Global Remittance Flows: Strategies for Transfer Operators

How to build strategies and create value for money for transfer operators during times of change.

Remittance flows have been growing reliably without fail for years. According to figures released by the World Bank, remittance flows to lower- and middle-income countries (LMIC) reached a record high of $548 billion in 2019. These flows declined slightly to $540 billion in 2020 in wake of the COVID-19 pandemic, albeit not as drastically as initially forecasted.

It is no surprise that there was a drop in remittances due to the pandemic. The first round of lockdowns led to an abrupt stop of income or at least income uncertainty for workers around the world as employees were laid off or furloughed. This naturally meant workers were out of funds or with limited funds to send.