An immigrant will have multiple reasons to transfer money back to its country. While you are residing in a developed country and getting a handsome remuneration for your skills, you will think of offering a piece of your earnings back to your family. There can be multiple reasons for transferring money to your loved ones, be it paying back the loans, helping the family survive or making investments.
If you migrated from sub-Saharan Africa region, sending money back to family holds significant importance. Some places in Africa have restrictions on inward remittances. The value of money is very important, and so is the exchange rate that majorly impacts the value of the remittance. Keep the below-mentioned points in mind while transferring funds to African countries back to your family.
Points to keep in mind while transferring funds to African countries:
Places that are subject to restrictions: In any money transfer guide for African countries, you will see that there are some countries where remittance is not possible. The places that are subject to restrictions mostly are Congo, Cote d’Ivoire, Libya, Rwanda, Sierra Leone, Somalia, and Sudan.
Things that impact the cost of transfers: There are many ways of transferring money, and you will always be bound to look for low-cost money transfer in African countries that allows remittance. The cost of transferring and the exchange rate used at the time of transfer majorly impact how much money the person receives.
Transfer Method: The banks usually charge high for transferring money abroad. With the advent of digital devices and technologies, the method of online payments has advanced. This brings you the platforms like EziPay that has made the remittance easy. Online money transfers through EziPay offer you cheap, easy and instant money transfers back to your family.
Customer Service: If you are to transfer money online, you must clear all your doubts about the remittance. Excellent customer service like the one of EziPay makes it a hassle-free job to transfer money back to your family.
Everyone living abroad looks for hassle-free options to help the family we left across borders. You cannot just get up and reach them instantly, but you can at least offer them love and support from overseas. EziPay has made it possible for you.
In Conclusion:
The recent developments have dropped the 3rd party charges in remittance to a great deal. This has made money transfers in African countries easy. No matter if you want to transfer money from the bank, do a wire transfer or an IMT (Internet Money Transfer), EziPay allows you to transfer money directly into the bank account or to an online wallet of your family members. This online mode of transfer has cut shot all intermediary costs that are incurred through other ways of transfer.
While you reside outside your home country, all you want is, to be available for family in case of emergencies. Over the years, the remittance industry has seen sea changes. This industry has evolved so much that it has now started to affect the economy of the nations. With the increased number of migrants in sub-Saharan Africa since 2010, inward remittances in the countries have significantly increased.
This has left an enormous impact on technology, as well. Even the age-old financial institutions have taken a shift towards making their systems of remittance and cross-border transfers online. Financial institutions play an essential role in the remittance industry.
With the rampant growth of mobilization, the complexity of the remittance process demands simplifications and ease for people thriving overseas. Therefore, financial institutions have harnessed the latest technology in order to provide better services to the migrants.
Understanding Remittances
Remittance means sending money to friends and family sitting overseas. The remittance can be done for various reasons: paying bills, paying loan amount, fees, investments and the like. With remittance being the most substantial part of the foreign exchange in recent years, the system is not as developed as it should be.
Remitting money overseas simply calls for people to keep standing in lines for a small amount of transfer loaded with extra costs and standard exchange rates. For this, people will have to wait for days for the transfer to be completed. At this point in time, with advancing technology, all people need is, a competitive exchange rate and a secured and instant system for sending money overseas.
Remittance sector tend to make changes due to the following aspects
Customer demands – The rising incomes and rapid urbanization are vital factors in the growth of remittance. The easy remittance options are demanded by most of the people with the increase in the immigrants.
Collaborations and modern technologies – Financial institutions have to collaborate and utilize modern technologies to not only reduce the hassle of remittances for the customers, but also the financial system itself. The partnership with international organizations will ease the process of cross-border payments.
Safe and secure compliance – The technological impact on remittance is brought by a lot of efforts and compliance. Providing safe and secure payments is the first and foremost responsibility of banks and international organizations.
Online Money Transfer – The budding remittance industry trend
While the internet has set the world free from borders and has helped us connect overseas, cross-border online money transfers have helped us stay closer to the families while they live thousands of miles apart. Finance technology is the future of remittance industry, making funds available at just a swipe or a few clicks.
EziPay is your respite for remitting money back to your home country. Join EziPay, an easy, instant and cheap method of transferring money. Sending money through EziPay is the way out of the complexities that you face while making bank transfers overseas.
In Conclusion:
For banks and international organizations to stay updated with the technology and help with the cross-border remittance, they need to comply with a secure system of transactions. Mobile devices are the main reason behind the technological impact on remittance, which calls for a mobile money transfer system. Remittance industry trends are ever-evolving, and EziPay is keen to take on any technical challenges to make your lives easy, by securing your payments and delivering your money to the people back home at the lowest possible charges.
Inward remittance simply implies that the money was transferred to an account domestically or internationally. This makes inward remittance meaning quite clear. With the growing expat’s population in sub-Saharan Africa, people want to remit money back to their families. The biggest challenge is foreign exchange which is subject to high fees and additional remittance costs.
The process of remitting money internationally is called foreign inward remittance. It comes in the place when people buy things through online shopping internationally, or send money to their families in another country. A lot of immigrants of the sub-Saharan African nations have settled across borders in the western world. They are bound to send money back to their families and friends for various reasons.
Other than useful information on this subject, this article can also be taken as a step by step inward remittance guide for beginners.
How does one receive inward remittance?
Foreign Inward Remittance comes with a transfer fee and other costs. The sender in the foreign country will have to choose the mode of transfer to initiate inward remittance. A check into the regulations for each mode, be it financial institutions or other international organizations will let you choose the best mode to transfer money overseas.
Now, check the fee for inward remittance overseas. While the banks and other financial institutions have intermediary charges in addition to the regular remittance expense, some applications can charge as much as $10 for remitting funds overseas. Look into all inward remittance guidelines to choose the best option to transfer money online.
Mobile money and other latest technology-equipped applications bring us ease, comfort, and cost-effective money transfers. We have the right to transparency, but that is not likely in the case of banks and other financial institutions. Banks levy high remittance charges and transfer fees that can burn a hole into the remitter’s pockets.
Information needed to remit money online
For a bank transaction or a wire transfer, one will need to fill up personal details, the reason for remittance, bank details, and the reason to justify the remittance across borders. EziPay application connects you with your people from the far ends of the world. One hand on the login process and bank details, and you are good to go. The ease and transparency in the remittance process with the help of the EziPay application is helpful in many ways.
If you want to be ready to cater to the emergencies of your family at any given moment, forget about going to the bank for filling up those forms and making manual requests. Just log on to the EziPay application on your mobile phone, and you are good to go.
Inside story of inward remittance
The truth of traditional ways for foreign inward remittance is that they are a big pain, and people continue to take the headache of transferring funds through those conventional methods. Not anymore, you can now look into this new method and avoid all the extra costs levied by the financial institutions.
We have brought you the best app for inward remittance, ever. While other financial institutions make you and your families wait for the money revolving around in their system, EziPay delivers and reflects the funds in the recipient’s bank account instantly. Bridging the gap between the far ends of the world, EziPay brings you closer to your family.
As most financial transactions are going digital, there have been various applications launched to facilitate it. You might be a retailer that faces regular problems in taking payments from different people. It’s a fact that many people don’t carry cash. Perhaps being the small-businesses, or even the big one, accepting payments from credit/debit cards is a real pain because of the high processing fee.
The traditional methods like cheque or cash will be eradicated in the coming times. Don’t worry, though; we have come up with the perfect solution to deal with this- It’s EziPay!!
With a deep understanding of the market, we have launched this exclusive way of receiving and sending money. So, without a second thought, you can use this simple yet powerful App and provide your customers with a cashless way to purchase from you.
Now, let us explore this new and one-step ahead digital payment way-EziPay!
What do we mean by EziPay Merchant Account?
As the name roars by itself, an EziPay merchant account is one of the best options for an online business account. It enables businesses to accept payments from their customers without any worries.
Benefits of merchant enrollment with EziPay
We don’t brag our services, but here are some of the things that we offer to our customers that you should be aware of:
As you are aware that learning new things takes a little time, but, once learned, you become an expert at them. Take some time to learn about the EziPay merchant account after you take up our online merchant registration, and you won’t be disappointed.
Here are the cool features that will make you register with EziPay:
Increase in revenue:
Just about every customer nowadays has gone digital and is linked with the EziPay digital wallet account. A lot of people have stopped carrying cash. You might not be aware, but the cash transactions have been declining since the past few years.
In the tech-savvy world, no one wants to carry cash, and most people are entirely dependent on their e-wallets for payment. That is why EziPay digital wallets are becoming the first choice of customers. EziPay can be used to make large, as well as small purchases.
When you choose the EziPay merchant account, you won’t have to worry about any person returning just because they don’t have cash. It will also give a bounce to your sales.
Can collect money through multiple methods
What if we tell you that you could take payments using Mobile Money, or through Visa and Mastercard using EziPay, won’t it be amazing? Of course, it is! And we provide you with just that. We have made it simple for you to receive payments from your customers.
We ensure that the money gets transferred from the customer’s wallet account to your (merchant) wallet account within no time. So, you won’t have to worry about any hassles on the customer or your business’s part.
Collection from not only Ghana but 149 countries
EziPay lets you do transactions from not only Ghana but more than 149 other countries. These countries include Sierra Leone, Mali, Kenya, the United Kingdom, the United States of America, and many more.
Exposure to the EziPay user base
With the use of the EziPay merchant account, you will be able to take payments from a larger customer base. The reason behind it is that everyone has started using digital wallets.
Having an EziPay merchant account will facilitate all the EziPay users with tension-free transactions.
No physical device required
No!! we are not talking about a physical card swiping machine! EziPay merchants don’t need a physical device to accept the payments. The money can be effortlessly translated from the customer’s wallet to your wallet with the help of a QR code or mobile number.
Real-time reports and settlements
With the EziPay App, the funds can be easily received in real-time. You can get the debited money from a customer’s EziPay wallet to your account in real-time. EziPay works 24*7, including holidays and weekends.
These were some of the many invaluable benefits of merchant enrollment with EziPay.
So, what are you waiting for?
It is the perfect time to get your EziPay merchant account registration done for secured and easy payments!
The growing economy is the result of the shining beacons of accomplishments and progress made by the expat population. There has been a steady economic growth in African nations due to the potential of our people. Many countries have foreign capital as the primary source of their income, and hence it contributes majorly to their GDP. The same goes for our developing African nations.
Let us discuss a few key details and also walk you through various aspects of inward remittance today.
Growth in the economy of Africa: Outlook 2020
The growth across the continent is expected to be moderate for the year 2020. Africa’s GDP in 2019 was about 2.9% and is further expected to scale up to 3.2%. The 2018 remittance stats show that by a total of 25 million expats from sub-Saharan Africa, a total of $46 billion have been remitted to the region.
Growth of inward remittance industry: Outlook 2020
For sub-Saharan Africa regions, foreign capital has majorly impacted the economic growth of its nations, as stated above. According to the Pew Research Center, nationals of sub-Saharan Africa are 8 out of 10 fastest-growing expat populations. This population has been the fuel for cross-border remittance flows.
2018 reports suggest that 25 million expats of sub-Saharan Africa remitted $46 billion to the African nations. In the coming years, the trend is expected to increase and will also have a significant impact on the GDP of these nations.
Trends affecting the future of inward remittance in 2020:
Financial Institutions are behind the times: With more and more people wanting to move money across the borders, the banks are not able to keep up with their demands. With the rigidity of the bank regulations, they also do not want to incorporate the new ways in which remitting money from one country to the other can be made easy.
Virtual money and hi-tech platforms: Mobile money and other international organizations have adopted new ways. They can cater to real-time cross border settlements and better manage foreign exchange. Mobile money or virtual money has hi-tech platforms that are capable of cutting costs, increasing transparency, and save time.
Interoperability in financial services: The existing financial institution has a stringent framework that does not let them smoothly operate outside the boundaries. The availability of the bank branches, the intermediary costs of moving money between several branches, all hampers the interoperability of their financial services.
Only if you happen to have a digital wallet like EziPay that operates worldwide, remittance of money cross borders will never be a problem. Technology is modernizing the ways people send money across the borders.
Future of Inward remittance: While the poor infrastructure of banks will just keep cashing out the customers. Remittance will just be another product in the trick. The future of remittances should be free, and nobody should be able to monetize through cross-border transfers.
The future of remittances calls for a low remittance cost for people to feel like they are not that far from the family, and the family receives a fair share of the amount transferred to them. Mobile money transferred through the EziPay application can help people to circumvent poor bank infrastructure and high remittance costs.
Ezipay took yet another step forward in its goal to ensure seamless and easy transactions for millions of people around the world. This is as a result of the cemented partnership between UBA bank and Artificial Intelligence Technologies limited.
The two companies have joined hands to launch a unique digital initiative for remittances and bill payments in 8 Francophone countries and Sierra Leone with Ezipay at the forefront of this initiative.
With UBA being one of the largest financial services groups on the African continent with operations in 20 African countries, it goes without saying that Ezipay has a dependable and solid partner behind it.
Ezipay’s unique virtual wallet platform which is open in 149 countries, enables users to add money via their Master/Visa Cards and seamlessly transfer funds to Mobile Money Wallets in 8 Francophone countries and Sierra Leone.
Ezipay is a subsidiary of Artificial Intelligence Technologies Limited and has already been present in Ghana for the past 2 years and is steadily gaining popularity among Ghanaians, the diaspora community and expatriates
You may or may not believe in Valentine’s Day but we all do believe in love! Right?
And, whatever said & done, it’s difficult to celebrate special days if you are in a long-distance relationship!
We will help you do this right! With EziPay, you can shower love from anywhere & any time!
Here are some unique gift ideas for your beloved to rekindle the romance:
Send money
You can send money via EziPay in seconds at the lowest transfer rate. Your love can purchase whatever they need of their choice, which will remind her/him about you all the time. You can also transfer money to any bank or mobile money operator, EziPay will help with payment channels such as VISA, MasterCard, MTN Mobile Money, Vodafone Cash & AirtelTigo Money.
Buy an air ticket
You can buy a plane ticket via EziPay for your partner to visit you or any tourist destination. Let us remind that you will get the best deals for all airlines across the globe. Don’t miss!
Top-up airtime & data
Data & airtime are like survival kits! Get instant airtime top-up from Vodafone, MTN, AirtelTigo, GLO so that you can indulge in sweet nothings forever. And, recharge internet bundle from Busy, Surfline, Vodafone, MTN, Glo, MTN Fibre Broadband so that you catch up on long video calls without any disruption.
Keep the spark alive! Love doesn’t come easy!
Download, Sign-up & Use EziPay to pay bills and avail services from over 250 merchants today.
It’s no news in 2020 that EziPay is the cheapest, safest & most convenient way of life!
And, it didn’t become Africa’s first P2P QR code payment system solutions provider for merchants and individuals for nothing!
Here are five ways how the mobile wallet can help you every day:
Ø Fastest Money Transfer: You can sit in any part of the world yet send money to your near & dear ones back home in Ghana directly to their mobile money wallet, EziPay wallet or bank account. Not just that, you can finish it super-fast in the lowest possible transfer fee. Once you transfer money to any bank or mobile money operator, EziPay helps with payment channels such VISA, MasterCard, MTN Mobile Money, Vodafone Cash & AirtelTigo Money.
Ø Instant Airtime Top-up: Airtime top-up from — Vodafone, MTN, AirtelTigo, GLO- have never been this easy. Try it to know it!
Ø Data Top-up: Recharge your internet bundle from — Busy, Surfline, Vodafone, MTN, Glo — on EziPay, at any time & anywhere.
Ø Pay Bills: Pay your DSTV or GOTV subscriptions from the comfort of your home or office.
Ø Book Air Tickets: Are you a frequent traveler to Lagos? Do you travel to Kumasi/Takoradi every week? Book air tickets on EziPay & grab the best deals.
Download, Sign-up & Use EziPay to pay bills and avail services from over 250 merchants today.
Top Fintech Companies In Sierra Leone(Money Transfer App) Ezipay SL Ezipay is a mobile money transfer app that makes sending and receiving money easy for […]
Everything You need to know about Ezipay SL. 1. Ezipay is a leading money transfer app that is used to transfer money,send airtime to loved ones,receive money and other fantastic […]
When someone wants to send money overseas, the biggest worry of the people is the security and safety of their money. Everyone wants to have a secure medium for money […]
