The Impact of DeFi on Global Financial Inclusion (Part 03)
I have written two posts earlier on this topic and this is the third post where I will try to discuss in some detail the importance of this platform for remittances and the wonderful features that this platform offers.
DeFi give easy and quick access to credit. It is making the remittance process easier as well. Remittance is a very crucial source of income for many households in developing countries. This takes a high charge in normal situations but in DeFi fee is very low. On the other hand, they are slow also compared to DeFi. Normal financial systems have a lengthy process in remittance operation but it is simple & quick enough in DeFi as it is operated with the help of smart contracts without the need for middle organizations.
DeFi platforms help users to send and receive funds quickly and at a lower cost. Along with that using cryptos as they can be easily converted into local currencies can make it accessible to all from anywhere without country barriers. This not only makes remittances more affordable but also increases the speed at which funds are transferred. , helping recipients access their money when they need it most. So it can be explained in this way that the user will be able to receive the money he needs when, where, and the moment he needs it.
This is a very nice and important feature that is not seen at all in today's traditional financial sector. So DeFi has come to the world with important features here.
~ Regards,
VEIGO (Community Mod)
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