-Saharan Africa peaked at $54 billion in 2023 and remittance via formal channels is projected to reach $283 billion by 2035.

Yet, SSA continues to have the highest average remittance cost at about 7.9 per cent to every $200 compared to the global average of $5.

Historically, Nigeria dominates the remittance sector, sometimes accounting for up to half of the region’s inflows.

With emigration at an all-time high, there remains a growing demand for affordable and accessible digital remittance solutions necessitating the birth of Coins by Bamboo.

The new app will offer competitive rates comparable to their counterparts, in addition to offering customers the unique opportunity to directly donate to a curated list of charities. It will be initially available to Africans in the Nigeria-Canada corridor before expanding to the United Kingdom.

For many in Africa, the remittance industry is a crucial lifeline. By addressing the high fees and complex transfer processes, Coins by Bamboo is offering a more streamlined and cost-effective alternative that benefits both senders and recipients.

He spoke to our correspondent on while affirming that, it was a step in the right direction.

Recall that on January 31, in a published document addressed to the IMTOs, CBN ordered the operators not to facilitate money transfers from Nigeria to other countries.

In other words, the IMTOs will now only pay in naira.

Speaking further, the Financial Expert said, although the Nigeria government through the Central Bank of Nigeria (CBN), remains the highest suppliers of the forex exchange, and one would have expected the country to benefits from the enterprise through forex remittances, but unfortunately it is not.

According to him, it is a right step in the right direction because for the first time, the directive is now creating a two way traffic exchange regime, whereby people who consume foreign exchange, for example importers, students, tourists and the “japa” people (emigrants), medical tourists, property buyers, and people engaging in money laundering, entered the market and purchase foreign exchange whether through the bank or through the Bureau de change.

He noted Nigeria has an Annual Diaspora Remittance in the region of $30billion, but 95% of this money are kept outside the official system and this is one of the problems facing the Naira.

So this new directives will solve the two problems of: Problem of hoarding of available scarce forex, and would also prevent speculations by the people who hoard the money.

“The only supplier or the biggest supplier of foreign exchange  in the  market is the government.  So when people go the market and access foreign exchange, whether at the Bank or at the Bureau Exchange, and they travel abroad and  engage in  activities abroad, one would expect that Nigeria as a country should be able to benefit  from that enterprise through forex remittances.

For example, if you travelled abroad, you bought  foreign exchange, maybe you pay your school fees, paying thousands of Pounds,  thousands of dollars as school fees, which you sourced through the Nigerian market and then you send money home let’s say  $5000, $10000, $20,000

Recalled that the apex bank described the new directive as a move to, “liberalise the forex market and ensure transparency”.

Despite the decision to float the naira, the currency has witnessed even more volatility as the CBN attempts to clear forex backlogs worth about $7bn.

Wunmi noted that, the apex bank and by extension the economy will benefit more from the directives because feelers, unpatriotic Nigerians who are trying to outsmart the system either through Cryptocurrency and other means will be contained by the apex bank.

“We are already getting some feelers of some unpatriotic Nigerians who are trying to game or outsmart the system, by saying that they are going to by-pass this (IMTO) and start using cryptocurrency and that is where the recent lifting of the ban on cryptocurrency is so much laudable. Because Cryptocurrency is now recognized, government can now regulate it and ensure that it is not allowed to undermine the financial system.

So this is a good step in the right direction as it is done all over the world, if you take dollars to the United Kingdom, you cannot spend dollars in the United Kingdom, you have to go to the bank or go to a currency bureau and change it and be given the legal tender of  that particular country.

If you take pounds to the United States of America for instance, you go to the bank or currency Bureau and change your pound to dollars.

“So Nigeria should not be an exemption, this is a right step in the right direction, and within a very short period of time, I am sure we will start seeing the benefits of that”, he said.

More than US$20 billion dollars was remitted into Nigeria last year by the nearly 1.5 million Nigerian migrants around the world, making the nation the 8th largest remittance receiving country globally.

Remittances account for more than 4% of Nigeria’s total economy, making the swift, effective delivery of funds vital at an individual level, but also as a driver of economic stability for the nation, according to data obtained from WorldRemit.

Sending money to Nigeria has traditionally been expensive and slow, with traditional bank wires often causing frustration, according to Monito, an online platform designed to help individuals and businesses find the best options for international money transfers and currency exchange.

Furthermore, navigating the complexities of remittances to Nigeria has become even more challenging due to the Central Bank of Nigeria’s (CBN) decision, as of July 2023, to permit international money transfers in both US dollars ($) and naira (NGN).

However, there is good news for those looking for efficient and cost-effective ways to send money to Nigerian bank accounts. Several international money transfer services, known for their convenience and reliability, now operate exclusively online and allow transfers in either US dollars or naira. Over the past 12 months, Instarem, TransferGo, Remitly, and WorldRemit have consistently emerged as top choices on Monito’s comparison engine for sending money to Nigeria.

1. Instarem: Ideal for Sending from the US and Canada

Instarem stands out as one of the most cost-effective options for sending money to Nigeria. Whether you’re sending from the United States ($) or Canada, Instarem offers excellent exchange rates, affordable fees, and fast transfer speeds, ensuring your funds reach their destination within a day. According to Monito’s data over the past year, Instarem consistently ranked as the top choice for sending US dollars to Nigeria, making it a reliable option for many.

2. TransferGo: A Strong Choice for Transfers from the UK and EU

TransferGo has gained recognition for providing competitive exchange rates on international money transfers, particularly for those sending money to and from European countries. This platform offers a wide range of payment and payout options, simplifying the process. Over the past 12 months, TransferGo consistently ranked as the second-best app for sending money to Nigeria. It is especially ideal for transfers originating from the UK (£) or the EU (€).

3. Remitly: Reliable and Cost-Efficient

Remitly is a trusted industry leader known for offering some of the lowest exchange rates for international money transfers worldwide. With an exceptional Monito score, Remitly stands out as a secure, fast, and satisfying choice for sending money to Nigeria. Over the past year, Remitly consistently ranked as the third-best app for sending money to Nigerian banks, offering affordability to a substantial number of users.

4. WorldRemit: Extensive Coverage and Convenience

WorldRemit’s international money transfer service boasts an extensive network of cash pickup locations, enhancing convenience for recipients in Nigeria. With various options for sending and receiving money, including bank transfers, cash pickups, mobile money, and airtime top-ups, WorldRemit provides flexibility and ease of use. Over the past 12 months, WorldRemit consistently ranked as the fourth-best app for sending money to Nigeria and is particularly competitive for transfers originating from South Africa.

5. Small World: Suitable for Cash Pickups

Small World has built a comprehensive network of cash pickup locations, making it an attractive option for users who prefer sending cash to Nigeria. While Small World ranked as the fifth-best app for sending money to Nigeria over the past year, it was the cheapest option for a smaller portion of users. Therefore, it is advisable to utilize Monito’s comparison engine to assess their services before making a decision.

6. MoneyGram: Trusted for Cash Pick-Up Services

MoneyGram is a dependable choice for cash pick-up services, although its pricing may not always be the most competitive for bank transfers. Over the past 12 months, MoneyGram consistently ranked as the seventh-best app for sending money to Nigeria. While it was the cheapest option for only a limited percentage of users, it remains a viable choice for transfers from specific countries, such as the US, the UK, Canada, and Australia.

When sending money to Nigerian bank accounts, consider these top-ranked money transfer apps, which charge low fixed fees and offer competitive exchange rate margins. These providers have been rigorously reviewed for transparency, service quality, fees, and customer satisfaction, ensuring that your money transfer experience is seamless and trustworthy.

Best App to send money to Nigeria by Country (2023)

Based on the country or currency from which you are sending money, here are the best apps to use in 2023 when sending funds to Nigeria:

• From the United States: Instarem
• From the United Kingdom: TransferGo
• From the Eurozone: TransferGo
• From South Africa: WorldRemit
• From Canada: Instarem
• From Australia: Instarem
• From Ireland: TransferGo
• From Sweden: TransferGo
• From Poland: TransferGo

These recommendations have been compiled based on data collected from April 2022 to April 2023 on Monito.

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Innovation is a crucial driver of economic development in Ghana, and over the past few years, adopting disruptive technologies has accelerated rapidly. The country continues to be a digital leader in Africa, and according to the Global Innovation Index (GII), it ranks 5th in Sub–Saharan Africa.

In Ghana’s financial sector, there have been recent government and private sector initiatives such as The Cash Lite Roadmap and The Digital Financial Services Policy that aim to adopt new technologies providing financial access to millions who have previously lacked access.

In 2022, The World Bank approved $200 million to aid in increasing Ghana’s mobile internet access and broadband services – providing support to over six million people in the lower-income demographic. The Ghana Digital Acceleration project is set to enhance the efficiency and quality of selected digital public services in Ghana. Thus, strengthening the digital innovation ecosystem and aid in creating better economic opportunities.

Despite the progress, several challenges persist as most of Ghana’s infrastructure is concentrated in urban areas, with large sections of the country’s rural population without effective mobile coverage.

Understanding financial innovation

Financial innovation is paving the way for new financial products, services and operations, and transforming how consumers can understand their finances.

It has enabled Ghanaians to change how they save, borrow, invest, and pay for goods and services. Today, financial innovation has come through advances in technology, and payment systems, increasing the number of financial providers available to consumers and businesses – as a result, the fees customers are faced with are more competitive and consumers have more choices in the provider they wish to use.

In 2022, The Bank of Ghana (BoG) introduced the Central Bank Digital Currency (CBDC), which aims at promoting financial inclusion and complements the digital payment industry.

It is currently being piloted in rural areas with limited internet access to ensure a countrywide robust and inclusive financial sector is available to all.

The BoG’s introduction of E – Cedi aims to encourage the Ghanaian digital payment and financial services industry, especially in financial inclusion, promoting cross-border payments and helping people reach their financial goals.

Mobile banking in Ghana

Today, mobile money has been a revolutionary tool for expanding access to financial services in disadvantaged areas with many banks in Ghana offering comprehensive apps with options to deposit checks, pay for merchandise, transfer money to a friend, or find an ATM instantly.

As always, It is still important for customers to establish a secure connection before logging into any banking app to avoid their personal information being compromised.

Ghana has become one of the fastest-growing mobile banking markets in Africa. As of 2022, almost half (38.9%) of consumers aged 15 and older had a mobile money account in Ghana.

A recent study by The Abdul Latif Jameel Poverty Lab showed that households can better respond to unforeseen difficulties when they have access to mobile money and can facilitate higher savings for households.

Importance of remittances

As of 1 June 2022, WorldRemit users globally sent more than GBP 145 million back home to Ghana, boosting economic development and improving the lives of many families.

The rise of global remittance players such as WorldRemit in Ghana, and the advancement of digital transactions and innovations, have continued to provide a safe and secure money transfer system.

Using blockchain technology in the remittance industry has important social benefits, as it could lower costs for customers.

This is possible as the technology uses encrypted distributed ledgers to enable reliable and real–time transactions verification without the use of third parties.

The lower costs are in line with the Sustainable Development Goals (SDG) of the World Bank to reduce the cost of remittances from 7% to 3% by 2030.

Over the past year, remittances have continued to be a vital source of foreign income in many developing countries across Sub – Saharan Africa, contributing significantly to changing the lives of millions of people.

This year, remittance flows to Ghana are expected to grow to about $4.5 billion, positioning Ghana as one of the highest recipients of remittance inflows in Africa.

Money transfers from Ghanaian migrants overseas have been crucial in enabling many to build resilient households as they have been able to access healthcare services, quality education, and provide food for their families.

With close to over 6.8 million people living below the poverty line in Ghana, and the incidence of multidimensional poverty in urban areas standing at 27% and 64% in rural Ghana, remittances have significantly helped accelerate poverty reduction.

According to the latest 2022 year-in-review by World Bank, remittances in Sub-Saharan Africa grew an estimated 5.2% to $53 billion in 2022, compared with 16.4% last year. However, in 2023, remittances are projected to soften to 3.9% growth as many nations face adverse conditions in the global and regional environments.

All eyes are now on what 2023 will bring for millions of families dependent on remittances each year with the widespread efforts to increase COVID-19 vaccination rates and stabilise the Ghanaian economy.

With these factors in mind, remittance expert Gbenga Okejimi, Country Manager, Nigeria and Ghana, WorldRemit, shares his top market trends for 2022 and beyond.

Remittance growth continues

As the preference for digital tools and services to conduct money transfers increases, digital remittances will continue to grow steadily throughout 2022.  As of 1 June 2022, WorldRemit users globally sent more than GBP 145 million back home to Ghana.

This shift towards digital, deeply accentuated by the pandemic, is predicted to continue as many tech-savvy customers opt for affordability and greater convenience.

Safety comes first

It is predicted that money transfer companies will continue to prioritise safety measures above all else. For international markets that enable markets that enable migrants to send money, more companies will integrate additional features that allow them to validate the identification of their customers, from phones’ IP addresses to the validation of identity documents.

On the receiving side, WorldRemit supports Ghana by providing a robust network of cash pick-up locations with our partners for greater convenience and accessibility. All connections through our website and mobile app are secure and encrypted. We have also built a sophisticated automated machine-learning system for fraud detection.

Speed will continue to be of the essence.

Even though some customers are used to waiting hours or even days for a bank wire transfer to arrive at its destination, expectations for the speed of money transfer apps and platforms are the opposite. With new advancements across the digital landscape, users expect money to be sent and received in minutes.

To deliver the best and quickest customer experience, companies will continue to invest in enhancing their technologies. Hence, data exchange with financial institutions is more seamless, and the flow of remittances is uninterrupted.

Our technology at WorldRemit allows 90% of money transfers sent to Ghanaians to be ready within minutes.

Money transfer services that work with API technology, which generates the confirmation that the receiving account or wallet is ready to receive the money, will be able to ensure transfers are completed almost in real-time. In addition, increased communication and tracking features will be integrated at a global scale for users’ peace of mind.

The simpler, the better

Companies will focus on making things as simple as possible, with a strong tendency to decrease the number of steps in each money transfer – from downloading the application and creating the user profile to adding the beneficiary. The trend toward more efficiency and effectiveness will ensure sending money becomes as easy as sending a text.

Digital remittances eliminate the need to go to a fixed payment point, saving users time and money. Living in the uncertainties of a pandemic, senders and receivers are prioritising safety and looking for a simple, straightforward solution for their transactions.

Technology has gained a more prominent role in people’s lives and money transfers have been no exception. A relatively new industry about ten years ago, digital money transfers and remittances are not only here to stay, but they are also slowly becoming the method of choice for customers, by proving that they’re just as safe as a bank transfer, and much faster, cheaper, and more convenient.