By Darryl PIETERSEN
FINANCIAL inclusion is making significant strides in Ghana, thanks to the uptake of mobile wallets and digital finance solutions. In fact, mobile money account ownership has increased by 17% since 2014 and stood at 68% in 2021, making Ghana the most advanced country in West Africa for adoption of mobile money.
Digital technology has made receiving money from Overseas Ghanaian Workers (OGWs) convenient and widely accessible nationwide. Remittances continue to help Ghanaians take control of their finances whenever and wherever they want by providing customers with fast, accessible, and secure options to receive money.
While this is a positive development, it’s worth noting that there is still a greater need for solutions to promote financial inclusivity among those in regional and rural areas.
Despite the benefits, some Ghanaians are still hesitant about switching from traditional brick-and-mortar money services to digital financial services, still using informal and formal in-cash channels. This is partly due to lack of awareness of online financial service providers and a preference for completing transactions in-person, as cash is still considered essential.
With the growth of digital payments expected to remain strong this year, WorldRemit, a digital financial service provider, lists the five reasons to consider switching to an online remittance provider.
One of the main advantages of using a digital remittance provider is convenience. Unlike traditional methods that require both senders and receivers to be physically present at a branch, digital services enable people to send and receive at a time and place that suits their needs.
2. Lower fees
Digital remittance providers recognize Ghanaians’ financial barriers, so lower fees are essential. While rates and fees vary from country to country, World Remit’s app shows customers the exact amount their recipient will receive based on real-time exchange rates. This total carries no hidden charges, so users do not have to worry about additional fees required after the transfer.
In today’s world, ensuring customers’ online safety and security must be top-of-mind. As a proud FinTech Financial Crime Exchange member, WorldRemit regularly reviews its security measures to protect user transactions from external threats. Additionally, WorldRemit uses a leading machine learning algorithm to prevent and block transactions that appear to be the proceeds of crime.
4. Speed and ease of use
New users of digital payment services can get started in minutes, and the app is designed to be user-friendly. After completing the registration process and security checks, customers can begin sending transfers immediately. 95 % of transfers are completed within minutes, and users can check their transfer status after sending.
On top of enforcing their core values in their services— speed, convenience, and security- WorldRemit offers 24/7 support. As a licensed entity on a global scale, it also provides referral benefits to its customers in the form of money-off vouchers.
. The author is Director, Anglophone Africa, WorldRemit