Five reasons to switch to digital remittances
Financial inclusion is making significant strides in Ghana, thanks to the uptake of mobile wallets and digital finance solutions. In fact, mobile money account ownership has increased by 17% since 2014 and stood at 68% in 2021, making Ghana the most advanced country in West Africa for adoption of mobile money.
Digital technology has made receiving money from Overseas Ghanaian Workers (OGWs) convenient and widely accessible nationwide. Remittances continue to help Ghanaians take control of their finances whenever and wherever they want by providing customers with fast, accessible, and secure options to receive money.
While this is a positive development, it’s worth noting that there is still a greater need for solutions to promote financial inclusivity among those in regional and rural areas.
Despite the benefits, some Ghanaians are still hesitant about switching from traditional brick-and-mortar money services to digital financial services, still using informal and formal in-cash channels. This is partly due to lack of awareness of online financial service providers and a preference for completing transactions in-person, as cash is still considered essential.
With the growth of digital payments expected to remain strong this year, WorldRemit, a digital financial service provider, lists the five reasons to consider switching to an online remittance provider.
Convenience
- One of the main advantages of using a digital remittance provider is convenience. Unlike traditional methods that require both senders and receivers to be physically present at a branch, digital services enable people to send and receive at a time and place that suits their needs.
WorldRemit works with a large group of pay-out partners across Ghana, allowing customers to transact through various options, including mobile money, bank transfer, cash pickup, and airtime top-up.
- Lower fees
Digital remittance providers recognize Ghanaians’ financial barriers, so lower fees are essential. While rates and fees vary from country to country, World Remit’s app shows customers the exact amount their recipient will receive based on real-time exchange rates. This total carries no hidden charges, so users do not have to worry about additional fees required after the transfer.
- Security
In today’s world, ensuring customers’ online safety and security must be top-of-mind. As a proud FinTech Financial Crime Exchange member, WorldRemit regularly reviews its security measures to protect user transactions from external threats. Additionally, WorldRemit uses a leading machine learning algorithm to prevent and block transactions that appear to be the proceeds of crime.
- Speed and ease of use
New users of digital payment services can get started in minutes, and the app is designed to be user-friendly. After completing the registration process and security checks, customers can begin sending transfers immediately. Ninety-five per cent of transfers are completed within minutes, and users can check their transfer status after sending.
- Benefits
On top of enforcing their core values in their services— speed, convenience, and security- WorldRemit offers 24/7 support. As a licensed entity on a global scale, it also provides referral benefits to its customers in the form of money-off vouchers.
WorldRemit
We’re a leading global payments company and, along with Sendwave, part of Zepz, a group powering two global payments brands.
We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower-cost. We currently send from 50 countries to recipients in 130 countries, operate in more than 5,000 money transfer corridors worldwide and employ over 1,200 people globally.
On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.
The writer is the Director of Anglophone Africa, World Remit.
