In March last year, Covid-19 started spreading so fast conquering countries and triggering global panic. Countries disconnected and locked down as people retreated in their homes waiting for disaster to strike.
Masking, washing hands, keeping a distance and vaccinating have become a universal norm under this pandemic which has killed 4.96Million people and infected 244Million people around the world.
This pandemic is still causing mayhem although countries have pooled resources, knowledge and technology to at least manage the spread of the deadly virus.
The global economy has been strangled since last year affecting several sectors some of which may take long to recover.
According to data from the National Bank of Rwanda (BNR), in March 2020 remittance inflows recorded in Rwanda were U$18.9 million compared to U$22.5 million recorded during the same period in 2019.
Remittances to Sub-Saharan Africa registered a 23.1% decline to reach U$37 billion in 2020, while a recovery of 4% is expected in 2021. In 2021, the World Bank estimates that remittances will recover and rise by 5.6 per cent to U$470 billion.
Remittances from the Rwandan Diaspora have a positive impact on economic growth as well as the national development of the country. Thus remittances and development are progressively becoming inseparable areas.
As the global economy reopens, remittances are resuming as most people embrace flawless and contactless methods such as WorldRemit Wallet that allows people in over 150 countries to send, receive, or store money in a range of currencies using the WorldRemit app. Two million people made a transfer with WorldRemit last year.
Although digitizing is one of the key opportunities that are emerging from the pandemic, there has been a gradual rise in electronic fraud. Local telcos have come up with some solutions aimed at curbing the growing number of mobile money fraudsters.
For example, all mobile money customers have to pre-authorize any withdrawal request by dialing before an agent can send a withdrawal prompt message.
According to Rwanda Investigation Bureau (RIB), in mid-June 2020 they received about 80 cases of people whose money was stolen from mobile phones. In these schemes, close to Rwf12 million was stolen.Since then RIB and telcos have stepped up nationwide campaign raising public awareness on cyber safety and security, especially targeting mobile money wallets which more than half of Rwandans own.Meanwhile, WorldRemit a new global player uses industry-leading technology that protects money and guarantees it arrives safely every time.“Over the last ten years, our business has […]
