Digitalisation of Banking as a Catalyst for Inter-Country Money Transfers in Africa

Abstract

The purpose of this research was to examine how banking digitalisation acts as a catalyst for money transfers and economic development between countries of origin and country of labour migration in Africa. This chapter used desktop research to understand how improvements in banking digitalisation using different platforms is transforming African movement of money and saving money senders a lot of money and time in inter account transfers. M-PESA; Mukuru, supermarket money market transfers, bank transfers have been dominant FinTech innovations transforming and improving quality of life and fostering financial inclusion within the African continent and diaspora. This chapter aids in understanding how digitalisation assists ordinary citizens, especially the poor who need to save every rand or dollar that they can save in order to make meaningful change in their lives and the lives of their loved ones anywhere in Africa and the world under these trying post-COVID 19 economic conditions.