Early adopters are the adventurous pioneers of the business world. They are not only always on the lookout for the next big thing, embracing new technologies, products, and ideas with open arms but they also immensely contribute to the success and growth of a product.
Discover the journey of Purpl in the Financial Inclusion for Migrants 2023 Program Summit led by Village Capital. Join Purpl as we strive to democratize cross-border money transfer and foster financial inclusion in Lebanon and the MENA region.
Are you planning to travel to Lebanon this summer? Or perhaps you are already there? Rest assured you won’t be alone. Lebanon is expecting over 2 million tourists this summer according to this article from our friends at L’Orient Today, which is the highest level seen since the summer of 2019. This would lead to an expected $9B much-needed cash boost to the economy according to The National.
We had discussed in a previous blog article that financial literacy levels among the Lebanese population are much lower than what they should be.
We had also discussed that financial literacy is essential for individuals and groups to make informed financial decisions, manage their finances effectively, and feel financially secure.
The economic crisis Lebanon is facing has caused a decline in financial literacy and inclusion.
In an interconnected world where people constantly migrate searching for better opportunities, remittances have become a vital component of the global economy. These financial flows, often sent by expats to their home countries, contribute significantly to the socio-economic development of nations and support the livelihoods of millions of individuals and families worldwide.
Financial literacy refers to the knowledge and skills needed to make informed and effective decisions about the use and management of money. Understanding basic financial principles like budgeting, saving, investing, and debt management is part of this. As is knowing the many financial products and services on the market, including bank accounts, credit cards, and insurance. Financial literacy makes financial decision-making possible.
Adha is a time of joy, celebration, and unity for families and friends in Lebanon. It is a moment to come together, share happiness, and exchange gifts. With the increasing global Lebanese diaspora, sending and receiving money during this festive season has become a common practice.
There are a variety of fees that may be associated with sending money to someone, whether it is to a family member in another country or to a friend in the same city. These fees can make it difficult for people to send and receive money, especially in countries like Lebanon, where the economy is heavily reliant on expat remittances.
Almost all of us have received a money transfer at some point. Whether it’s a local transfer or one from a family member/friend abroad, we have been either senders or recipients. There are several ways through which money transfers can take place. The existence of several channels gives us the benefit of choosing the transfer method we find preferable.
in Lebanon