02/ 12/ 20
Remittances in the face of a global crisis
The world today looks very different than anyone could have imagined over a year ago, and with good reason. A pandemic has quickly swept over the planet, with over 7 million infections and almost half a million deaths worldwide. Consequently, global remittances are projected to decline sharply by about 20 percent in 2020 due to the economic crisis induced by the COVID-19 pandemic and shutdown.
World Bank Group President David Malpass expressed his concern on the same, saying:
“Remittances are a vital source of income for developing countries. The ongoing economic recession caused by COVID-19 is taking a severe toll on the ability to send money home and makes it all the more vital that we shorten the time to recovery for advanced economies,”
The theme of this year’s International Day of Family Remittances is ‘Building resilience in times of crisis’ and this, unfortunately, could not be more apt.
COVID-19 has changed the world.
Millions of migrant workers are losing their jobs, and many remittance families are suddenly pushed below the poverty line, bringing to a halt, efforts to achieve the SDGs related to remittances.
Perhaps this is an even greater reason to acknowledge and celebrate the very significant role remittances make in improving the standards of living and spurring development in developing nations.
By bringing greater awareness on the impact that these contributions have on millions of households, pressure is applied on governments, the private sector, and civil society organizations to support migrant workers and their families in building resilience at this time of crisis.
At UPESI MONEY TRANSFER, our role and purpose could not be clearer. We leverage on our strong partnerships across the world to provide fast and reliable transmission of funds directly to those who need it most. Our mission, in these unprecedented times, is to deliver the swiftest, most transparent and consumer friendly money transfer services available from Africa to the world and the world to Africa. Now, more than ever, we comprehend how important remittances are in the face of difficult circumstances and changing conditions.
As a business, we have answered the call of our new reality – We are working around the clock on innovative solutions and structural changes in response to the likely prolonged and pervasive impact of COVID-19.
We are here to serve and support in the best way we can.