Last Updated on March 5, 2022 by azamnie
A positive correlation exists between economic growth and higher rates of international money transfer. Remittance is the exchange of money, across foreign boundaries or territories. One who sends money to Nigeria to meet end-to-end family needs is also an example of home remittance. In fact, Nigeria has been the largest recipient of international remittances.
Money transfers have therefore become an area of concern to policymakers and economists alike. It helps countries to improve their economy and living standards of people with the help of other countries.
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How International Money Transfer MoneyStimulates Economic Growth?
International money transfer has been perceived as a development driver, contributing to a gradual change in social status by widening the range of people’s expectations and desires.
Almost no developing nation can flourish without financial stability. To structure the social and economic characteristics of countries, international money transfers plays a crucial role.
Over the decades, the role of trade in the growth process of national economies has long been established by developing economists. The trade offers both foreign exchange earnings and demand support to stimulate economic growth. If it is not at the proper level, then remittances can be the right solution.
Dependency of Nigerian’s Economy on International Transfers
Imports introduce additional competitiveness and choice to domestic markets, benefit customers, and expand domestic manufacturing markets. Trade exposes domestic companies to international companies’, supporting at greater efficiency.
Nigeria’s economy is low, so its growth heavily relies on international remittances. As a developing nation, Nigeria has grappled politically and socially, and economically with the realities of development.
Apart from this, if someone sends money to Nigeria from abroad, it adds to its economy. Either the receiver spends on necessities or invests in the national-level business.
How Is It Easier to Send Money to Nigeria Through ACE Money Transfer?
It is the age of technology where sending money is a no more complicated process. ACE Money Transfer has made everything easy related to send and receive money. People can quickly transfer money to Nigeria in no time. The platform has an entirely secure, and instant process so that the beneficiaries can receive the amount directly.
ACE Money Transfer provides easy steps to send money to this developing country. Sending through your laptop or desktop and smartphone is easier and quicker. ACE has provided a secure and fast bank transfer facility for receiving amounts in Nigeria.
It uses the SWIFT Transaction procedure, i.e., a safe and secure way to transfer money to Nigeria. ACE Money Transfer offers competitive exchange rates with a low transaction fee for its customers.
It would not be wrong to say that ACE Money Transfer has facilitated this developing African country remarkably with its remarkable service.
How to Bring Positive Impact on Economic Growth through International Transactions?
The policymakers in Nigeria must adopt something that provides ease for the whole nation. Therefore, it is right to say that International money transfer has a significant impact on Nigeria’s economy. It relies on the policymakers to shape a policy that proves positive for the economy of Nigeria.