When family members emigrate they leave with dreams and aspirations of providing a better future for those back home.
Ensuring that their family is better off and their children are able to pursue further education is paramount in the mind of a migrant.
Due to a lack of flexibility in working hours, a lack of disposable income, plus high air travel costs, migrants rarely return home within the first two and five years of their departure.
Their priority is in securing their new home and sending money back to their native country to assist with basic necessities, such as food and paying bills.
The main use of remittances within receiving countries is highly dependent on a country’s internal infrastructure and economy.
Below, we have highlighted the main usage based on research conducted by the United Nations Conference on Trade And Development (UNCTAD):
At WorldRemit, the understanding is that remittances are also used to free up household budgets for alternative purposes, such as school fees.
The business is built on providing customers with a service that enables them to transfer money fast and securely whilst delivering a stress-free experience.
At WorldRemit, the focus is on catering for the varying needs of customers and ensuring a variety of services, which will best suit the demands of both senders and receivers.
Providing options in how senders remit their money whilst making sure of a service that is reliable and efficient, are key to the development of the company's business.
It has continuously been working on growing its network of outlets in recipient countries, ensuring friends and family are at ease when collecting their remittance and do not have to travel far - avoiding additional costs.
The partnership with mobile money operators has facilitated the ease with which customers receive remittances.
WorldRemit's relationship with the customers has been paramount to its sustainable development as a company. It has committed to ensuring that its customers continue to enjoy a fast, secure and reliable service.