WorldRemit noted that “the process of receiving money from loved ones abroad is faster and easier than ever before thanks to digital technology.” “But despite the ease of financial services through the Internet and mobile phones, many adults around the world who rely on international money transfers do not have bank accounts,” she explained.
“According to the United Nations 2021 Financing for Sustainable Development Report, 94 percent of adults in developed countries have a bank account, while less than two-thirds (63 percent) have one in developing countries,” the statement said. The segment that owns at least one bank account in Lebanon is valued at less than half (44.8 percent) at the end of 2020.” He said: “The financial crisis hitting the country has made it difficult for many Lebanese to access their savings. in banks, which in turn imposed Capital Restrictions affecting all accounts. From here, international transfers have become an important solution for those who do not have bank accounts, as they meet their daily needs and allow them to pay their bills.
The company stressed: “With the global spread of the coronavirus pandemic, consumer behavior was primarily leaning towards the Internet, and Lebanon, in turn, at this stage was looking for alternative payment methods. Digital wallets have become one option. , which is a form of electronic money that allows people to carry out financial transactions through mobile phones, mobile money and digital wallets are still timid in Lebanon despite the emergence of a popular alternative to bank accounts abroad.”
Source: El Iktisad
