Remittance companies 'need to be more customer-focused'
Companies working in the remittance market have been urged to place a greater focus on customers.Companies working in the remittance market have been urged to place a greater focus on customers.
According to Dr Ismail Ahmed, founder of WorldRemit, people who are transferring money to Africa are often hit with excessive minimum fees per transaction.
Writing in African Arguments, he said this means many migrants have to "wait until the end of the month to remit comparatively large amounts", even though they would rather send smaller sums on a more regular basis.
Dr Ahmed argued that lowering remittance prices could have "significant implications for development" in Africa, as it would boost the income of many of those who live in developing nations.
However, he said the existing system for sending money from abroad fails to cater for the actual needs of customers, which means the market must adopt a new approach and aim to become more competitive.
"It is being held back by artificial barriers erected by big global brands," Dr Ahmed commented.