By Imane Charioui, Director of Francophone Africa, WorldRemit
Overseas migrant workers are a vital element of Cameroon’s economy, with remittance inflows contributing significantly to the country’s progress and economic growth. Globally, personal remittances to the country increased by USD $96 million in 2021, a 29% rise compared to the previous year.1
Data from Zepz shows that its users globally sent USD $300 million to Cameroon in 2022 through its two digital money channels WorldRemit and Sendwave. Many of these personal remittances were directed to families in Cameroon, providing education, healthcare, food, and funded personal development projects.
In Sub-Saharan Africa, improved access to food and overall consumption of goods and services have been linked to receiving migrant remittances, leading to higher household income. This has played a crucial role in fighting poverty, addressing food shortages, and meeting other livelihood needs.2
In addition, remittances contribute significantly to social development, with many amenities such as hospitals, schools, religious facilities, and other community infrastructure benefiting greatly from overseas investments.3
Global remittance service providers likeWorldRemitplay a significant role in facilitating the smooth and secure transfer of funds to Cameroon. Through advancements in remittance technology, WorldRemit has expanded its services to reach more people around the world, so necessary remittances can reach the end recipient as quickly and efficiently as possible.
Imane Charioui, Director of Francophone Africa, WorldRemit says: “Thanks to WorldRemit, Cameroonians abroad can send remittances quickly and securely, as well as choose the receive method and track the money to the withdrawal points. Recipients can also withdraw nationwide from the multiple cash pick-up locationsand have the funds wired directly to their bank or mobile money accounts.”
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Notes to Editors
Sources
1.Statista.Value of remittance inflows to Cameroon from 2012 to 2021. 2023
2.IMF.Remittances: Funds for the folk back home. 2023
- World Bank. Remittances Increase GDP with potential differential impacts across countries. 2022
About WorldRemit
We’re a leading global payments company and, along with Sendwave, part of Zepz, a group powering two global payments brands. We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower-cost. We currently send from 50 countries to recipients in 130 countries, operate in more than 5,000 money transfer corridors worldwide and employ over 1,200 people globally.
On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.
Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom with regional offices around the globe.
www.worldremit.com
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