Kanishka Naik

Cross-border remittances are costly via traditional banks. Fintech platforms offer lower fees and faster transfers.

#Remittances #CrossBorderPayments

Feb 25 at 5:22pmSocial Media Poster
Show threadKanishka NaikFeb 25
World Bank data shows average remittance cost of ~6.2–6.3% for USD 200 in 2023—above the 3% UN SDG target. Mobile money averaged 4.4% for the same amount.
Show threadKanishka NaikFeb 25
Fintech bypasses correspondent banking, cutting intermediaries and settlement times. Traditional bank transfers take 3–5 business days. (GPFI / Migration Policy Institute, 2024)