In 2024, Ghana has emerged as a significant player in the African remittance landscape, reporting inward remittances amounting to an impressive $4.6 billion, which translates to 6.2% of its GDP. This figure is nearly double that of 2023, where remittances were at $2.4 billion. Interestingly, the Bank of Ghana offers even more optimistic numbers, suggesting remittances hit $6.7 billion as opposed to $5.1 billion from previous reports. Some analysts are assessing the national money transfer market, estimating its worth at over $11 billion in 2024. What does this surge in financial flow mean for the average Ghanaian?
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“We see a massive shift happening in the remittance space. Ghana’s digital adoption is accelerating, and we’re building a service that meets the needs of today’s mobile-first users. By 2026, our goal is clear: to handle every fifth money transfer from Europe to Ghana via Profee — securely, instantly, and at the best possible rate,” reflects Dmitrii Gorokh, Head of Brand & Marketing Communications at Profee. His vision resonates with the growing trend of digital transactions and the essential role they play in today’s interconnected world.
Despite this remarkable growth, statistics about the remittance market present challenges mainly due to substantial exchanges occurring through unofficial channels. Even conservative estimates affirm the critical economic role that international money transfers play in Ghana. Have you ever considered how many families rely on these funds to meet their daily needs? It’s a lifeline for many, influencing everything from education to healthcare.
As we delve deeper, the vision and goals of Profee emerge as a beacon of hope in this bustling market. The company aims to secure a 20% market share, a target shaped by its substantial strengths.
With the rapid proliferation of online money transfer apps, concerns about security inevitably arise. Profee is stepping up to these challenges with cutting-edge technology that adheres to stringent regulatory and industry standards. Enhanced multi-layered monitoring processes, advanced data encryption, and regular updates to its PCI DSS certification ensure that every transaction is not just quick but also secure. It’s this level of commitment to safety that cultivates trust. We often forget how much financial anxiety can affect people. Wouldn’t you agree that peace of mind is invaluable in today’s chaotic world?
The UN has set ambitious financial inclusion goals, aiming to lower the cost of international money transfers to just 3% by 2030. However, the current average rates across Africa are still more than double that figure. In Ghana, the situation is further complicated by a strengthening cedi, which translates to diminished purchasing power for individuals relying on remittances. Profee’s responsive approach to this reality means that they prioritize accessible online money transfers. Through a dynamic, AI-driven monitoring system, Profee offers customers the most competitive currency exchange rates available. What would it mean for families if remittance costs could be reduced?
Moreover, the first Profee money transfer comes with no commission attached, along with a promotional exchange rate, effectively incentivizing greater participation in digital transfers. It’s an exciting time for financial innovation; have you thought about how a simple app can reshape lives?
The future of online remittances hinges on convenience. Customers today value seamless, user-friendly experiences that encourage repeat business. A money transfer through Profee merely requires a smartphone and a few taps, allowing transactions to be executed from anywhere — be it home, work, or on-the-go. Leading the way in digital payment methods, Profee supports various options, including bank cards and popular mobile payment solutions like Google Pay and Apple Pay. Signing up is straightforward: simply visit www.profee.com or download the app, providing basic personal details without the hassle of excessive bureaucracy.
Profee’s ambitious expansion plans are firmly rooted in a foundation of customer appreciation. Ghanaian expatriates in Europe are increasingly drawn to its innovative, customer-centric approach. This positions Profee well to achieve its market share target of 20%. It’s not just about numbers; it’s about trust, community, and the shared vision of a brighter financial future.
As an EU-licensed fintech company, Profee excels in offering rapid, secure online money transfers across more than 90 destinations worldwide. The company is experiencing remarkable growth in both its customer base and revenue year-on-year, thanks to a commitment to innovation and cutting-edge financial technology. Recently recognized as the Best International Money Transfer Solution 2024 by Acquisition International’s Global Excellence Awards, Profee is setting a new standard in security, efficiency, and competitive rates, making it the preferred remittance solution for expatriates in Europe.
In conclusion, the future of remittances in Ghana looks promising, fueled by innovative technologies and a growing commitment from service providers like Profee. As we embrace these technological shifts, we should remain mindful of the profound impact they can have on everyday lives, weaving a tighter fabric of global connection and support. What part will you play in this evolving narrative?
Edited By Ali Musa
Axadle Times International – Monitoring.
