WorldRemit reflects on Dr. Martin Luther King Jr’s legacy of economic empowerment and what it means to migrants in America
20/1/2020 | 3 minute read
Denver, Colorado January 20, 2020 – In honor of Martin Luther King Jr. Day, WorldRemit reflects on the life and legacy of the iconic and inspirational civil rights leader Dr. Martin Luther King Jr. (Dr. King) and his timeless message of economic empowerment.
As a leader of the 1960’s Civil Rights Movement, Dr. King was instrumental in securing transformational, political and social change across America. In addition to his legacy of achieving civil and voting rights for all, Dr. King passionately advocated for quality education, accessible housing, job opportunities and economic empowerment.
“The rich nations must use their vast resources of wealth to develop the underdeveloped, school the unschooled, and feed the unfed. Ultimately a great nation is a compassionate nation. No individual or nation can be great if it does not have a concern for ‘the least of these.” said Dr. Martin Luther King Jr., Nobel Peace Prize address, 1964.
Over fifty years after Dr. King’s call for financial inclusion and economic empowerment, the message is still relevant today, especially in migrant communities. Transformative wealth continues to be concentrated within a small percentage of individuals, organizations and nations. Studies show that the wealthiest 1% of the population holds 45% of global wealth. While there have been some significant achievements in reducing financial inequalities since the 1960s, half of the global population living in extreme poverty (on less than $1.90 per day) live in just five countries – India, Nigeria, Democratic Republic of Congo, Ethiopia, and Bangladesh. In the Philippines, over 20% of the population live below the national poverty line (PHP 10,481 per month for a family of five).
Migrant remittances sent from America reached over $68 billion in 2019. The majority of the transferred funds received by family and friends were for investments, education, healthcare and daily needs. This mirrors Dr. King’s message regarding the allocation and distribution of resources to reduce inequalities and facilitate economic empowerment within the community.
“Dr. Martin Luther King Jr. 's message of economic empowerment truly resonates with us here at WorldRemit. As a brand, we were created to support migrants in their bid to economically empower and support their families and friends back home" said Daniel Canning, Managing Director US, WorldRemit. "By using technology, we have digitized international money transfers, reducing transfer costs, increasing security and making them more convenient for both the sender and receiver. This allows the distribution of more funds to where they are needed the most, including lower-income nations where the money transfers deliver economic empowerment.”
WorldRemit remains committed to Dr. King’s legacy of economic empowerment by continuing to leverage technology; revolutionizing the way migrants send remittances back home.
About WorldRemit
We are a leading global payments company and, along with Sendwave, part of Zepz, a group powering two global remittance 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 operate in more than 5,000 money transfer corridors worldwide and as part of Zepz, are part of a 1,400 person global workforce.
Sending money with WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, we offer a wide range of options, including bank transfer, cash pickup, airtime top up and mobile money.
Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom, with regional offices in the United States, Poland, Canada, Australia, Hong Kong, Singapore, Malaysia, the Philippines, South Africa, Somaliland, Uganda, Kenya, Rwanda, Tanzania, Zimbabwe and Belgium.
About Zepz
Zepz Group is the group powering leading global remittance brands: WorldRemit and Sendwave. Since 2021, Zepz Group has been disrupting an industry previously dominated by offline legacy players by reducing the barriers to finance and increasing safety and convenience for users. Every day, Zepz Group and its brands work towards unlocking the prosperity of cross-border communities through finance and technology - driven by the vision of a world that celebrates migrants’ impact on prosperity, at home and abroad.
Zepz Group brands have helped cross-border communities send over $15bn from 50 countries, to recipients in 130 countries in 2022, and operate over 5,000 money transfer corridors worldwide. Zepz Group employs over 1,400 people globally as a remote-first employer, with team members located across six continents.
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