Lebanon heavily depends on remittances, with around 7 billion US dollars sent to the country by its diaspora every year. However, the current economic crisis and collapse of the banking sector have led to a significant portion of the population becoming unbanked. This makes it more difficult for them to receive money transfers via traditional methods and challenging for their loved ones to send money for support.
Navigating the Cash Economy: Lebanon’s Economic Crisis and the Rise of Unbanked Citizens
In times of economic crisis, which has seen the local currency depreciate by more than 97%, sending money to loved ones in Lebanon can be a daunting and challenging task, especially with the rise of the unbanked population. Lebanon is now primarily a cash economy, with over 80% of the population no longer using traditional banking services or having bank accounts.
Traditional methods of sending money, such as wire transfers and money orders, may not be accessible to unbanked individuals in Lebanon. Finding a reliable institution to handle your money transfer can also be difficult, as many banks in Lebanon are facing financial difficulties.
Purpl: A Safe and Convenient Way to Receive Money in Lebanon’s Unbanked Community
Purpl is a licensed digital wallet that offers a safe and convenient way for unbanked individuals and everyone in Lebanon to easily receive money transfers. The app allows beneficiaries to create an account and link it to their phone number. Once the account is set up, a beneficiary can receive money directly into their Purpl app and use it to withdraw cash from 100+ designated ATMs all over the Lebanese territory.
Purpl’s user-friendly interface makes it easy for even those who are not tech-savvy to navigate. The app also uses bank-grade security measures to protect your personal and financial information.
Reliable money transfer options like Purpl are essential for supporting Lebanon’s economy and unbanked citizens.
Send Money to Lebanon via Purpl’s Digital Remittance Partners
As a sender, you can send money to Lebanon from over 45 countries, via our digital remittance partner apps, in just a few clicks and from anywhere.
It’s never been easier sending money to Lebanon. By setting up an account and sending money through Purpl’s partners, Remitly & Paysend, you can provide a reliable and convenient way for your family and friends to access the funds they need.
All you have to do is to follow these simple steps:
- Sign up on Remitly or Paysend and link your card to their app
- Enter the beneficiary’s details
- Enter the amount you wish to send
- Choose Purpl as the option for the beneficiary to receive the funds.
It’s instant and you won’t need to break the bank when it comes to sending fees. You can refer to our detailed how-to-guides for sending money through Remitly and Paysend
- How to Send Money to Lebanon via Remitly and Purpl
- How to Send Money to Lebanon via Paysend and Purpl
In conclusion, sending money to unbanked individuals in Lebanon can be challenging, but by using apps like Purpl and its digital remittance partners, it is easier and more convenient than ever.
Written by: Ahmad Haidar