DOUALA, Cameroon, 3 November, 2022,-/African Media Agency (AMA)/- After more than a year of closures, movement, and work limitations here in Cameroon, the last year left us many challenges as a society. One of them being how to continue to financially support our families in the most difficult moments.
Many Cameroonian immigrants continued to help not only their families but the country’s economy through sending money digitally and embracing technology and as of 1 June 2022, WorldRemit users globally sent nearly £75M GBP which equates to 57,753,377,280 West African CFA in remittances through its digital payment service.
Sending money digitally has proven to be much faster, safer and more convenient for both the sender and the recipient. The Cameroonian diaspora accounting for about 4 million people, with over one million living and working within Africa while the rest residing in France, Belgium, Germany, Canada and the United States1.
This trend is here to stay, and in 2022 users are expected to increasingly opt for more digital options.
So that families are not left without the important financial support of their loved ones abroad, Imane Charioui, Director of Francophone Africa, WorldRemit, a leading cross-border digital payments service, shares some advice.
Go digital. Money transactions don’t necessarily have to be done in person, handling cash, or through a bank account. Digital transfer services, such as WorldRemit, offer users ways to send money safely, quickly, and very easily from their phones or electronic devices, while those who receive it can also do so through digital channels such as bank accounts and mobile wallets.
With increased digitization and access to mobile money in Cameroon, the country displays a relatively fair but feeble performance in terms of digital infrastructure, digital financial services and digital entrepreneurship2.
Take precautions. The more we avoid being exposed, the more protected we will be. The great advantage of digital platforms to send money is that they are so simple, safe, and fast to use that there’s no need for a middleman. Make sure that the service you use offers low commission rates and competitive exchange rates.
Protect your data. Make sure the money transfer service you use is committed to protecting your data. In WorldRemit’s case, our payment partners in receiving countries will verify your identity, but your data is always protected and is never shared with third parties.
Verify the recipient’s identity. Make sure you are using the recipient’s full legal name since the bank in the receiving country will verify that their identification matches the transfer information. Indicate how the recipient will receive the money, whether it is cash pickup, mobile money, or bank transfer.
Choose fast and safe transactions. Pick a service that ensures your money reaches its intended destination quickly and safely. 90% of transfers made with WorldRemit are authorized within minutes and the app’s technology enables users to monitor the status of their transactions from beginning to end for greater peace of mind.
Distributed by African Media Agency (AMA) on behalf of WorldRemit.
Notes to Editors:
- IOM. How Diaspora contributes to development in Cameroon . Feb 2016
- World Bank Group. Cameroons Digital Economy Assessment Report. June 2020I
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
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