Diasporas to Benefit With AUC

Diaspora refers to a large group or community of migrants or immigrant workers who have moved to various parts of the world with similar heritage or homeland. According to the South African National Bureau of Statistics, about 3 million of the million people living in South Africa are foreign workers. Considering that the proportion of illegal immigrants is high, the number of foreign workers is expected to be higher. They provide labor to South Africa and use the earnings they earn not only to live in the country, but also to send money back to their home countries to their families. However, like UNBANKED they also face financial exclusion so the rate of cash use is high and they have no choice but to remit money while taking risks such as loss of cash and fraud and paying high fees. For remittances sent outside the country, UNBANKED and DIASPORA populations cannot engage in normal financial activities, so the proportion of cash transfers through informal channels is as high as 60%. However, the high fees exceeding 30% incurred during this process cause significant economic losses to these populations, depriving them of opportunities to escape poverty and achieve their dreams.

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