Migrant workers who lost their jobs because of the pandemic’s economic impact are running out of cash to send home, dealing a blow to the fragile economic health of the developing world.
Sri Lanka’s HNB has reported a smooth transition to contactless remittance transactions parallel to rising demand for digital remittances and cardless withdrawals during the coronavirus lockdown.
Since the economic slowdown resulting from the COVID-19 pandemic, work for many of them has dried up. The UN is supporting efforts to manage the large-scale influx of returnee workers.
TerraPay and Visa have today announced a strategic partnership that aims to develop and deliver payment solutions to drive financial inclusion and cashless transactions for domestic payments in Kenya and global remittances to Kenya.
Eko's network of over 200,000 entrepreneurs, retailers, and individuals, across 200 cities in India has been instrumental in bringing about this ease to the lives of migrants.
Nepal, where remittance contribution to GDP in 2019 was equivalent to 27.3 percent, according to the World Bank, has lost nearly 50 percent of remittances in the past two months compared to the same period last year.
In his message, Mr. Guterres recognized the determination of the 200 million migrants who regularly send money home, and 800 million families, in communities throughout the developing world, who depend on those resources.