FINTECH

Remittances: Why It Is Important To Send Money Home Across The World

Published

2 years ago

Remittances: Why It Is Important To Send Money Home Across The World

Many people are ignorant of the costs involved in sending, spending, or receiving money internationally, even though remittances represent a lifeline for hundreds of millions of people worldwide. This is due to suppliers’ deliberate consumer exchange rate misinformation. They frequently promote “$0 fee” or “no fee,” all the while determining their exchange rates and making large profits. Due to hidden costs and excessive currency rates, billions of dollars are lost annually by people worldwide. The average global remittance cost, according to the World Bank, is 6.04%.

In a proper context, I use Leatherback even while I work with the company. Therefore, I can send money to my parents fast and easily using Leatherback without any hidden fees. Today, we process an average of $50 million monthly in cross-border transactions, saving customers over $3 million of customer funds annually over using a bank, with a good percentage of our international transfers instant.

Broadly, remittances are a significant source of support for over 1 billion people or about one in seven – who are either active in sending or receiving remittances. One in nine people worldwide, or around 800 million, are recipients of these money transfers from family members who have migrated for work. This, in turn, enables access to basic facilities of life (food, healthcare, education) and new possibilities. The money that migrants send to their family members goes a long way toward advancing the Sustainable Development Goals (SDGs) of the United Nations by the year 2030.

It should, however, be noted that remittances have surpassed more conventional forms of funding, such as foreign aid, in developing nations over the last decade. Remittances to low- and middle-income countries hit a new high of $529 billion in 2018, according to the World Bank’s 2019 Migration and Development Brief.

Moreover, remittances are distinct from other financial transfers, such as foreign aid, in bypassing the constraints frequently encountered with official institutions. Remittances, in particular, have a household-to-household feature that eschews governmental organisations. Therefore, after considering processing fees, money sent from abroad is received directly by households, frequently the genuine recipients. Consequently, it is not unexpected that many economists support the benefits of remittances.

People transfer money abroad for a variety of reasons aside from business. People move across continents and countries in our increasingly globalised world for employment, education, or even just because they believe they may enjoy life more elsewhere than where they currently reside.

People are increasingly looking for instant money transfers abroad, resulting in this. It seems strange that electronic funds can’t do the same when you can show up at the airport, purchase a ticket, and travel to a different nation in hours.

Why Do People Send Money Home Using International Payment Services?

1. Paying Tuition Fees Abroad

Even if a young relative or colleague has been working since they were young, attending one of the best universities in countries like the UK, the US, Canada, or Germany may pose some difficulties for them to afford to pay the tuition themselves. If they’re worried about how they’ll be able to pay the high tuition at their preferred university, finding an affordable means to send them money can lift some of their burdens.

For instance, a Ghanaian parent can send money or pay the tuition fees of his child(ren) or ward(s) schooling in the UK from Ghana. This is typical of Leatherback, which can enable the parent to pay the UK university tuition fees in pounds from Ghana.

2. Accommodation Payment

You’ll need somewhere to stay when you eventually hit the hay on whether you’re planning a holiday in the UK, the UK, or other tourism destinations. Often, the UK is a major travel destination for Africans; as such, it only makes sense that you’ll have to pay for your vacation apartment in pounds, which is the currency of the UK.

3. Work Done Payment

You can partner with a freelancer in another country, which requires you to pay in his local currency. But it is noteworthy that his salary does not exceed your business’s budget.

For instance, the technological paradigm shift has enabled many tech workers to get freelancing or full-time jobs remotely from different parts of the world. So, these individuals earn in the local currency of the employer, which, by extension, aids the international transfer of money in the guise of remittance. You can do this using Leatherback, which enables freelancers or full-time employees to receive money from any part of the world.

4. International Purchases

When a new beauty product is only available in specific regions of the world, or when your favorite author’s new book won’t be released in your nation for two months after it does elsewhere, shopping online can be challenging. You can circumvent these limitations, though, with well-known e-commerce websites.

Therefore, you can buy your preferred products in the local currency of the retailer from the comfort of your room without the hassle of going out. For example, you, as a Nigerian or other nationality, can buy a product from an online UK store while you pay in pounds, whose exchange rate will be equivalent to your local currency.

5. Money Transfer To Family And Friends

You might want to transfer money directly to friends or relatives in your native country if you relocate for work so they can pay for necessary expenses. The simplest option to assist your loved ones is to send money via an international wire transfer.

In this case, Leatherback is your best option to send money to family and friends in the UK or other countries where it is licensed to operate. Currently, Leatherback supports 15 international currencies from different parts of the world. You can use the Leatherback virtual card or its Sendr to send money to an individual or business.

6. International Investments

You must find out the best method for sending money abroad if you mull over establishing another branch of your company in another country. However, going through your preferred bank using a traditional manner could be expensive because banks charge a lot of money to handle your money. But Leatherback helps you save money when you send money abroad. This is because you send money at a cheaper cost on the platform without hidden fees, and it uses a real-time exchange rate for all its transactions.

Conclusion

Remittances have contributed to the GDP of the receiving country and, by extension, bolster global economic development. This is because businesses, education, tourism, and whatnot have gone global, paving the way for money to be sent from a particular source country to a destination country.

However, it is important to use a credible and reliable platform when sending money anywhere in the world. Leatherback is here to give you a relishing experience with your transactions.

More from my site

BANKING

Network International appointed as Payment Processing Partner by MTN Group Fintech

Published

2 months ago

Christopher

Network International appointed as Payment Processing Partner by MTN Group Fintech

Network International (Network) (www.Network.ae), a leading enabler of digital commerce across the Middle East and Africa (MEA), has been appointed as a Payment Processor – Issuing partner for MTN Group Fintech, Africa’s leading mobile financial services provider. This partnership marks a significant extension of Network’s portfolio of issuer processing collaborations throughout the African continent.

Network International appointed as Payment Processing Partner by MTN Group Fintech

With a footprint spanning over 50 countries and serving over 250 financial institutions, Network International brings its expertise to this partnership which will enhance MTN Fintech’s cutting-edge mobile services and provide even greater value to stakeholders and customers across Africa.

The partnership will focus on rolling out card issuance products across key MTN Fintech markets, starting with Rwanda which is already operational. Soon Uganda, Ivory Coast, and Nigeria will also be covered under this collaboration. Network International will provide a comprehensive range of services, including transaction processing, card management and online fraud prevention. MTN Fintech users will benefit from a seamless experience accessing both traditional mobile services and innovative digital payment solutions.

Dr. Reda Helal, Group Managing Director – Processing, Africa and Co-Head Group Processing at Network International commented: “Our collaboration with MTN Group Fintech marks a major milestone for our outsourced payments services in Africa. It demonstrates our ability to successfully serve Mobile Network Operators (MNOs) via our fully-fledged processing solutions and our continued dedication and commitment to the African region. We are excited to support MTN Group Fintech’s growth strategy, and its business development plans across the continent.”

Cedric N’guessan, Executive for Payment and E-commerce at MTN Group Fintech added, “This collaboration with Network International is pivotal in enhancing financial inclusion across Africa and beyond. It enables our customers to actively engage in the global economy, aligning perfectly with our strategic goals alongside Mastercard to broaden access to digital financial services across the continent.” Read More (https://apo-opa.co/43aKuII)

MTN Group provides voice, data, fintech, enterprise wholesale and API services to more than 288 million customers in 14 African markets.

Distributed by APO Group on behalf of Network International.

About MTN Group Fintech:
MTN Fintech, the platform business of MTN Group, is dedicated to revolutionising global financial services through innovative digital technology solutions. Leveraging MTN’s extensive reach and expertise in telecommunications, MTN Fintech is committed to advancing financial inclusion for all and empowering communities in Africa. With a primary focus on pioneering mobile financial services, digital payments, e-commerce, short-term insurance, and remittance capabilities, MTN Fintech strives to establish seamless, accessible, and secure financial ecosystems that shape the future of digital finance.

About Network International:
Network International is the Middle East and Africa’s largest and leading digital payments company. Our purpose is to help businesses and economies grow by simplifying payments and commerce. We operate in 50+ countries serving governments, banks, fintechs, merchants and public sector companies. We have 2,000+ employees based in our markets serving over 250 financial institutions and 130,000+ merchants.

BANKING

Prosperavest ESG LTD Launches “eNsc” – A Naira-Pegged Stablecoin on Lisk 2.0 Blockchain, Enabling Tokenized Real-World Asset Investments

Published

2 months ago

Christopher

Prosperavest ESG LTD Launches eNsc – A Naira-Pegged Stablecoin on Lisk 2.0 Blockchain, Enabling Tokenized Real-World Asset Investments

Prosperavest ESG LTD, is thrilled to announce the launch of eNsc, a Nigerian Naira-referenced stablecoin pegged 1:1 to the Nigerian Naira. Built on the high-speed Lisk 2.0 Blockchain, eNsc combines monetary stability with blockchain innovation, allowing global investors to securely access tokenized high-yield opportunities like Nigerian Treasury Bills while adhering to regulatory standards.

Prosperavest ESG LTD Launches eNsc – A Naira-Pegged Stablecoin on Lisk 2.0 Blockchain, Enabling Tokenized Real-World Asset Investments

Bridging Stability and Innovation

eNsc merges monetary stability with blockchain efficiency, operating within Nigeria’s robust regulatory framework led by the Securities and Exchange Commission (SEC) Nigeria. The SEC has prioritized creating a safe, transparent environment for blockchain innovation, exemplified by its Virtual Assets Regulatory Framework. These guidelines ensure market integrity, investor protection, and alignment with global standards—principles at the core of Prosperavest ESG’s operations.

“Our vision is to bring the Naira on-chain and democratize access to low-risk, high-return opportunities while upholding rigorous regulatory compliance. eNsc is more than a stablecoin—it’s a gateway to financial inclusion, blending the trust of traditional finance with the agility of blockchain.”— RaheemAnikulapo Ibrahim, CEO, Prosperavest ESG LTD

Prosperavest ESG LTD Launches “eNsc” – A Naira-Pegged Stablecoin on Lisk 2.0 Blockchain, Enabling Tokenized Real-World

Key Features of eNsc

1:1 Naira Peg: Backed by reserves held in regulated institutions, eNsc ensures stability and direct convertibility with the Nigerian Naira.
Lisk 2.0 Blockchain: Fast transactions, low fees, and interoperability with decentralized applications (dApps) ensure seamless integration into digital ecosystems.
Compliance Assurance: Built with robust AML protocols, transparent reserve audits, and adherence to Nigerian Securities and Exchange Commission’s (SEC) regulations.
Exclusive Cashback Rewards: For a limited time, users who convert a minimum of $50 via the eNsc Converter at app.prosperavest.com will receive cashback rewards, rewarding early adopters of this groundbreaking stablecoin.

Unlocking Global Investment Opportunities

By tokenizing Nigerian Treasury Bills, eNsc removes geographic and financial barriers, enabling fractional ownership and instant cross-border settlements. This innovation aligns with Nigeria’s growing prominence in Africa’s digital economy, offering investors exposure to stable, yield-generating assets.

A Commitment to Safe, Transparent Finance

SEC Nigeria: Championing Safe Innovation

The SEC has been instrumental in fostering a safe, transparent, and innovation-friendly regulatory environment for blockchain and virtual assets, implementing robust frameworks such as the Virtual Assets Regulatory Framework. Their proactive approach ensures investor protection, market integrity, and alignment with global best practices—a commitment Prosperavest ESG proudly upholds.

“Our compliance and cooperation with regulators is non-negotiable,” added RaheemAnikulapo Ibrahim. “Trust is the cornerstone of financial innovation every aspect of eNsc—from its technical infrastructure to reserve management—is designed to exceed SEC standards, fostering trust in Nigeria’s digital future

Join the Future of Asset Tokenization

eNsc is now live on the Lisk 2.0 Blockchain. Institutions, developers, and investors are invited to:

Explore eNsc at https://prosperavest.com .

Participate in the cashback reward program by converting a minimum of $50 on the eNsc Converter: app.prosperavest.com.

Disclaimer

This announcement is for informational purposes only and not financial or legal advice. Digital asset investments carry risks, including volatility and potential loss. Investors are responsible for their decisions. ProsperaVest ESG Ltd remains committed to SEC compliance and will provide updates on approval status.

Bitcoin

IUX Wins Best Trading Technology Provider 2025 Award at BrokersView, Setting New Standards with Next-Gen Trade

Published

2 months ago

Christopher

IUX Wins Best Trading Technology Provider 2025 Award at BrokersView, Setting New Standards with Next-Gen Trade

IUX, a globally recognized online CFD trading service provider, has been honored with the prestigious “Best Trading Technology Provider” award at the 2025 BrokersView Award for Brokers with Outstanding Assessment. This recognition solidifies IUX’s standing as a leader in the online CFD trading industry, highlighting its dedication to innovation, user-centric design, and cutting-edge technology—exemplified through its groundbreaking Next-Gen Trade initiative.

IUX Wins Best Trading Technology Provider 2025 Award at BrokersView, Setting New Standards with Next-Gen Trade

About the BrokersView Awards

The BrokersView Awards are among the most respected in the trading industry, recognizing brokers that demonstrate outstanding performance, transparency, and technological innovation. The Best Trading Technology Provider award is presented to brokers that go beyond industry standards to offer exceptional trading platforms with advanced features, robust execution speeds, and user-friendly interfaces.

IUX’s win reflects its relentless commitment to providing traders with superior trading tools and an optimized platform, setting a benchmark for excellence in the CFD trading sector.

“We are deeply honored to receive this recognition from BrokersView,” said an IUX spokesperson. “This award highlights the hard work and dedication of our team in creating a platform that empowers traders globally. We will continue to drive innovation and deliver exceptional value to our users.”

Next-Gen Trade: Powering IUX’s Award-Winning Technology

A significant factor in IUX’s recent success has been the launch of Next-Gen Trade, a comprehensive initiative aimed at redefining the trading experience. This customer-focused project delivers cutting-edge technology and empowers traders with tools designed for speed, stability, and precision.

Core Features of Next-Gen Trade:

Ultra-Fast Execution: Trades executed in as fast as 30 milliseconds, giving traders an edge in volatile markets.
Consistent Spreads: Advanced spread management technology ensures stable spreads, even during major market events.
Customer-Oriented Features: Tools and resources tailored to help traders navigate complex markets with ease.

Next-Gen Trade exemplifies IUX’s commitment to enhancing the trading experience, directly contributing to the platform’s recognition as Best Trading Technology Provider.

Looking Ahead

The Best Trading Technology Provider 2025 award represents a significant milestone for IUX but is just one step in the company’s journey. IUX remains committed to continuous innovation, focusing on enhancing the trading experience for its global user base through further advancements in initiatives like Next-Gen Trade.

Discover More

Learn about IUX’s advanced trading solutions: Visit IUX

About IUX

IUX, operated by IUX Markets Limited, is a leading online CFD trading broker —IUX is committed to providing a secure, transparent, and user-focused trading experience to traders worldwide.

Disclaimer

Trading CFDs involves significant risk of loss and is not suitable for all investors. Ensure you fully understand the risks involved before trading.