Byline: Imane Charioui, Director of Francophone Africa & Middle East, WorldRemit
As of December 2021, Lebanon’s economic crisis has taken a drastic toll on the country and many of its sectors, with healthcare being one of the most notable1, despite its ranking among the top 25 in the world healthcare efficiency in 2019.2
Lebanese citizens without private medical insurance rely upon the Lebanese Ministry of Public Health (MOPH) and the National Social Security Fund (NSSF) to reimburse a portion of their medical bills. Those on low income must often choose between paying for health and for other necessities including food. In addition to that, the Lebanese social security systems, including health, are weak, fragmented and poorly targeted.3
After the MOPH began lifting subsidies on many pharmaceuticals across the country, prices started to rise steeply. Many pharmaceutical prices have unevenly doubled to quadrupled in Lebanese Pounds (LBP), with some individuals not even being able to afford baby food, vitamins, and antipyretics, all of which were previously relatively considered reasonable.4
A considerable portion of the population is unable to buy medications and nutritional supplements due to high costs, as they are limited to what their money-strapped state provides. With a current minimum wage of less than $30 USD, such individuals choose to exhaust their monthly salaries to buy necessities, including medications, or reluctantly avoid their costly therapies.5
According to the World Bank, Lebanon received $6.61 billion USD in personal remittances in 2021 6. Hospital fees today reflect the new value of the local currency in the market, while the NSSF and MOPH are still providing their payments on the value of currency prior to the crisis, leaving patients with 90 per cent of the actual expense. 7 Hence, remittances to Lebanon will likely play a major role in covering medical fees and help the Lebanese families pay them.
It is with regard to this central role of remittances in giving Lebanese patients proper healthcare that WorldRemit has made investments that increase the access to secure money transfer services even in the remotest parts of the country.
In November 2021, WorldRemit expanded its money transfer services to Lebanon. By adding the Cash Plus brand to its network, recipients of money transfers in Lebanon are now able to collect their payments from over 140 Cash Plus outlets across the country. For senders, WorldRemit customers can send money to Lebanon from several countries around the world, including the US, UK, France, Germany, Canada and Australia, via the WorldRemit app and website.8
Equally important, is that WorldRemit strives to keep transaction costs minimal, and our communications transparent when it comes to rates and fees incurred in transactions, eliminating situations where recipients collect lower amounts than the sender intended. We understand that every dollar count, especially during the current difficult economic times and we strive to keep our charges reasonable.
Meanwhile, we are continually upgrading our technologies to improve transaction time, and effectively transaction costs. These features are heavily allocated by beneficiaries, including patients in Lebanon whose ability to cover healthcare costs is driven by remittances. This reiterates WorldRemit’s position as a critical player in the socio-economic transformation of Lebanon, and, by extension, the whole world.
Sources:
- Cureus. The Lebanese Healthcare Crisis: An Infinite Calamity. May 2022
- The 961. Lebanon Ranked 23rd In The World For Health Efficiency. January 2019
- ENN Online. Characteristics and challenges of the health sector response in Lebanon. August 2022
- Cureus. The Lebanese Healthcare Crisis: An Infinite Calamity. May 2022
- Cureus. The Lebanese Healthcare Crisis: An Infinite Calamity. May 2022
- Italian Trade Agency (ITA). Lebanon: Expatriates’ Remittances to Lebanon Projected at $6.6BN in 2021. December 2021
- Medecins sans Frontiers. Lebanon: People surrender to pain for fear of facing hospital costs. July 2022
- WorldRemit. WorldRemit launches money transfer service to Lebanon. November 2021
About WorldRemit
We’re a leading global payments company and, along with Sendwave, part of Zepz, a group powering two global payments brands.
We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower-cost. We currently send from 50 countries to recipients in 130 countries, operate in more than 5,000 money transfer corridors worldwide and employ over 1,200 people globally.
On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.
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