Post Pandemic Era: How Kyshi Greatly Contributes To The UN’s Sustainable Development Goals

Kyshi August 09 2022

By: Kyshi Team

Virtually every sector of the world was experiencing significant and impressive growth before the pandemic struck in 2019. Yeah, it was all a smooth and rosy ride to smashing SDGs until the unexpected happened. 

An article on the effect of Covid-19 on financial development revealed that innovative technologies were not easily adaptable during this period. The Covid-19 pandemic affected the fiscal and economic status of different countries, causing a wide-felt recession even in the strongest of economies. 

A UN report revealed that 2020 had a poverty rate of about 9.6%. The highest since 1998. 

Sustainable development goals were hampered, causing several sectors to have a growth draw-back of about three years. Thus, these circumstances contributed significantly to a decline in global sustainable growth and development.

How Kyshi Contributes To The Sustainable Development Goals

Before we go on to see how Kyshi contributes to these SDG goals, we need to have a grasp of the status of international remittance in the world. A post-pandemic study by The World Bank showed that remittance flows within the Pacific and the Eastern part of Asia dropped by nearly 8% in 2020. Europe and Middle Asia experienced over a 9.6% drop, and Sub-Saharan Africa declined by 12.5%. The decrease in the Sub-Saharan was engineered by a 28% drop in remittance to Nigeria.

2021 began with steady growth in the world’s economic status, raising the global remittance flows by about 4%. However, while the remittance flows increase gradually, there is a need for a reduction in the cost of remittance. This reduction has been a goal of the UN for years.

In this light, The United Nations Economic and Social Council revealed in a report that the average cost of sending $200 reduced from 9.3% in 2011 to 6.3% of the sent amount in 2021. 

Now How Does Kyshi Come In Here?

Kyshi has a friendly marketplace such that its costs of services are incomparably low. What does this mean? 

Kyshi charges an unbelievable 1% on every international transaction. Yeah, Kyshi was born out of the need to provide seamless and borderless transactions.

Our fees on transactions are competitively favourable compared to other exchanges that charge as high as 7%. So, for instance, while the average cost of sending £1000 on a typical marketplace is about £70, it costs only £10 on Kyshi's. Amazing, yeah?

If every user transacts with an average of £300, we can comfortably say that we save every user an average of £18 every month. You can imagine what £18 could do in this economic time– with the increases in gas prices and other essential commodities. 


Now, you can gladly agree that we do not only reduce remittance burdens we also improve remittance flows by a significant percentage, especially in Africa. Hence, the UN can quickly achieve its 5% target on remittance costs and pursue new records.

While Kyshi fosters an improved global remittance record, we also promote innovations in the financial sector. What's this innovation?

We offer amazingly low exchange rates on our platform, allowing users to easily send and receive money internationally. Yes, our users do not have to be stressed about the increasing exchange rates on other platforms. However, besides that, we have a rare offer. Find out below.

Our marketplace is built such that users can decide their transaction amounts as well as the exchange rates. They can do this with our Swap feature. They do not have to be controlled by the rates governing their regions. Hence, the UN can achieve its sustainable development goal of facilitating innovations that improve international exchanges between Africa and the world.

Conclusion

The pandemic period was a drawback to global sustainable development goals. However, the wake of 2021 saw a retrace towards positivity. Hence, Kyshi is focused on fostering economic growth through its borderless transaction system.

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