Market Insights Digital FinTech Digital Payments

Digital Remittances - Burundi

Burundi

The [currentlayername] market burundi is projected to experience significant growth in the coming years.
By 2024, the transaction value is expected to reach [revenueyeartoday] burundian francs.
This growth is anticipated to continue with an annual growth rate of 10.04% from 2024 to 2028.
As a result, the projected total transaction value in the [currentlayername] market burundi is estimated to be US$2.39m burundian francs by 2028.
In terms of user base, the number of users in the [currentlayername] market burundi is expected to reach 2.58k users by 2028.
This indicates a growing adoption and usage of digital remittance services in the country.
The average transaction value per user in the [currentlayername] market burundi is projected to be US$0.92k burundian francs in 2024.
This metric highlights the average amount of money transferred by each user in [currentlayername] transactions.
When compared globally, it is noteworthy that the highest transaction value in the [currentlayername] market is currently observed in another country, not burundi.
This indicates that while burundi is experiencing growth in its [currentlayername], there are other countries that currently have higher transaction values.
In Burundi, the digital remittance market is rapidly growing, with a significant increase in the use of mobile payment platforms for cross-border money transfers.

Key regions: India, China, United States, Japan, Germany

Market

Region

Region comparison

Currency

Analyst Opinion

Currently, the digital remittances market is experiencing significant growth due to the increasing adoption of digital payment solutions and the rising number of migrants across the world. The COVID-19 pandemic has further accelerated this trend as people are increasingly relying on digital channels to send money to their loved ones, especially in countries where traditional brick-and-mortar remittance channels have been disrupted. Mobile wallets, online money transfer platforms, and blockchain-based solutions are among the popular digital remittance options being adopted by consumers.
The growth in the digital remittances market is being driven by various factors, including the increasing adoption of smartphones and internet connectivity, the growing demand for fast, secure, and cost-effective cross-border payment solutions, and the rising number of migrant workers around the world. Additionally, the implementation of favorable government regulations aimed at promoting digital payments and financial inclusion is also fueling the growth of the digital remittances market.
The global digital remittances market is expected to grow positively in the coming years Other key factors driving market growth include the increasing adoption of mobile and online payment platforms, government initiatives to promote digital payments, and the growing use of blockchain technology in the remittance industry.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on transaction values / revenues / assets under management and user data of relevant services and products offered within the FinTech market.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, population, internet penetration, smartphone penetration, credit card penetration, and online banking penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.