“The main reasons for expensive money transfers are the restricted and inefficient connections between financial institutions and systems”

Worldwide in 2018, 2 billion of people are unbanked and are suffering of high remittances cost to send money internationally from the existing providers.

In developing countries, for expatriates sending money home is vital. It is often found that a single remittance is then used for several payments which are a necessity for the household. For example food, housing, education and so on… It’s also very dangerous for a country that the GDP depends so much on the remittance system, that’s why it’s crucial that the cost of remittances should be lowered.

The blockchain technology allows people to p2p transfer money without bank accounts and the cryptocurrency is more and more helping these unbanked through different projects.

Bitspark company is running through cryptocurrency and in partnership with the UNDP a test in Tajikistan to develop cash in cash out international remittance without banks.

This technology is disrupting the traditional remittance industry and will helps the poorest save more money.