Remittances

Remittances are money transfers that individuals send to their family or friends in their home country, usually from abroad. This often occurs when people migrate for work or study and want to support their loved ones financially. Remittances play a crucial role in the economies of many developing countries, as they provide essential income for families, help improve living standards, and contribute to local businesses. They can be sent through various channels, including banks, money transfer services, and mobile apps, making it easier for people to access funds quickly and securely.