How Covid-19 Pandemic shaped the Remittance sector in the year 2020?
When the ongoing Pandemic hit in 2020, the World Bank and other agencies predicted a substantial fall in the global remittance. This fall would have done sufficient damages to the domestic finances of South Asian nations like India, Pakistan, Sri Lanka, Bangladesh, and Nepal. The first four countries observe maximum outward remittance from the GCC region, and as we were present in the region (HQ at Abu Dhabi), we thought of doing an analysis.
We collected data from various sources and what we found was an extraordinary Story of the Upward Spiral in Remittance in the year 2020. The facts and figures we collected, pointed towards growth in outward remittance from the UAE and Saudi Arabia. Further, as brick-and-mortar stores saw closure due to the pandemic, growing remittance gave a level playing field for the rising Fintechs in the region. Read on to know more.
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