Telcoin is poised to expand its remittance service to South Asia. This comes amidst the recent report by the World Bank that international remittance flow has increased by 7.3%. The report noted that this is the second consecutive year of growth witnessed in low and medium size economies despite the economic upheaval of 2020 due to the Covid19 pandemic.
According to the World Bank report:
“Remittance flows from migrants have greatly complemented government cash transfer programs to support families suffering economic hardships during the COVID-19 crisis. Facilitating the flow of remittances to provide relief to strained household budgets should be a key component of government policies to support a global recovery from the pandemic,” said Michal Rutkowski, World Bank Global Director for Social Protection and Jobs.
Telcoin acknowledged the need to take advantage of the increasing demand for international remittance to grow its brand by encouraging users to “send money smarter” through the Telcoin platform. This takes cognizance of the fact that this is the region with the highest inbound flow of international remittance.
— Telcoin (@telcoin_team) December 9, 2021
Some users in the community are of the opinion that the Telcoin innovation has been slow despite the fact that it could play an important role in the remittance space. They highlighted the fact that Telcoin has built a very useful platform but raised some reservations about the marketing effort of the team. According to a Twitter respondent Danny:
But do the sender’s and recipients know there is something called Telcoin SMS network ??? Ya’ll are a great team and have created something magical, but people gotta know as well …So marketing gotta kick-start to capture a big piece of that pie.
With the increasing interest in South Asia as a remittance hub, it is likely that Telcoin would commence work in countries such as India, Bangladesh, Bhutan, Pakistan, Nepal, and Sri Lanka which are considered the corridors of south Asia.