Evaluating WorldRemit's Strategic Issues, Challenges, and Solutions

This report provides an analysis of WorldRemit, a digital money transfer service, focusing on the strategic issues and challenges it faces in the global market. It discusses the company's structure, key strategic issues such as competition and evolving customer needs, and challenges like cybersecurity, inflation, and money laundering. The report also explores potential solutions, including blockchain technology and funding strategies, and considers the practical implementation of these solutions, including associated costs and responsible parties. Furthermore, the report highlights the impact of global events like the Russia-Ukraine war and the COVID-19 pandemic on WorldRemit's operations. It concludes with recommendations for the company to overcome these challenges and sustain growth in an increasingly competitive environment.

WorldRemit

Table of Contents
INTRODUCTION.................................................................................................................................3
MAIN BODY........................................................................................................................................3
Structure of WorldRemit...................................................................................................................3
1. Strategic Issues:.........................................................................................................................3
2. Challenges faced by WorldRemit..............................................................................................4
3. Solution to overcome from the declining market of WordRemit...............................................5
4. Implementation of WorldRemit.................................................................................................6
CONCLUSION.....................................................................................................................................6
RECOMMENDATIONS.......................................................................................................................6
REFERENCES......................................................................................................................................8

INTRODUCTION
WorldRemit is digital or online service provider software that allows the population to
transfer the money on the international platform from one person to another through the
source desktop, laptop, and mobile. It is a very fast and secure element and covers 130
nations and over 70 centuries. It was developed in the year 2010 and its headquarters are
located in London, United Kingdom. The founder and CEO of this international service is
Ismail Ahmed. Presently, 1200 individuals are employed all over the world due to the
WorldRemit, working in more than 5000 cash move corridors. At the end of the year 2021,
Company rebrands its name as Zepz. In this following report, the influencing factors which
are faced by WorldRemit in the past year by entering the new competition in the marketplace
and global challenge of Covid -19 pandemic are discussed (Rahim, Bakri and Yahaya.,
2019). The report covers all the points which are impacted the company that as strategic
issues, threats of competition, changes in customer needs, wants, and types of challenges that
are faced by the firm such as cyber security, money laundering, inflation, etc, and explain the
way to defeat the problem with the help of block chain and funding as well as give
implementation idea like who is involves in this practice and how much financial crisis
occurs. Moreover, it provides the recommendation of the whole report in a most suitable and
understandable way.
MAIN BODY
Structure of WorldRemit
WorldRemit is an online payment tool or method that provides individuals to transfer
money in the international market with one click. It saves the time and efficiency of the
people and helps them to safely and securely save money without facing any issues such as
theft. The money can be moved from anywhere, anyplace, and anytime through the PC and
tablets as well as personal mobile phones in a few seconds, unlike traditional cash move
administration where the people need to go to qualified or skilled agents. The fee charges
amount is low and gives a good exchange rate (Alakija., 2021). The process of WorldRemit
includes SMS, email, and reference number which are generated after transferring the money
to the other person or firm. By using this, the individual can collect money from several
banks including FCMB, Union Bank, Access Bank, United Bank of Africa, GT Bank, first
banks, etc.
1. Strategic Issues:
The most common and major issues which are faced by the people through WorldRemit
are as follows:
I. Completing the money transfer
 My installment will not go through
 I don't know the way that how trade rates work
 I want assistance with sending cash to another country

II. Transfer handling
 Transfer money consumes more time sometime for Debiting or crediting the money.
 Stuck of money during transfer.
III. Transfer compensated
 Transfer are not credited to the recipient bank or wallet .
IV. Transfer failed
 Mistakenly payment was done and people want to cancel the transfer but it is not done
through this practice.
Some social issues are faced by WorlRemit for a few years which affected its overall
turnover and standard in the international market.
 Threats of New entryIn this Covid decade, Due to the increment in unemployment,
Online tricks growing fastly in the business sectors. WorldRemit needs to grasp such
tricks and need to forestall the employees or people. It shows that online security
exceptionally in a serious way and knows about a significant number of the stunts and
techniques at the rear of the most popular web-based tricks. Understanding and being
skilled to acknowledge such cons is the fine method for trying not to succumb to them
(Alabi, Bakare, and Alabi., 2022). To help the customer, WorldRemit has to do
precisely that, moreover, but all in all this manual help to stay protected online. We'll
cowl how to recognize an online rip-off, the selective kinds of tricks, and how to keep
away from them and guard the customers and clients some social issues are faced by
WorlRemit for a few years which affected its overall turnover and standard in the
international market.
Differentiated offering that satisfies customers’ needs: There are 5 different company
similar services provide like WorldRemit one of the company name is Remitly. It is a most
common and similar transfer amenities to WorldRemit. The two of them offer a simple to
utilize online help, the two of them offer various approaches to sending cash and they are
both great at settlements to nations in A sia, Africa and South America.
 Entry introduction the public markets: WorldRemit was established in 2010 by
Ismail Ahmed, a previous consistence counselor to the United Nations Development
Programme. WorldRemit centers around versatile to-portable cash move, 100 percent
credit only from the sending side. For those getting cash, it offers choices including
bank store, portable cash, versatile broadcast appointment top-up and cash assortment.
 Losing Russia remittance: The conflict in Ukraine is fuelling a flood in cash moves
to the country as traveler laborers and outcasts escaping the contention scramble to
send monetary help back to their families (Blakstad and Allen., 2018). It is the time
where the Worldremit operating losses are occurred and hits the company at higher.
Complete settlements to Asia are expected to drop between $31.4 billion (standard
situation) and $54.3 billion (assuming the worst) in 2020, comparable to 11.5% also,
19.8% of pattern settlements, individually.

2. Challenges faced by WorldRemit
 Cyber security: WorldRemit ensures safety and security for its customers at the time
of transferring money from one bank to another. It is done by giving strict verification
facilities through SMS and email. It only contains those persons who are genuine and
deter criminals.
 Inflation: The rate of inflation in Ukraine is increasing in the year 2022 at 16.4% in
April 2022 as compared to 2.7% in the year 2020 (Taghizadeh-Hesary, Yoshino and
Otsuka., 2021). The reason behind this increase is the war between Russia and
Ukraine. It heated people’s homes more than the money during the war.
 Money laundering and sanction compliance: The app or software of WorldRemit
support and secure its customers or clients through money laundering and sanction
compliance. Money laundering included the loss of money and theft of money from
the defaulters and frauds. This UK software helps the customer to detect criminal
practices or purchasing illegal commodities and cover-up scams. On the other hand,
Sanction Complains help the clients to protect from fraud from companies, industries,
and individual.
 Financial inclusion regulations: The war between Russia and Ukraine creates a
financial crisis or stability and economic downfall and affected the local peoples. This
situation creates more challenges for the commercial banks for giving their best on a
timely basis. The WorldRemit is also affected by this because this condition decreases
the money transfer facility to the area of Ukraine as well as Russia.
 Global digital currency: The WorldRemit is a type of software that provides digital
money to the individual bank account by ensuring safety and privacy. The global. The
Global Digital Currency supports will give an open and unbiased stage for trade, data
sharing and investigation of the utilizations of Central Bank Digital Currency and
another type of advanced cash execution (Brambilla., 2020). Approximately, 90
countries adopt and developed this technology method for innovation and economic
development.
 Cashless society: WorldRemit creates a society where individuals are not carrying the
money in its hand which indicates society is shifting their interest and practices from
traditional to the modern way. The people used mobile phones, tablets, laptops, and
master cards for buying goods or services or transferring the money from one bank to
another. This process is known as a cashless transaction or cashless society.
 Labour demand change: During the period of the pandemic, the whole country's
economy changed and decline quickly because the power of global challenge is higher
at that time. The demands of the laborers are also changed because an industry tries to
appoint people who are powerful and skilled and also have knowledge of digital
software. WorldRemit also appoints talented candidate which has full knowledge of
online banking. It affects the existing employees and increase the unemployment in
the economy.
3. Solution to overcome from the declining market of WordRemit
 Block chain: It is the way which helps the business firms to record the information
digitally along with some designs and the understanding way such as by ordering the

data type, information block as well as protecting and linking through cryptographic
evidence.
 Funding: It is the most common way to overcome from financial crisis and to develop
the business standard in terms of monetary. It collects from various type of funding
sources such as angle funding.
4. Implementation of WorldRemit
Who is responsible for Implementation: WorldRemit is the digital platform where people
exchange or transfers its money from one bank to another (Yuan., 2019). The implementation
of WorldRemit business is done by its team members or employees by monitoring each and
every transaction deeply along with detecting suspicious practices.
Who is involved in Implementation: There are several types of people and specialist which
are involved in the WorldRemit implementation process such as Fraud specialist, customer
service provider, AML specialist, monitoring transaction specialist, Risk management, etc
How much money will cost for implementation: The implementation process includes
knowledgeable and specialist individuals that demand a high package and salary from the
company to investigate or to conduct the activity which increases the cost and spending of the
business and decreases the profitability amount (Mfegue., 2018).
CONCLUSION
Form the above report it can be concluded that, WorldRemit is advanced or online
specialist co-op programming that permits the populace to move the cash on the global stage
starting with one individual then onto the next through the source work area, PC, and
versatile. It is an exceptionally quick and secure component and covers 130 countries and
north of 70 centuries. It was created in the year 2010 and its central command is situated in
London, United Kingdom. The pioneer and CEO of this worldwide help is Ismail Ahmed. As
of now, 1200 people are utilized all around the world because of the WorldRemit, working in
excess of 5000 money move halls toward the year's end 2021, Company rebrand its name as
Zepz. The affecting elements which are looked by WorldRemit in the previous year by
entering the new contest in the commercial center and worldwide test of pandemic are
explained in the above report. The report also covers every one of the focuses which are
affected the organization that as essential issues, dangers of rivalry, changes in client needs,
needs, and sorts of difficulties that are looked by the firm, for example, network protection,
illegal tax avoidance, expansion, and so on, and clear up the way for rout the issue with the
assistance of block chain and subsidizing as well as give execution thought like who is
includes in this training and how much monetary emergency happens. Besides, it gives the
proposal of the entire report in a most reasonable and justifiable manner
RECOMMENDATIONS
The above discussion is recommended that the structure of WorldRemit which is UK
based company that deals in transferring the money in the international market. After the

effect of the Covid-19 pandemic, WorldRemit faces many global challenges and economic
challenges which impacted the company's growth and development. It is also impacted by the
Ukraine and Russia wars which creates many problems such as inflation. WorldRemit created
a cashless society that decreases the problem of fraud, theft, and money laundering..

REFERENCES
Books and Journals
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second-generation members of the Nigerian diaspora in Peckham,‘Little Lagos’,
London. Journal of Arab & Muslim Media Research, 14(2), pp.237-259.
Antonopoulos, G.A. and et.al., 2019. Human Trafficking and Its Financial Management in
Italy. In Human Trafficking Finances (pp. 27-54). Springer, Cham.
Baidoo, S.A., 2019. Regulatory Effects on Traditional Financial Systems Versus Blockchain
and Emerging Financial Systems (Doctoral dissertation, Walden University).
Blakstad, S. and Allen, R., 2018. FinTech Revolution. Cham, Switzerland: Springer, 121,
p.132.
Brambilla, E., 2020. The Era of Digitalization: Is M&A Between Banks and Fintech Firms
the Winning Strategy for Bank Profitability? (Doctoral dissertation, The University
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Mfegue, K.F.O., 2018. La diaspora camerounaise (re) pensée à l’aune du développement
socioéconomique. Une diplomatie au service de l'émergence du Cameroun, p.183.
Rahim, N.F., Bakri, M.H. and Yahaya, S.N., 2019. Fintech and Shariah principles in smart
contracts. In FinTech as a disruptive technology for financial institutions (pp. 207-
220). IGI Global.
Taghizadeh-Hesary, F., Yoshino, N. and Otsuka, M., 2021. Role of international remittances
as an economic instrument for poverty eradication in line with Sustainable
Development Goals. Sustainability and Environmental Decision Making, pp.441-
466.
Yuan, L., 2019. Economy: pressure-induced change, active guidance. In The Chinese Dream
and Zhejiang’s Practice—General Report Volume (pp. 39-83). Springer, Singapore.