Weepay Wallet, powered by CashUnited, the main representative of MoneyGram in Lebanon since 2003, aims at facilitating the use of international remittances to Lebanon. By utilizing the extensive physical network of CashUnited"s locations throughout Lebanon, offering easy cash-in and cash-out hubs at any CashUnited agent. Weepay is the digital platform that will empower Lebanese families to send and receive MoneyGram transactions to and from their loved ones abroad in the most reliable, secure, transparent and user-friendly way.

Stability Amid Economic Challenges:

Despite Lebanon"s financial crisis, remittances have remained resilient. Over the past decade, overall remittance inflows have averaged around $6.5 billion annually. A report issued by the UNDP in May 2023 sheds light on critical statistics showing that the financial crisis and COVID-19 pandemic have had little impact on remittance levels, which have remained consistent since 2019. Noting that a remarkable shift away from the traditional remittance channels, namely the banking sectors has been noticed following the crisis.

A Striking GDP Ratio:

Since 2022, Lebanon positions as the highest remittances to GDP ratio and third-highest recipient of remittances in value in the MENA region.

Cost Reduction Initiative by Weepay:

Weepay is fully committed to supporting Lebanon"s economy and has implemented various strategies to actively reduce the cost associated with Lebanese expatriates sending money back home. During times of crisis, financial support has become essential, high remittance costs can severely impact families" ability to receive the much-needed financial assistance they deserve.

According to the World Bank, the cost of remitting money to Lebanon is significantly higher than the global average. Weepay is dedicated to lowering the cost of sending money to Lebanon by providing Lebanese expatriates with highly affordable means of sending assistance to their families at home. Families in Lebanon will also benefit from reduced costs compared to traditional means of receiving remittances that might have a life changing effect on their expenditures.

By introducing such initiatives, we aim to create a more inclusive and supportive environment for the Lebanese diaspora, ensuring that they can easily and affordably support their families and contribute to the economic growth of their home country.

Conclusion

WeePay goes beyond mere transaction facilitation; it fosters financial empowerment, stimulates economic growth and leads Lebanon into a future where digital finance offers accessibility and convenience.

Reference:

United Nations Development Programme. (2023, May). The Increasing Role and Importance of Remittances in Lebanon. https://www.undp.org/sites/g/files/zskgke326/files/2023-06/remittances_report_june_2023.pdf

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