Money, mobiles and migration
Huge progress has been made by women across the globe but when it comes who controls the pursestrings, there is a long way to go. Digital remittances are playing a part in empowering women.
Ending women’s financial exclusion
Over a billion women across the world do not have access to a bank account. That startling statistic means women often lack the autonomy to make important financial decisions about their lives or their children’s lives. Women also tend not be the recipients of remittances – as picking up funds has traditionally depended on going to a ‘bricks and mortar’ agent or bank - a task usually allotted to men.
Mobile money is helping to change that. This technology means that funds held on a mobile phone account can be used to pay for goods, without the need for a bank account. There are now 690 million mobile money accounts, processing $1 billion a day, according to the mobile operators’ industry body, the GSMA. Using a mobile money account, women can pay bills, shop for household goods or cash out from their phone.
Leading the way with mobile money remittances
WorldRemit is the global leader, processing nearly three-quarters of international remittances to a mobile money account. That means our women customers are empowered to choose what and when they spend their money on.
A study by researchers from the prestigious US university, MIT, found women with access to mobile money lifted their households out of poverty and started their own businesses. At WorldRemit, our product team is continually asking how we can make our technology serve all our customers. For many women receiving a remittance, it might be the first time they have had this level of control over their finances.
Women – the most generous remittance senders
Almost half the world’s migrants are women and their remittances make a huge difference to families and friends back home. Although women tend to earn less than men who have migrated, they send a higher proportion of their earnings back home. They also remit more frequently than men and for longer. The fees attached to sending remittances, therefore, are crucially important. Research shows that the mobile money remittances which WorldRemit specialises in, are often cheaper than other kinds of remittances.
At WorldRemit, we know that women who remit with our service pay for education fees, help elderly parents back home, or just want to fund a special treat for friends or relatives. We are here to help women achieve their ambitions, with our lower-cost fast service.