Did you know that June 16th is the International Day of Family Remittances (IDFR)? This day, recognized by the United Nations, honours the money sent by over 200 million migrants to support their families. These remittances help improve the lives of more than 800 million family members around the world.
The impact of Remittances
At Send App, we understand the important role these funds play in supporting family, friends, and loved ones to make ends meet daily, especially in areas where many have money problems. By 2030, it is estimated that migrants will send over USD 5 trillion to low- and middle-income countries (LMICs), helping millions of families achieve their goals.
Send App is committed to providing a reliable and easy-to-use way for sending money. Our goal has always been to reduce the costs and barriers of sending money back home and to make our services more accessible to everyone.
Family Support: The Core Reason for Remittances on Send App
In celebration of the International Day of Family Remittances, we want to highlight a key insight from our 2023 data: over 70% of remittances sent on Send App are for family support. This shows how important money sent home from abroad helps their families live better back home.
Since we added the option to specify bride price payments as a reason for transfer in December 2023, there has been a significant increase in these types of remittances on Send App. Just like Nwando and Lawrence and their love story. They wanted to honour their tradition with bride price payment, so they found an easy way to pay for their wedding ceremony back home.
In some cultures, families give gifts (called a bride price) to celebrate a marriage and show respect for each other’s traditions. This practice is really important in many communities, as it shows respect and honours the families involved.
As of May 2024, this type of transaction has grown to over 7,000 transfers, demonstrating how Send App strengthens family bonds by enabling important cultural traditions dear to migrants. Similar to Lawrence and Nwando, many lovers such as Uche and his fiancée find the narration useful to stay connected and support each other financially over and over again while they are miles apart.
Family remittances are expressions of love, responsibility, and cultural pride. The ability to send money for such significant events as bride price payments reflects our commitment to supporting the diverse needs of families. Send App is dedicated to making every transaction smooth and meaningful, ensuring that traditions are honored and families are strengthened.
Here are some other key trends in 2023:
- Generational Shifts: Millennials are the biggest users of Send App, sending the most money overall.
- Preferred Payment Methods: Most Send App users prefer to use cards to send money, but we are also seeing more people using digital wallets and other payment methods.
- Reasons for Sending Money: Supporting families is the primary reason people use Send App, followed by travel expenses, gifts, and school fees.
How Send App is Leading the Way in Financial Inclusion
In the past decade, sending and receiving money across borders has become much easier and more affordable. At Send App, we are proud to lead this transformation. We continue to work towards making our services accessible to everyone, especially those far away from where their heart is, home.
On this International Day of Family Remittances, we celebrate the hard work and generosity of migrants. We also recognize the partnerships and efforts that make it possible to send money home safely and affordably. As we move forward, Send App is committed to helping families around the world connect with each other and put their money where their heart is.
Together, we are making a difference. Join us today by downloading the Send App from the Google Play Store or Apple Store to start putting your money where your heart is.