International Women’s Day: Cross-Border Money Impact

In recognition of International Women’s Day, Western Union is paying tribute to women around the globe who have acted as agents of economic change.

And that starts with noting women’s role in moving money around the world in the global remittance market. Western Union’s stats note that women alone are projected to move $300.6 billion global remittances in 2016. Women accounted for nearly 50 percent of the 247 million migrants around the world.

Western Union noted that more than 75 percent of these remittances flow into developing countries. But how do women stack up in terms of moving money?

“These women move money as much as men but at a greater percentage of their income. They are better educated, with three in 10 having attained a university education, compared to about two in 10 of their male counterparts. These women have attained higher education and have lower overall employment rates than men, a pattern observed globally as well as across developed nations,” Western Union wrote in its tribute.

Western Union recently appointed two women to senior positions, Elizabeth G. Chambers as Chief Strategy and Product Officer, and Jacqueline Molnar as Chief Compliance Officer. Both appointments are designed to advance Western Union’s strategic FinTech vision and omnichannel approach in moving money across currencies and borders.

Western Union and the Western Union Foundation are also launching the second phase of Education for Better. This phase will continue throughout the next five years, with a goal to help 50,000 women and youth build job skills that prepare them for 21st century careers.

“International Women’s Day is an opportunity to shine a light on the accomplishments of women, especially the hundreds of millions that cross borders and are economic change agents for their families, their home countries, and their host nations across the globe,” said Hikmet Ersek, President and CEO of Western Union.

“This day is also about acknowledging the nations that enable these women to succeed and pave the way for immeasurable possibilities. We call upon the world community to further recognize the skills of these women, drive greater integration and magnify their opportunity so they are prepared for 21st century careers,” he continued.