04 Sep 2024
Over 1 million Ghanaians live in developed countries, including Ireland. Ireland’s strong economy helps them earn a living and send money to Ghana from Ireland to offer financial support.
The seamless transfer of funds from developed countries to recipients in Ghana is facilitated by technological advancements that streamline online transactions. However, the underlying factor contributing to this efficiency is financial inclusion. This concept ensures that individuals in underserved regions access essential financial services. Financial inclusion is significantly enhanced by enabling online money transfers from Ireland to Ghana, allowing those in economically disadvantaged areas to participate in the global financial system. This blog explores how these online transfer services contribute to increasing financial inclusion for the financially underserved in Ghana, promoting greater economic accessibility and integration.
The economies of developed countries like Ireland are growing and expanding. The first impact of a growing economy is felt in the job market of the concerned country witnessing an economic boom. The economic growth in developed countries like Ireland often leads to a robust job market, creating more employment opportunities and attracting foreign workers. Conversely, countries like Ghana face economic challenges that result in a shrinking job market and higher unemployment rates. As a result, many Ghanaians migrate to Ireland for work and subsequently send remittances back home to support their families.
This increase in remittance flows highlights the critical need for enhanced financial inclusion. As more people send money online to Ghana from Ireland, the existing financial infrastructure in the recipient country can become overwhelmed. This situation underscores the necessity for broader access to financial services and products to accommodate growing demand. Financial inclusion is therefore crucial in this context, as it ensures that more individuals have access to necessary financial resources and services, helping to support economic stability and growth in both sending and receiving countries. This blog will explore how the rise in remittance activity from developed to developing nations drives advancements in financial inclusion.
As mentioned earlier, an increase in the number of people trying to access the services of financial institutions like banks can overburden them and the existing financial infrastructure. It can:
· Cause the existing setup to collapse
· Not catering to the needs of the majority
· Not accommodating more people in need of financial inclusion
For these reasons, more financial institutions are needed. Therefore, the government of Ghana is relaxing the regulations and conditions for new financial institutions to come to the country and start operating. Because of strict regulatory frameworks, companies feel reluctant to establish themselves.
Because online money transfers are primarily driven by innovative financial institutions whose services are anchored in dazzling technology, the Ghanaian government is facilitating tech-driven institutions like ACE Money Transfer. These tech-driven non-traditional financial institutions are designed explicitly for remittance transfers and, therefore, can cater to the needs of millions of people at once.
Many Ghanaians are offering financial support back home from Ireland with every money transfer from Ireland to Ghana. This is opening the way for the establishment of more cost-effective ways to send and receive funds in the country.
Since Ghana is not a developed country, it has faced several challenges in different fields of life, including the financial realm. As inward remittances in Ghana burden the financial infrastructure, the concerned authorities are looking for ways to integrate new technology to remove operational hiccups and address the challenges technology’s absence is posing.
According to the World Bank’s Global Findex, over 300 million people globally identify excessive documentation as a significant barrier to opening a bank account. While stringent documentation requirements are often implemented to combat Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT), the Ghanaian government is taking steps to simplify these processes. The aim is not to undermine AML or CFT efforts, but to leverage technology to enhance accessibility and convenience in financial services.
A leading remittance transfer service provider, such as ACE Money Transfer, ensures that transactions remain secure while adhering to AML and CFT regulations. By integrating advanced technology, ACE Money Transfer facilitates a streamlined process for users, maintaining rigorous security standards and compliance with international regulations. This approach not only supports financial inclusion but also ensures that the integrity of the financial system is upheld.
The people of Ghana are looking for low-cost, innovative financial products and solutions for their financial challenges. The Ghanaian government's initiative fosters financial inclusion in the country. Mobile money transfers are the most cost-effective channels for managing remittances.
With technology and tech-driven innovative solutions, you can avoid several operational lapses. This marginalizes financial inclusivity. The financial institutions will not entertain your request for financial inclusivity due to a lack of capacity. Therefore, inward remittances to Ghana from Ireland and other countries are strengthening the country's existing financial infrastructure.
Due to the lack of customer protection in financial matters, financial inclusivity drops as people become afraid. However, the government in Ghana is increasing financial inclusivity as it looks for ways to protect customers by providing them with redressal mechanisms if something wrong happens to their money while sending or receiving funds in Ghana.
Below are the online remittance service providers you can find in Ireland as a Ghanaian migrant. This list is based on some of the service features. You can decide which to use!
A globally recognized online platform offering lightning delivery speed, safety, live exchange rates, a comprehensive service network, low fees and multiple options to send and collect funds.
A comprehensive and established network in Ireland and Ghana makes collecting cash easier for the recipients.
With a comprehensive service network, the firm has several options to send and collect funds.
A well-established online platform offering multiple options for sending and receiving funds.
This famous platform has a professional liaison with numerous banks in Ireland and Ghana, making sending and collecting funds easy.
Xpress Money offers remittance transfer services through its agent locations, making collecting funds easy.
The service provider offers services in select countries and multiple options to deliver funds.
The firm provides cost-effective and transparent global money transfers
When using ACE Money Transfer for an online money transfer from Ireland to Ghana, the service distinguishes itself with several key advantages. The company provides real-time, competitive currency exchange rates, ensuring that you receive the best value for your money. Additionally, transactions are conducted with high levels of speed and security, which enhances the overall user experience.
ACE Money Transfer maintains a low fee structure, which applies only when the transfer amount surpasses a specified threshold. For amounts below this limit, the service offers multiple fee-free transactions, maximizing cost efficiency. This approach not only provides financial benefits through competitive exchange rates but also ensures that users can transfer funds with minimal fees. By combining these features, ACE Money Transfer effectively supports seamless and economical remittance services from Ireland to Ghana.
Financial inclusion means offering different types of financial services and products to a country's population's unserved or underserved segments. As financial inclusion increases, more people will enter the country's economy and contribute according to their capacities.
Some benefits of financial inclusion include taking the underprivileged segments into the economic fold, allowing them to contribute to the economy at both micro and macro levels. This also gives them access to financial services and products offered by different financial institutions, including banks and online money transfer service providers.
Online money transfer service providers contribute significantly to fostering financial inclusion by offering financial services to the most underserved segments of society. Accessing the financial services of these companies requires a functional smartphone, which almost everyone has nowadays, regardless of their financial status.
The Ghanaian government is relaxing regulations, integrating technology into financial services, addressing operational hiccups and inviting low-cost, tech-driven service providers. This also includes relaxing AML and CFT regulations, strengthening the existing financial infrastructure, and ensuring customer protection by offering redressal mechanisms to foster financial inclusion.
The most popular online remittance service provider among Ghanaian migrants is ACE Money Transfer, owing to its unique services, followed by Western Union, MoneyGram, WorldRemit, Ria Money Transfer, Xpress Money, Remitly, and TransferWise.
Resource(s)
· Ghanaian Diaspora
