Cheaper, faster, and more reliable digital remittances are needed now more than ever. Telcoin checks all the boxes while providing an easy onramp to the blockchain economy. The bilateral remittance industry is fraught with slow, expensive, archaic incumbent products that force consumers to stand in long lines and use physical cash. For some countries, inbound remittances make up over 20 percent of GDP while the average cost of transfer is 7.5 percent. This translates to remittance fees accounting for up to 1.5 percent of GDP. Comparatively, this means there are literally countries where the cost to GDP of current remittance services is half of the -3 percent the IMF projects global growth will fall in 2020. read more
Ripe for disruption: Sub-Saharan Africa’s outrageously expensive remittance corridors
