One of the major trends is the increasing competition in the Remittance Market, with many new players entering the market and existing players expanding their services. This is driving innovation and improving the quality of remittance services, as providers try to differentiate themselves by offering new features and competitive pricing.
1.Lebanon’s financial crisis worsens
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Lebanon currently enduring an unprecedented economic crisis, pushing large numbers of people into poverty and triggering the largest anti-government protests in over a decade. As this infographic shows, IMF estimates put the country's national debt at 162 percent of GDP in 2020 - the fourth highest in the world.
As Lebanon’s financial crisis worsens, the Lebanese became increasingly dependent on the financial support from family members abroad. In the last year, remittance inflows constituted a lifeline for many struggling families and communities. In turn, the country became the second top remittance recipient in the world in terms of percentage of GDP. According to the World Bank, in 2022, the remittance inflows in Lebanon are estimated at 38% of the country’s GDP, a significant jump from 25.6% and 14.4% respectively in the years 2020 and 2019.
2.Foreign Remittance is helping poor economies to scale
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Some studies have found evidence favouring foreign aid’s positive impact in more significant growth in human capital, rapid accumulation of capital, and improved welfare for the recipient economies. The proponents believe in the positive effect of foreign aid as it helps the poor economies achieve higher economic growth levels by eliminating the difference between investments and saving. Foreign aid becomes vital for developing economies through better utilization of domestic resources and bridging the gap between savings and foreign exchange created due to lack of foreign currency. Usually, foreign aid is aimed to enhance economic welfare and support economic growth; however, foreign aid’s effectiveness on economic growth has been a substantial debate.
Market Taxonomy
By Mode of Transfer
- Digital
- Traditional
By Type of Remittance
- Inward Remittance
- Outward Remittance
By Type of Channel
- Banks
- Money Transfer Operators
- Online Transfers
By Type of End Use
- Migrant Labor Workforce
- Personal
- Small Business
- Others
By Region
- North Africa
- Middle East
Key Target Audience:
- Banks
- Money Transfer Operators
- Digital Payment Companies
- M-Wallet Companies
- Bills Payments Companies
- Investors & Venture Capital Firms
- Government Bodies
- Mobile Money Companies
- Al Dar for Exchange Works
- Al Fardan Exchange
- Al Jazeera Exchange
- Unimoni Exchange
- Gulf Exchange
- Doha Exchange
- Al Mana Exchange
- Habib Qatar International Exchange
- Travelex
Time Period Captured in the Report:
- Historical Period:2017-2022
- Base Year: 2022
- Forecast Period: 2022-2027
Key Players Covered:
- Al Dar for Exchange Works
- Al Fardan Exchange
- Al Jazeera Exchange
- Unimoni Exchange
- Gulf Exchange
- Doha Exchange
- Al Mana Exchange
- Habib Qatar International Exchange
- Travelex
- Citi Group
- Bank of America
- OFX
- JP Morgan Chase
For More Insights On Market Intelligence, Refer to the Link Below: –
MENA Remittance Market Outlook to 2027
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