MayaPlus introduces new remittance app

Wednesday 10 July 2024 12:54 CET | News

MayaPlus, a fintech company dedicated to supporting the migrant community, has introduced a new app designed to transform remittance management in Guatemala.

This app aims to facilitate secure and low-cost money transfers while promoting strategic investments in construction and housing projects, helping Guatemalan migrants build a prosperous future.

MayaPlus launches remittance app to transform financial transactions

Data from the Ministry of Public Finance (MINFIN) shows that remittances from over three million Guatemalan migrants constitute 20% of the country's Gross Domestic Product (GDP), surpassing export revenues and underscoring their vital role in the national economy.

In this context, platforms like MayaPlus are crucial for migrants seeking efficient and safe remittance options. The MayaPlus app offers competitive and favourable exchange rates, streamlining remittance by removing intermediaries.

MayaPlus emphasises the economic significance of remittances and demonstrates a commitment to the financial empowerment of the Guatemalan diaspora. This initiative represents a significant advancement in the integration of financial technology and social development.

The services provided by MayaPlus

The purchase of new homes, houses, apartments, land, and construction on existing lots, with tailored financing options available regardless of immigration status or employment situation. Directed remittances can be used to make financing payments.International digital remittances are sent from the US to Guatemala and Latin America.

Secure remittances: by sending a specified monthly amount through the app, migrants receive insurance at no additional cost, covering their families in Guatemala and themselves in the US.

The importance of remittance in social development

Remittances play a crucial role in Guatemala's social development by significantly improving living standards for recipient families. These funds are often earmarked for essential needs such as education, healthcare, and housing. They enable families to afford school fees, textbooks, and educational supplies, thereby enhancing educational opportunities and outcomes for children. Additionally, remittances contribute to better healthcare access by covering medical expenses and ensuring families can afford necessary treatments and medications. Investments in housing through remittance funds improve living conditions, providing stability and security for families, which in turn supports overall well-being.

Beyond these direct benefits, remittances contribute to poverty reduction by providing a reliable source of income that supplements local earnings. This financial support helps families meet daily expenses and cope with economic challenges, fostering resilience within communities. Moreover, remittances strengthen social networks and familial ties by facilitating regular communication and mutual support between migrants abroad and their families in Guatemala. This social capital promotes community cohesion and solidarity, enhancing social welfare across the country.

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Keywords: fintech, remittance, money transfer, data, transactions
Categories: Payments & Commerce
Companies: MayaPlus
Countries: Guatemala
This article is part of category

Payments & Commerce


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