In honor of the International Day of Family Remittances (IDFR) 2024, Flutterwave, Africa’s leading payment technology company, highlights insights from its Send App. This celebration underscores the vital role of remittances in supporting families across continents and showcases innovative trends in digital cross-border transactions.
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The day recognizes how migrant communities worldwide bolster millions of families through contributions to essentials like education and healthcare.
Flutterwave’s CEO, Olugbenga “GB” Agboola, reflected, “No matter where Africans are, our hearts remain tied to home, always finding ways to support and stay connected.”
Key Insights from Send App:
- Family Comes First: Since 2021, over 70% of remittances via Send App have been for family support, crucial for personal well-being across Africa. Globally, such remittances to low- and middle-income countries exceed USD 5 trillion.
- Marriage Matters: Following the option to label transfers with “Bride Price” added in December 2023, its use surged by 86.37% from February to March 2024, possibly indicating rising preparations for weddings across the continent.
- Generational Shift: Millennials make up more than 50% of Send App users in the past 15 months, with Gen Z at 22%. This shows younger generations prefer digital remittance for supporting loved ones. However, Gen X and others also contribute significantly.
Send App acts as a bridge connecting diasporan communities to their roots, embodying the IDFR’s spirit by honoring migrant sacrifices while making remittances faster, cheaper, and more accessible.
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Information in Table format
| Aspect | Details |
|---|---|
| Event | International Day of Family Remittances (IDFR) 2024 |
| Celebrated By | Flutterwave, Africa’s leading payment technology company |
| Key Insights from Send App | – Over 70% of remittances since 2021 for family support (education, medical) |
| – “Bride Price” usage surged by 86.37% from Feb to Mar 2024 | |
| Generational Data | – Millennials: >50% of Send App users |
| – Gen Z: 22% | |
| – Gen X and others also significant contributors | |
| Founder’s Quote | Olugbenga “GB” Agboola: “No matter where Africans are, our hearts remain tied to home, always finding ways to support and stay connected.” |
| App Functionality | Acts as a bridge connecting diasporan communities to their roots, making remittances faster, cheaper, and more accessible. |
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FAQs
1. What is the International Day of Family Remittances (IDFR)?
The International Day of Family Remittances (IDFR) is observed on June 16th annually to recognize the significant contributions of migrant communities worldwide who support their families back home through remittances.
2. How did Flutterwave celebrate IDFR 2024?
Flutterwave celebrated IDFR 2024 by sharing insightful data from its Send App, highlighting the cultural and economic impact of remittances. They emphasized the role of technology in connecting diasporan communities with their roots.
3. What insights did Flutterwave share from Send App for IDFR 2024?
Flutterwave revealed that over 70% of remittances sent via Send App since 2021 were for family support, including education and medical expenses. They also noted a significant increase in the use of “Bride Price” as a reason for remittance, indicating cultural traditions being upheld through modern technology.
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4. Who uses Flutterwave’s Send App for remittances?
The majority of Send App users are millennials, accounting for over 50% of the user base, with Gen Z comprising 22%. However, older generations such as Gen X also contribute significantly to using the app for sending money back home.
5. How does Send App contribute to the IDFR spirit?
Send App acts as a crucial link for diasporan communities to maintain ties with their families and cultures. It facilitates faster, cheaper, and more accessible remittances, aligning with the spirit of IDFR by honoring migrant sacrifices and generosity.
6. What is Flutterwave’s goal with Send App?
Flutterwave aims to enhance financial inclusion by providing a reliable platform for cross-border remittances. They strive to make sending money home easier and more affordable, benefiting both senders and recipients in Africa and beyond.