Understanding Remittances: A Lifeline for Families in Ethiopia
Remittances play a vital role in sustaining families and boosting the economy in Ethiopia, with over $6 billion sent in 2022 alone. These funds often support essential needs like education, healthcare, and housing, especially in rural areas. However, high transfer fees and limited access to formal banking can hinder their impact. The article highlights how platforms like FrankRemit are helping Ethiopians abroad send money more efficiently by offering lower fees, competitive exchange rates, and secure, accessible delivery options. By simplifying the remittance process, such platforms are not only supporting families but also contributing to Ethiopia’s economic resilience.
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