Garad Nor serves as the CEO of two Minnesota-based international money transfer companies that cater to the needs of the state’s Somali and East African populations. Since Garad Nor founded Banana Pay in 2018, the company has processed more than $120 million in remittances to countries in the developing world.
Millions of people in the developing world use remittances to pay for education costs and fill the gaps left by insufficient government funding. According to a 2017 United Nations report, a third of all education costs in developing countries are covered by families. For this reason, cost reductions in remittance transfers can free up money to meet educational costs.
Improvements in money transfer speed and reliability can also increase educational attainment. Faster transfer times and options to send money directly to schools will ensure that more children remain in school and have the supplies they need to succeed. According to one report, remittances have prevented more than three million children from dropping out of school in the past year.
Millions of people in the developing world use remittances to pay for education costs and fill the gaps left by insufficient government funding. According to a 2017 United Nations report, a third of all education costs in developing countries are covered by families. For this reason, cost reductions in remittance transfers can free up money to meet educational costs.
Improvements in money transfer speed and reliability can also increase educational attainment. Faster transfer times and options to send money directly to schools will ensure that more children remain in school and have the supplies they need to succeed. According to one report, remittances have prevented more than three million children from dropping out of school in the past year.
