Archives for International Remittance

Enhancing Cross-border Payments: Building Blocks of a Global Roadmap

The G20 has made enhancing cross-border payments a priority during the 2020 Saudi Arabian Presidency. Faster, cheaper, more transparent and more inclusive cross-border payment services would deliver widespread benefits for citizens and economies worldwide, supporting economic growth, international trade, global development and financial inclusion. This CPMI report, and its accompanying technical background report, represent the output of Stage 2 of the three-stage process coordinated by the Financial Stability Board (FSB) to develop a global roadmap for enhancing cross-border payments. It identifies 19 “building blocks” where further joint public and private sector work could enhance cross-border payments, and supports a global approach
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Categories: Customer and uses of digital payments, International Remittances, and Resources.

Connecting Digital Economies: Policy Recommendations for Cross-Border Payments

The rapid expansion of access to digital payments has made it possible for consumers to conveniently make purchases for goods and services from merchants around the world. The current COVID-19 public health crisis will only accelerate digital trade and cross-border e-commerce as physical commerce contracts and digital commerce expands. However, significant challenges for digital trade and cross-border payments persist, providing an opportunity for policy-makers and regulators worldwide to reduce friction and improve connections between digital economies globally. This report builds on past World Economic Forum research and leverages the Forum’s extensive community of payment experts in order to move beyond
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Categories: Customer and uses of digital payments, International Remittances, and Resources.

LISTEN NOW: The Mukuru Journey – from Humble Beginnings to a Major African FinTech Player

The webinar led by Sandy Rheeder, Chief Information Officer, takes you on Mukuru‘s digital journey from a simple online offering of petrol coupons from the UK to Zimbabwe in the late 2000’s, to a remittances company today which operates across SADC and the sub-continent, offering customers multiple channels on which to access remittance and other services. Their tech journey has not necessarily been about cutting edge technology, but about using digital platforms appropriately in an Africa context at the right times for both our customers and the business. Leveraging technology into the future remains an exciting challenge and the fuel
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Categories: Previous webinars and Webinars.

COVID-19 Changing the Landscape for Migrants and Remittances

The pandemic’s effect on the flow of global remittances sent by migrants back home to low- and middle-income countries (LMICs) is projected to be one of sharp decline – a fall by about one fifth this year. The estimated 20 per cent slump represents US$ 109 billion in 2020. The hardship of COVID-19 felt by migrants in a loss of wages and employment – often without government safety nets in the countries that host them – is a large part of this crisis in remittances. The decline also results from a host of issues caused by the coronavirus for the services
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Categories: Customer and uses of digital payments, International Remittances, and Resources.

Mobile money: A product of choice for women to send and receive remittances

Women constitute the majority of remittance recipients globally and remittances have an impact on both women’s actual income as well as on social norms. This article from GSMA explores the patterns of remittances and why it has a gendered appeal.
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Categories: Customer and uses of digital payments, Gender, and Resources.

Payment Systems in Sub-Saharan Africa

Cenfri explored national and regional payment systems in sub-Saharan Africa, and produced a two-part series identifying key themes that will facilitate remittances, including regulations and overcoming barriers. The series also explores some case-studies and gives guidelines for payment system development. You can read the series here
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Categories: Customer and uses of digital payments, International Remittances, and Resources.

Innovative Cross-Border Remittance Services: Experiences from AFI Member Countries

According to the World Bank, global remittances in 2017 totaled USD 595.7 billion, 75.6 percent of which ($450.1 billion) correspond with remittance flows to low- and middle–income countries. This volume marks an increase of more than 50 percent since 2007, and crossborder remittances now account for more than five percent of GDP for 47 developing countries. This guideline note on innovative cross-border remittances updates the 2014 guideline note and has the following objectives: (i) To broaden the scope of the topic from mobile cross-border payments to digital financial services, or innovative cross-border payments, to cover all financial services provided through
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Categories: Customer and uses of digital payments, International Remittances, and Resources.

Cost of sending money from the UK to Africa

This Remittances Infographic produced by FSD Africa shows the varied cost of transferring money from UK to Africa. Kenya, South Africa, Morocco and Egypt have some of the lower costs, whilst a remittances to Tanzania and Ethiopia paid the highest prices.  
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Categories: Customer and uses of digital payments, International Remittances, and Resources.