June 16th is celebrated as International Day of Family Remittances across the world. This day is to honor all those who have left their countries and moved abroad to earn a living and support their families. Millions of Africans also travel abroad and send remittances back home.

Many countries in the African continent are fast becoming rising economies though they are still behind many of the developed nations. This is why there are still many people who rely on remittances sent by their loved ones.

 

The importance of remittances sent to Africa cannot be overstated and here are some:

  1. African immigrants send a large amount of remittances to their home countries. The money they send converts into handsome amounts in their local currency. This allows their loved ones to live fulfilling lives and avoid poverty. This also directly helps the economy.
  2. By statistics, over 50% of the remittances are sent to rural areas of Africa.
  3. It is also statistically proven that almost 75% of remittances received by people in Africa and around the world are used to fill the basic necessities of life by the receivers which include food on the table, medical bills, education fees and housing expenses. The remaining 25% are used for investments, savings and business creations.
  4. In times of crisis migrants send more money to their loved ones which is highly important to people living in areas that may not have proper facilities and have to travel larger cities to address their emergencies for which they need proper funds.
  5. Remittances sent by African migrants to their hometowns directly add to the economic conditions of the area. The more remittances are sent, the larger the positive impact is seen as through digital money transactions people are more likely to implement advance technology into their areas for ease of access to the funds, cutting back on the need for long distance travels which also has a good effect on the overall ecology of an area in the long run.

 

There are many mts services working in the world and one of the best and most reliable on is Jula Finance that not only is safe, secure and give competitive exchange rates while being highly cost effective, it also has a dedicated mobile application through which you can send money to your loved ones in Africa from the UK and basically anywhere in the world any time.

Visit www.julafinance.com and also download out Free App available for both Android and IOS.