Foreign Exchange and Remittance Group (FERG)

Growth of Remittances by Women Increased in UAE, FERG Report

Featuring the developing cooperation of women in the economy, the UAE’s Foreign Exchange and Remittance Group (FERG) have uncovered that there was a growth in remittances by female employees in the UAE in 2020.

As per information gathered by FERG from its trade and remittance organizations members, women addressed 25% of remitters in the UAE in 2020. The information additionally uncovered that remittance by Asian ladies in the UAE saw the main year-on-year development, followed by Arab and African female workers, individually. The top money exchanges with the most elevated remittances done by women in the UAE are the Philippines, India, Pakistan, Nepal, Sri Lanka, Indonesia, Egypt, Morocco, and Uganda.

As per UN Women, females make up 50% of the 244 million individuals who live and work outside their birth nation. The previous few decades have seen an increase in the feminization of work location, which is opposition to a culture that has depicted women as latent members in work-related migration—usually, women migrate under their dependents.

Al Fardan Exchange Reported a 12.6% increment in remittance done by women in 2020

FERG’s information additionally uncovered that the impact of the pandemic was minor and immaterial on transactions completed by women. Al Fardan Exchange, one of the FERG member money exchangers UAE, reported a 12.6% increment in remittance done by females in 2020 as contrasted with the earlier year. Another FERG part, Lulu Exchange, detailed an expansion of 2.63% increased in 2020, contrasted with 2019, and an increment of 17.77% as compare to 2017.

Mohamed Ali Al Ansari, Chairman of FERG, said: “Accomplishing Gender Equality by 2030 is one of the Sustainable Development Goals Set by the United Nations. Perceiving the financial success of female laborers is vital in arriving at the UN objective. Female migrants make up roughly 50% of all the worldwide migrant labor force, and subsequently, their commitment to the worldwide economy is of central significance. We comprehend the essential significance of ladies in our industry and the bigger job that ladies play in the public arena. Taking into account our female clients by giving a safe and touchy climate is our main concern.”

Adeeb Ahamed, Vice Chairman of FERG, said: “To empower women and encourage their financial independence, a lot more can be done on the global platform. Overcoming prejudice to achieve gender balance is one of the most important factors. Developing more financial products and services customized for women, aid in financial management and access to technology to avail online services is the need of the hour.” — Trade Arabia News Service

The remittance conducted by women is altogether different from men. Despite the fact that women will in general earn not as much as men because of the gender wage gap, they send a higher extent of their pay back home and transmit cash all the more reliably. As per information gathered from FERG part trade and remittance exchange centers, the normal remittance size of female remitters was between AED1,500–2,000 ($408-$545) each month. Most part sent as bank transactions or money pickups and utilized for family upkeep, education, and medical care.

Adeeb Ahamed, Vice Chairman(VC) of FERG, said: “To engage ladies and empower their monetary autonomy, much more should be possible on the global remittance stage. Defeating bias to accomplish gender balance is perhaps the main factor. Growing more monetary services and products altered for women, help in monetary administration and access to tech innovation to benefit online banking services is the need of great importance.” – Tradearabia News Service

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