Connect with us

African Media Agency -English

How do exchange rates work and how to get the best one 

Avatar

Publié

le

Byline: Susan Tanaka Sitemere, Country Manager, Zimbabwe and South Africa, WorldRemit

HARARE, Zimbabwe, 21 September, 2022,-/African Media Agency (AMA)/- Transferring money abroad and exchanging currency has become a common practice among many living in Zimbabwe. But even those who transfer money abroad regularly might find it hard to understand how the exchange rate works

Exchange rates are crucial in impacting the trade and economic performance of a country and often, they indirectly impact many different areas of your day-to-day life, from the cost of your groceries at the local market, to the cost of fuel, job opportunities and even the interest rate on your bank loans. 

To help you get a good deal on your next money transfer, Susan Tanaka Sitemere, Country Manager, Zimbabwe and South Africa, WorldRemit shares some insights into how the exchange rate works.

What is an exchange rate?

The exchange rate is the amount that one currency is worth when compared to another currency. For many of us the only time we deal with them directly is when it comes to traveling or sending money overseas.

What’s better – a high or low exchange rate?

A higher exchange rate is better if you’re buying or sending currency, as it means you get more currency for your money. A lower rate is better if you’re selling the currency. This way, you can profit from the lower exchange rate.

What is FOREX?

FOREX (foreign exchange market or FX) is a global market for currency trading used by individuals, businesses, and banks. If you make a transaction that requires a currency conversion, FOREX determines how much value you get for your money.

To put it in perspective, if you bought a car from a dealer in Harare and paid in US Dollars, you made a FOREX transaction. However, a significant portion of the foreign exchange happens for practical purposes – for example, when you’re travelling or buying foreign goods. However, a majority of currency conversion is made to earn a profit.

How often do exchange rates change?

The FOREX market never sleeps; it is active all day and all night. Exchange rates don’t change once a day or even once an hour; they are constantly fluctuating in response to the Zimbabwean economic, political changes and developments as they occur around the world.

What is a floating exchange rate?

A floating exchange rate is where the currency price of a nation is set by the forex market based on supply and demand relative to other currencies. This is in contrast to a fixed exchange rate, where the government determines the rate. Most countries around the world use a floating exchange rate and when a country uses this kind of an exchange rate, its government actions can only influence the rate, not regulate it.

What is a fixed exchange rate?

A fixed exchange rate is a currency that isn’t influenced by FOREX. Instead, the government controls the rate and regulates its value. Countries with fixed exchange rate like Hong Kong, Denmark, or Saudi Arabia, usually peg the exchange rate against an internationally popular currency (US Dollar or Euro). The country’s government then holds an abundant supply of both of these currencies. This allows them to buy and sell currency as required to keep their exchange rate at a fixed value.

What is an interbank rate?

Interbank rate, sometimes also referred to as the mid-market rate, is used when banks exchange currencies between themselves. This rate is usually better than the rate consumers receive. This is because currency exchange services aim to profit and often add fees or a mark-up to their exchange rate.

What factors influence the exchange rate?

Here is a brief explanation of some of the critical factors that help to determine the exchange rate.

  • Supply and demand – If there’s plenty of currency to go around and low or average demand, then the exchange rate is usually low. If there is less currency in circulation and the demand is high, then the exchange rate increases.
  • Consumer confidence – When a country’s population is confident in its economy’s stability (low unemployment or inflation), consumer spending and investment tends to be higher. This makes the currency more attractive to investors resulting in a higher exchange rate.
  • Balance of trade – A country’s balance of trade looks at the value of exports compared to the value of imports. If the balance is not equal, then this will affect the exchange rate. If exports are higher than imports, then the country is sending more of its currency abroad. And the higher the supply of currency, the lower the demand and exchange rate.
  • Inflation – Inflation is the rate at which prices for goods and services are rising over time within an economy. When a country has a consistently low inflation rate, its currency is generally more valuable, resulting in a higher exchange rate.
  • Interest rates – Interest is the fee that banks charge consumers to borrow money. The higher the interest rate is, the more you will be charged.
  • Political unrest – Political upheaval causes uncertainty, which can put FOREX traders off, lowering demand for the country’s currency and decreasing its value.
  • Country’s debt – If a country is in debt, then its currency is considered a riskier option by foreign investors. This can cause the country’s currency to decrease in value and the exchange rate to fall.

Where to get the best exchange rate?

A good exchange rate is as close to the interbank rate as possible. You can find out what the current interbank rate is with a quick search online. And although you can’t control the currency market, you can choose who you transfer or exchange your money with. The two main options for sending money abroad are bank wire transfer or online money transfer.

Bank or building society wire transfers

Making the international transfer with your bank or building society may sound like a simple option, but the service comes with its price.

Some banks charge fixed fees for sending money abroad, which can end up being too expensive if you’re only sending a small sum of money. Many banks also offer low exchange rates, a tactic used to charge further ‘hidden fees’ on international transfers.

On top of this, wire transfers can be slow – sometimes taking days to arrive with the recipient, and not all recipients want or can receive money in their bank account.

Online money transfer services

Online money transfer services, like WorldRemit, tend to provide a quicker, more cost-effective way of transferring money overseas. A good online money transfer service will only make you pay a small fee and will offer a fair exchange rate, with any costs shown upfront. They will also often offer a variety of pay-out options, like cash pick up, bank account transfer, mobile money or airtime top up.

Distributed by African Media Agency (AMA) on behalf of WorldRemit.

About WorldRemit

We’re a leading global payments company and, along with Sendwave, part of Zepz, a group powering two global payments brands.

We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower-cost. We currently send from 50 countries to recipients in 130 countries, operate in more than 5,000 money transfer corridors worldwide and employ over 1,200 people globally.

On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.

Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom with regional offices around the globe.

www.worldremit.com

Media Contact

WorldRemit Press Office

media@worldremit.com

The post <strong>How do exchange rates work and how to get the best one </strong> appeared first on African Media Agency.

Source : African Media Agency (AMA)

Lire l'article
Clic pour commenter

You must be logged in to post a comment Login

Leave a Reply

African Media Agency -English

Breaking: Nominees For The 11th African Leadership Magazine Persons Of The Year 2022 Unveiled 

Avatar

Publié

le

… Voting begins across the continent to decide winners 

PORTSMOUTH, United Kingdom, 21 November 2022,-/African Media Agency (AMA)/- Continuing with its tradition of promoting excellence in leadership across Africa and beyond, the board of The African Leadership Organization, publishers of African Leadership Magazine has unveiled the nominees for the 11th African Leadership Magazine Persons of the year 2022. The list was unveiled following call for nomination which ended recently and attracted submissions from Africans across the continent. 

The unveiling ceremony was chaired by the African Leadership Organisation’s founder and Chairman, Dr. Ken Giami, alongside other members of the board and senior executives of the organization. In his remarks, the Chairman stated that, “Africa has traditionally been the cradle of great leadership; from Nelson Mandela, Kwame Nkrumah, Steve Biko, to Julius Nyerere, the continent’s contribution to leadership philosophy remains indelible. However, a new leadership paradigm is evolving in the continent – they are the new Changemakers.” Continuing, the chairman, added that, “our nominees are Changemakers, who have chosen to push through with their vision to build and bequeath an Africa that works for all to the next generation.”   

“Our nominees see progress, where others see retrogression; they see possibilities in the midst of challenges. They are on a mission and are eager to lead Africa to the promise land,” he said.  

The African Leadership Magazine Persons of the Year Awards is Africa’s premier vote-based endorsement, reserved annually for the leading Africans who are contributing towards promoting the continent’s progress, and positively altering Africa’s perceived negative image. The annual event has also become a platform for honouring people-centred leadership and Africans that are pursuing a pan-African agenda in their chosen fields of endeavour. This year’s event will provide a platform to celebrate the continent’s merchants of hope, ready to lead an army of change agents and reformers, to build an Africa that works for everyone. 

All winners of the 2022 awards shall be presented with an award trophy and formally decorated with the instruments of the honour at the 11th African Leadership Magazine Persons of the Year Award Ceremonies, scheduled to hold on February 16th, 2023 in Port Louis, Mauritius. The magazine, therefore, invites you to visit its website (https://www.africanleadershipmagazine.co.uk/breaking-nominees-for-the-11th-african-leadership-magazine-persons-of-the-year-2022-unveiled/) to vote for your choice nominee in different categories for this prestigious award, as voting closes on Friday, December 2nd, 2022, at midnight Central African Time. 

Below are the distinguished Africans who made the shortlist of nominees in 9 different categories for this year, and all Africans are welcomed to vote: 

1. African of the Year 2022 

This recognition is open to an African whose actions have positively impacted the continent in the year under review, helped shape their immediate society, and whose work inspire Afro-positivism globally. 

  • H.E. Dr Julius Maada Bio, President of the Republic of Sierra Leone 
  • H.E. Hage Geingob, President of Namibia     
  • Makhtar Diop, Managing Director, International Finance Corporation, IFC, Senegal 

2 African Female Leader of the Year 2022 

This recognition is open to an African woman who has defied the odds and risen above the patriarchal systems in the continent to positively affect the continent or influence women to aspire for excellence in various fields. 

  • Sahle-Work Zewde, President of Ethiopia 
  • H.E. Jewel Taylor, Vice President of Liberia    
  • Ngozi Okonjo-Iweala, Director General, World Trade Organization, Nigeria 
  • Catherine Uju Ifejika, Chairperson/CEO, Brittania-U Nigeria Limited Nigeria 

3. African Educationist of the Year 2022  

This recognition is open to an African whose contribution to the growth of education, and deepening knowledge has been second to none in the year under review. It is also reserved for a member of the academic whose research or policy has contributed to shaping their country’s economic growth and development.  

  • Dr. Gertrude Nwangala Akapelwa, Founder & Vice-Chancellor, Victoria Falls University of Technology, Zambia 
  • Mamokgethi Phakengas, Vice-Chancellor, University of Cape Town, South Africa,  
  • Hicham El Habti, President of the Mohammed the VI Polytechnic University, Morocco  

4. African Industrialist of the Year 2022  

This recognition is open to an African whose actions, policies, and business has helped create jobs for Africans in the year under review. 

  • Patrice Motsepe, Executive Chairman, Africa Rainbow Minerals, South Africa  
  • Dr Deji Adeleke, Chairman, Pacific Holding    
  • Ilham Kadri, CEO, Chairwoman of the executive committee and a member of the Board of Directors of Solvay, Morocco  
  • Mohamed M. Abou El Enein, Chairman, Cleopatra Group 

5. African Political Leader of the Year 2022 

This recognition is open to an African, whose contribution has immensely contributed to deepening democracy and democratic values in the continent.

  • H.E. Hakinde Hichilema, President of Zambia   
  • H.E. Samia Suluhu Hassan, President of Tanzania  
  • H.E. Jose Neves, President of Cape Verde  
  • H.E. João Lourenço, President of Angola  

6. African Philanthropist of the Year 2022 

 This recognition is open to an African who has given more to support a charitable cause, social justice and promote social good.

  • Mohammed Indimi, Chairman, Oriental Energy Resources, Nigeria   
  • Tsitsi Masiyiwa, Executive Chairperson, Higher Life Foundation Zimbabwe   
  • Francois van Niekerk, Founder Mertech Group, South Africa 
  • Abdul Samad Rabiu, Chairman, BUA Group, Nigeria   

7. ALM Emerging African Leader of the Year 2022 

Criteria: Must be between the ages of 18-38; Young persons of African descent, making a difference globally via diverse sectors such as business, IT, entertainment, sports, etc., remaining a positive role model and re-defining creativity, resilience; hard work and ingenuity of the continent’s young people 

  • Ham Serunjogi, Co-Founder and CEO of Chipper Cash, Uganda  
  • Emma Theofilus, Deputy minister of Information, Communication and Technology, Namibia  
  • Zanda campos, CEO, ABO Capital, Angola    
  • Bashir Haske, GMD/Founder, AA&R Investment Group 

8. Africa Peace & Security Leader of the Year 2022 

Criteria: This recognition is open to defence and security heads across the continent, with visible strides in protecting lives and property in their countries and the larger society. Nominees are also expected to subscribe to high standards of personal accountability in pursuing their vision. 

  • The Hon Pravind Kumar JUGNAUTH, The Prime Minister of Mauritius and Head of Defense 
  • General Jean Bosco Kazura, Chief of Defence Staff of the Rwanda Defence Force 
  • Yankuba Drammeh, Chief of Defense Staff, Gambia   

9. African Energy Leader of the Year 2022 

Criteria: This recognition is open to Africans with visible impact through investment, excellent stewardship, and unique contributions to Africa’s energy sector 

  • Patricia Simon-Hart, MD/CEO, Aftrac Limited, Nigeria  
  • Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea 
  • Leparan Gideon ole Morintat National Oil Coporation of Kenya 

Distributed by African Media Agency (AMA) on behalf of African Leadership Magazine.

About African Leadership Magazine:

The African Leadership magazine is published by African Leadership (U.K.) Limited, a company registered in the United Kingdom. The magazine focuses on bringing the best of Africa to a global audience, telling the African story from an African perspective, while evolving solutions to peculiar challenges being faced by the continent today. 

MEDIA CONTACTS 

Kingsley Okeke 

editor@africanleadershipmagazine.co.uk 

The post Breaking: Nominees For The 11th African Leadership Magazine Persons Of The Year 2022 Unveiled  appeared first on African Media Agency.

Source : African Media Agency (AMA)

Lire l'article

African Media Agency -English

The Global Benefits of Online Transfers in Cameroon

Avatar

Publié

le

Byline by: Imane Charioui, Director Francophone Africa & Middle East, WorldRemit

DOUALA, Cameroon, 18 November 2022,-/African Media Agency (AMA)/- A combination of rapidly evolving technology and the restrictions imposed by the COVID -19 pandemic has resulted in what is nothing short of a revolution in the online money transfer sector in Cameroon. 

Globally, there have been drastic shifts in how people pay for goods and services, with electronic payments increasingly displacing traditional cash and more recently, cryptocurrency and digital currencies emerging in the market 1.



As of 2020, internet penetration in Cameroon was at 30% from less than 10% back in 2007, following the great strides from state and telecom operators who have ensured Cameroonians have good access internet services 2.

With the increased adoption of internet services and mobile phones throughout Cameroon, there has been a dramatic growth in mobile money, which allows an easy way to transfer money both domestically and internationally. 2.

This has caused a significant shift in consumer behavior when it comes to how people interact with financial services, with users taking advantage of rapidly evolving technologies such as mobile wallets and contactless cards to make payments and move their money around the globe. As of 2020, 65% (19.5 million) of the Cameroonian population had active mobile wallets and 26.5 million were using mobile money services 3.

According to the World Bank, mobile money accounts drove a massive increase in financial inclusion in Sub – Saharan Africa, as two–thirds of adults worldwide now send or receive digital payments, with the share in developing economies increasing from 35% in 2014 to 57% in 20214.

For many in Western society, the acceleration in technology makes for an easier and more convenient experience when dealing with digital remittances. However, for those citizens of emerging countries, the innovation and growth surrounding the global payments sector result in a wide range of benefits.

Digital remittances are a lifeline

In 2020, Cameroon received just over $334 million in personal remittances which sheltered many families from the challenging economic situation that COVID-19 brought. According to government data during this period, it was approximated that one in five Cameroonians live abroad and could regularly send money to their families back home for daily upkeep, education, and development 5.

It is without a doubt that remittances play a vital role in the country’s economy. Hence, an adequate system is needed to make sending money abroad a secure and simple procedure. 

Banking for the unbanked

Until recently, migrant communities faced several stressful challenges when sending money abroad. Long queues, unfamiliar paperwork, and sky-high fees were typical hurdles at the beginning of a transfer that could take weeks to process. Once the money had finally reached its destination, the recipients needed access to banks or shops to collect their cash.

Today, with digital payment services like WorldRemit, people can receive money in a matter of minutes through bank transfers, airtime top-up, cash pick up and transfers to their mobile wallets. 

These options that allow people to choose how to receive their money are vital in countries like Cameroon, where only 35% of the adult population had bank accounts as of 2017. This is due to insufficient proximity to financial institutions and the lack of education and digital skills of the least educated segments of the Cameroonian population 6. 

Fortunately, this choice is facilitated by a boom in cheap and widely available smartphones that allow consumers and small enterprises to seamlessly transfer money at the touch of a button. Aided by FinTech vision and investment, Africa has been transformed into a world leader in mobile money. Again, the economic upshift facilitated by the new technology has contributed to a drop in the number of households living in poverty.

A safe and convenient service

Digital payments service, WorldRemit uses industry-leading technology to enhance protection for online money transfers. This technology is also swift, meaning that most transfers are ready within minutes.

The increase in secure digital remittances, especially mobile-to-mobile transfers, has lowered the need for cash transactions. Consequently, opportunistic crime in many cash-heavy markets has been reduced, however cyber-crime remains a very present threat, which money transfer companies must work hard to combat.

Moving forward together

The transition to digital payments and online money transfers has positively impacted migrant communities and emerging countries. This transition has made the process of sending remittances easier and more secure. It has also lowered the barriers for financial inclusion in emerging countries like Cameroon by allowing people without bank accounts to receive money quickly.

By offering flexible ways of sending and receiving money, more people worldwide can access financial services and ultimately free themselves from the manacles of poverty.

Find out how WorldRemit can help you move your money around with online digital payments.

Distributed by African Media Agency (AMA) on behalf of WorldRemit

Notes to Editors

1.   Chambers and partners. Fintech 2022. March 2022

2.   Journal du Cameroun. Online monetary transactions boost tertiary sector. October 2022

3.   Techcabal. Cameroon risks stunting mobile money growth with new transaction levy. January 2022   World Bank Group. Covid – 19 Drives Global Surge in use of Digital Payments. June 2022

4.   World Bank Group. Covid – 19 Drives Global Surge in use of Digital Payments. June 2022

5.   All Africa. Cameroon:WorldRemit’s Fintech Is Transforming Lives in Cameroon. September 2022

6.   UNCDF. Cameroon: Next steps in a high – potential market for Digital Financial Services

About WorldRemit



We’re a leading global payments company and, along with Sendwave, part of Zepz, a group powering two global payments brands.

We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower-cost. We currently send from 50 countries to recipients in 130 countries, operate in more than 5,000 money transfer corridors worldwide and employ over 1,200 people globally.

On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.

Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom with regional offices in the United States, Poland, Canada, Australia, Hong Kong, Singapore, Malaysia, the Philippines, South Africa, Somaliland, Uganda, Kenya, Rwanda, Tanzania, Zimbabwe and Belgium.

www.worldremit.com

Media Contact

WorldRemit Press Office

media@worldremit.com

The post <strong>The Global Benefits of Online Transfers in Cameroon</strong> appeared first on African Media Agency.

Source : African Media Agency (AMA)

Lire l'article

African Media Agency -English

Tia Lee’s Ingenious Campaign Continues

Avatar

Publié

le

In Second Episode of “GOODBYE PRINCESS” Animation Series

HONG KONG, SAR, 17 November, 2022,-/African Media Agency (AMA)/- Overwhelmed by the response from fans to the first episode of the “GOODBYE PRINCESS” animation series, Asian fashion icon, C-pop singer, film and television actress, Tia Lee, wholeheartedly thanks everyone for their support. The trailer, first animated episode and accompanying moving stills have attracted 28.16 million views since its release on 11 November.

Tia is excited to see another remarkable outcome with the release of the second episode “Stuck in Time” on 15 November.

Following the first episode, the mermaid transforms into a princess in “Stuck in Time” and sinks further into the depths of the ocean. A beam of light comes to her rescue and places her in the gentle care of a special fairy. Now as a princess, she is travelling in a magical carriage. She believes she is going to a magical palace with dazzling lights. Along the way, she tries on glamourous dresses and basks in the spotlight, pleasantly surprised by everything that the fairy has given her. But as the lights begin to fade, her disappointment grows. The palace that she longed for is getting further from her reach, and she realises that the carriage is travelling in circles with no destination.

Moments before the clock strikes midnight, the princess takes a brave step to escape and run towards an uncertain future. As she leaps from the carriage, one of her shoes falls off and remains in the carriage

The poster for episode 2 released on 16 November, shows:

  1. At first glance, the carriage appears to be magically taking the princess to a bright future. Upon closer look, the carriage is a prison cell enclosed by iron fences. The great wheel continues spinning, and the once glamourous clothes are changing. But is this the life that the princess desires?
  2. The dresses that the princess wears in the carriage are those that Tia has worn on stage during her modeling career.
  3. Beyond the dazzling lights that the princess yearns for lies a blurry castle. What does it all mean? How does the castle relate to “GOODBYE PRINCESS”?

Another set of stunning motion and still images is also being released today together with Vogue Hong Kong to connect the animated video back to real life, presenting a determined Tia in a pink Jenny Packham princess dress running away from glamorously-dressed mannequins.

Stay tuned for episode 3, which will be released on 18 November (tomorrow) as the mystery unfolds.

Episode 3 release schedule:

Animation: 18 November

Animation Poster: 19 November

Motion & still images: 21 November

Official press materials:

“GOODBYE PRINCESS” Animation Episode 2: https://youtu.be/ekd8qTMrWvo

“GOODBYE PRINCESS” Episode 2 Poster: https://www.instagram.com/p/ClAz7n_vB5J/ https://www.facebook.com/photo/?fbid=679718756854682&set=a.231904644969431 (for downloading)

“GOODBYE PRINCESS” Episode 2 Still Image: https://www.instagram.com/p/ClDY7grvRid/ https://www.instagram.com/p/ClDY7grvRid/ https://www.facebook.com/photo/?fbid=683410633152161&set=a.231904644969431 (for downloading)

“GOODBYE PRINCESS” Episode 2 Motion Image: https://youtu.be/z-6f0WuL7Vs

Vogue Hong Kong「The Voice」Digital Cover: https://www.instagram.com/p/Ck7_neKsh_w/  

https://www.facebook.com/photo/?fbid=681908259969065&set=pcb.681909583302266 (for downloading) 

Distributed by African Media Agency (AMA) on behalf Redhill Asia.

Tia Lee Official Channels:

Instagram @leeyufen: https://www.instagram.com/leeyufen/

YouTube: https://www.youtube.com/@tialeeofficial/

Facebook: https://www.facebook.com/leeyufentialee/

Weibo: https://weibo.com/u/1396928042/

About Tia Lee: 

Tia Lee (李毓芬), born in Taipei, is an Asian C-pop singer, film and television actress, model, and former member of the girl band Dream Girls. In addition to her acting roles and musical career, Tia appears frequently at major fashion shows. As a fashion icon and trend-setter, Tia has graced the covers of fashion, beauty and lifestyle magazines such as Vogue, Elle, Marie Claire, and shares her beauty and fashion tips through a number of Vogue’s social media channels. 

Media enquiry, please contact:: 

global@redhill.asia

+852 60777342 | +852 93793045

The post <strong>Tia Lee’s Ingenious Campaign Continues</strong> appeared first on African Media Agency.

Source : African Media Agency (AMA)

Lire l'article

Les dernières tendances