South Africa Finance Situation

According to South Africa’s National Statistical Office, about 3 million out of the 60 million people living in South Africa are foreign workers. However, given the high proportion of illegal immigrants, we expect the number of foreign workers to be higher. Foreign workers provide labor in South Africa and use their earned income to live in the country and transfer money to family members back home. However, like UNBANKED, they have problems with losing cash, fraud, and paying high commissions due to high cash rates due to the lack of access to financial services. According to World Bank data, the average remittance sent by South African immigrants in 2020 was around $1,351, which is about 1.8 million won in Korean won as of today. It is relatively high compared to Nigiri and other African countries, where the average remittance was $325 in the same year.

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