The major problems to Africans working and living overseas have been from several years the hability to send money from their loved ones in the continent with the remittance services with high fees, make it very difficult to help parents who need that money. The money sent by migrants is necessary to help on expenses on the continent, can help on education, build houses, buy urgent and basic needs to live in economies that are mostly unstable.

In the past 3 years in sub-saharan region in Africa the migrants sent almost $42 billions back to their native countries, the amounts can increase more $8 billions and exceed $50 billions by the end of 2020, the increase will take part due to better conditions on the countries where the African migrants workers are based and earn their income. The funds sent back home as stated above, many times can be crucial to survival of entire families on the continent, making the workers often send it home but mostly of the money is used to pay transaction fees by remmitance operators.

Accordingly to World Bank many Africans sent back money home using remittance service and contribute a lot to their local economies, Nigeria lead the remmitance recipient service in sub-saharan region on the continent which total $24.3 billion received in 2018.

The problem of remittance service are the costs, the companies involved on thar are the unique beneficial where the hard earned income from Africans working abroad end up paying fees leaving the family on the continent with a small portion of the money they deserved to receive. The banks are the most expensive agents when it comes to send money:

• Banks charge 10.2% just to send money to Africa and make it available to receivers on the continent.

• Commun operators charge 7.7% to transfer money and make it available to loved ones in Africa.

• Post offices charge 5.5% .

As we can see there's a long way to go, make available money sent by Africans with reduced cost effective fees, only possible with a system that is more cheap on fees, fast on transaction and can be handled in decentralized manner, which could lead to mass adoption in Africa of Bitcoin Cash.

But why Bitcoin Cash!

Bitcoin Cash serves better the interest of Africans living abroad and can be easily converted in stablecoin, with that protect the volatile characterized on Crypto market, have fast transactions, is cheap and can be stored in decentralized wallets with no storage limit. The problem in this case of solution to send money to loved ones living on the continent, could be the liquidity offered to exchange the asset back in Africa.

How to solve the issue.

One thing that Africa have and will be mark and make the continent to be future hotspot it's an informal market very strong. This parallel market is the most active one in the continent and could offer a great liquidity to Bitcoin Cash to fulfill interest in money sent by Africans abroad.

The best liquidity offered in Africa will be the mobile money agents, that will grant anyone who have parents working and living outside the continent a withdraw in local currencies. Actually, for unbaked people mostly living on the continent doesn't make sense to continue giving banks and other remittances agents when could be handled easy and effectively by mobile money agents.

Here can come another question, where those agents will exchange the Bitcoin Cash received from Africans abroad?!

The business will oblivious work in coordination with accredited agents who have knowledge in Bitcoin Cash and where to exchange, the agents involved can them access the ways to exchange for Fiat in order to continue offering liquidity to their remmitance service. It will be innovative, fast and a system will lowest fees on the market. Bitcoin Cash can solve the problems for remmitance in Africa, and the service could be very important to migrants working overseas, and their loved ones could have always ways to survive and use local currency to pay for daily payments.

Something that Africans need is ways that actually work for Africans!

M-Pesa Agent Image source.

Remittance image source.