However, Purpl strives to provide the lowest rates for money transfers to Lebanon. Traditional money transfer companies charge between 9-12% for their services, significantly more than the global average of 6.51%. Furthermore, Purpl will enable its customers to use its digital wallet to transact at Purpl merchants. Purpl’s mission is to reconnect the diaspora population with Lebanon through remittance payments, reducing its costs, and enabling financial inclusion. As the first Lebanese remittance and cash out aggregator, Purpl aims to facilitate payments into and eventually out of Lebanon. The oligopoly of traditional players in Lebanon continues to make the remittance market inefficient. However, Lebanon became the 5th most expensive recipient country in the world (see data here).
As of 2020, it made up 20.9% of Lebanon’s GDP, according to the World Bank. In 2020, Lebanon accounted for 1% of global remittance flows, ranking 22nd largest recipient in the world.
78% of the Lebanese population lives below the poverty line, and 36% lives in extreme poverty ( UN). Lebanon is in the midst of a humanitarian, economic, and political crisis. “Our Why,” Purpl Remittances are Lebanon’s lifeline
We want to be not just the voice, but the David of the 20 million+ Lebanese all around the world and in Lebanon that can no longer count on Goliath, the institutions that were created to serve them and put their interests first. He set out to give sandwiches to his brothers, and Goliath got in the way Lebanese have inherited this commercial network since the era of globalization, with a diaspora community of +20M Lebanese that contributes to Lebanon’s remittance inflows.ĭavid didn’t kill Goliath because he set out to slay giants. The civilization’s own name has been lost to history, but its Greek name, which means “land of purple”, endures. Phoenicia was well-known for its purple dye, Tyrian purple. In the Levant, 2,500 years ago, the Phoenician city-states, which eventually became modern Beirut, were among the world’s first manufacturing and maritime trade centers.
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