Challenges Of Remittance In Africa
- High transfer fees: The transfer fees for sending funds across Africa is discouraging to anyone who’s trying to send money to a neighboring country. Imagine having to add almost half of the money you’re about to send as “transfer fee”, you will probably dead the thought of proceeding with the transfer.
- Poor exchange rates: In general, a weaker currency makes import more expensive. Because a currency’s value often fluctuates, a weak currency means more or fewer items may be bought at any given time. When the value of a country’s currency falls, relative to another currency, its exports become less expensive to foreigners and imports from overseas become more expensive to domestic consumers. This affects remittance in Africa as most African currency tends to fluctuate and depreciate most times.
- Lack of flexibility over means receiving funds: The options to receive money across Africa countries isn’t flexible enough which makes it hard for transfer of funds across the continent. Flexibility is the ability to adapt to short term change calmly and quickly, so that new circumstances can be dealt with.
- Transfers consume more time due to banks’ slow processing times: Unavailability of Smooth and fast means to transfer money across Africa due to banks’ processing time also affects remittance in Africa. Most times, it’s impossible to send money from an African country to another and not make the receiver wait for hours or even days before receiving the funds. This is because banks’ aren’t adopting developed options to speed up the process.
How Centiiv Is About To Revolutionize The Sector
- Use of Blockchain Technology: Blockchain presently is commonly believed to be restricted to just cryptocurrency which is quite wrong, Blockchain technology can still be utilized in other sectors like; healthcare, logistics and even banking. Centiiv is coming in to make good use of the Blockchain technology to avert the challenges Africans experience while transferring funds by making the transaction seamless as much as it can be.
- Fast and Reliable Service: Centiiv intends to make users experience a smooth and fast process of sending money without any stress or headache about anything whatsoever. Imagine sending money from one African country to another and the receiver gets credited in minutes, that’s what Centiiv is bringing into the space. Centiiv is all about banking with convenience.
- Secured System: Centiiv is building a system on Blockchain and it is well known that Blockchain is secured using cybersecurity frameworks, assurance services and best practices to reduce risks against attacks and fraud. There’s no better way in the current world to secure users’ information, transactions and details aside from Blockchain.