The Importance of Money Transfers To Women Working Abroad For Family Support Back Home

By Imane Charioui - Director of Francophone Africa, WorldRemit.

 In Sub-Saharan Africa, women make up approximately 47% of the migrant population, forming a significant source of remittances. While this responsibility comes with an immense potential consequence, it is also an opportunity to enrich the lives of many around them.

 In many cases, remittances support families, households, and communities across Cameroon by helping them meet their educational, health and security needs. 


The remittance-sending behavior of migrant women often incurred a higher financial cost compared to male senders as they tend to remit smaller amounts of their income, more frequently and are therefore subject to paying more in transaction fees.

 A study by United Nations Women suggests that women migrant workers are concentrated in sectors less vulnerable to financial crises and economic downturns, such as domestic work, meaning their remittances are more stable during such periods.

 Money transfers help immigrants support families

For Cameroonian families, the steady flow of remittances is an economic lifeline. As of 31 December 2022, Zepz users (WorldRemit and Sendwave) globally sent over $300 million USD back home to Cameroon.

 With more families receiving these remittances, they can maintain a decent standard of living, ensuring their children receive a good education and invest in businesses, leading them to long-term financial stability, and thereby lifting themselves out of poverty.

 Globally, about 75% of remittances are used to provide food and cover medical expenses, school fees or housing expenses. In times of crisis, migrant workers may send more money home to cover crop losses or family emergencies. The remaining 25% of remittances, representing over US$150 billion per year, can be saved or invested in asset-building or activities that generate income and jobs.

These remittances not only support families financially but also serve as an inspiration for the next generation. 

Remittance services connect families abroad.

Online money transfers and remittances connect families and loved ones no matter how near or far they live from one another. Families can now rely on their loved ones abroad for financial support and have a reliable, secure source of cash flow that is just a few clicks away.

Rest assured, WorldRemit will continue to deliver fast, secure, and convenient money transfers through our services so that these women can support their families and communities financially like never before. Looking at both the need and demand for remittances, the international money transfer industry shows no signs of slowing down. As our world becomes more interconnected, global remittances will continue to shape how money travels and how families support themselves in a global economy.

 About 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.

 Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom with regional offices around the globe.

www.worldremit.com

 

Media Contact

WorldRemit Press Office

media@worldremit.com

  ............

 

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