Thursday 30 December 2010

Financial inclusion: A better tomorrow for all Indonesians

Imagine an Indonesia where the poor no longer struggle to set money aside and can accumulate savings as a cushion against unforeseen emergencies, and not run the risk of losing money through theft.
Imagine an Indonesia where people no longer having to resort to loan sharks to borrow money at exaggerated interest rates.
Imagine more than 4 million overseas migrant workers no longer repatriating their earning in cash when returning home but sending their earnings home electronically, without requiring their families to travel to a bank. Imagine millions of Indonesian children receiving education because their parents have access to the right kind of savings products; and imagine Indonesians who have never had a bank account climbing out of poverty and improving their livelihoods using a broad range of financial services.

Sunday 19 December 2010

GHANA: Remittances from Ghanaians abroad said to have helped in poverty reduction

Alhaji Muhammed Mumuni, Minister of Foreign Affairs and Regional Integration, on Friday said remittances from migrants had positively contributed to leveraging government policies, instituted to achieve poverty reduction and economic empowerment of the citizenry.
He said: “Remittances from migrants have recently begun to outstrip Official Development Assistance to many developing countries, with Ghana as one of the eloquent examples. Remittances from Ghanaians abroad have in recent times played a very significant role in creating diverse source of livelihoods and capital for many Ghanaian families.” 

Tuesday 14 December 2010

PHILIPPINES: OFW families turn to savings — BSP survey

More beneficiaries of overseas Filipino workers (OFWs) are turning to savings instead of buying houses and lots, appliances, and motor vehicles, a survey conducted by the Bangko Sentral ng Pilipinas (BSP) showed.

BSP Deputy Gov. Diwa Guinigundo said the fourth quarter 2010 Consumer Expectations Survey (CES) showed an increase in the percentage of households with family members abroad that allocated portions of their remittances to savings and a decline in the percentage for those shifting to investments and other major purchases. Read more

Netherlands-Afghanistan Remittances Corridor Study (2009)

The study of the remittance corridor between the Netherlands and Afghanistan was conducted between July-October 2009 and was commissioned by the Dutch Ministry of Foreign Affairs. The remittance corridor study followed the World Bank evaluation guidelines to construct a comprehensive overview of the flow of remittances traveling from Afghans resident in the Netherlands back to their families and communities of origin. The study involved a household survey that assessed the demographic characteristics of Afghans living in the Netherlands, documented the remittance-sending behaviours of respondents (in terms of frequency of remitting, average transfer value, most-used transfer channels, etc.), and migration histories of respondents.  In addition to the survey in the Netherlands, a similar survey was conducted among remittance recipients in Afghanistan to enable a better review of needs and constraints on both sides of the corridor. The study also involved a though assessment of the institutions, structures, and linkages within and between the financial sectors in the Netherlands and Afghanistan. The study culminated in the formulation of a series of recommendations for the Ministry of Foreign Affairs regarding ways to bolster the use of formal remittance transfer channels, strengthen the financial sector in Afghanistan, and facilitate better exchange between financial agencies and institutions in the Netherlands and Afghanistan. Read more

Click here to view the report

Workers' remittances in the EU27 Money sent by migrants to their country of origin fell by 7% in 2009 Total transfers at 30 bn euro


In the EU27, money sent by migrants to their country of origin, usually referred to as workers' remittances1, had registered a constant increase over recent years. This trend has been interrupted by the economic crisis. Total EU27 outflows amounted to 30.3 billion euro in 2009, compared with 32.6 bn in 2008 (-7%). These figures include both intra-EU27 and extra-EU27 flows. The decrease in workers' remittances in 2009 compared with 2008 was almost the same for extra-EU27 flows (-7%) and for intra-EU27 flows (-6%). The share of extra-EU27remittances in the total stood at 73% in 2009, the same level as in 2008.

Friday 10 December 2010

Mobile Money Transfers APAC January 17-20 2010, Manila, Philippines

MMT APAC returns to the Philippines on Jan 17-20 and features a 2 day conference agenda packed with pioneering speakers, practical workshop sessions and a full day of site visits and live use cases hosted by Smart Communications and Globe Telecom.


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West Africa Conference: Mobile Remittance - West Africa 2010

Mobile Remittance,West Africa 2010.

MobileMoneyAfrica cordially invite you to attend “Mobile Remittance, West Africa “, our First Money Money remittance Conference to be held in the Victoria Crown Plaza Hotel,Victoria Island – Lagos,Nigeria.
Date:15th – 16th,December,2010. 


http://mobilemoneyafrica.com/?page_id=2231

Thursday 9 December 2010

Migrant worker remittances reached US$5 billion

Total remittance garnered by Indonesia's more than 4 million migrant workers as of September reached US$5 billion, or around Rp 45 trillion.
There are now 4.32 million Indonesian workers overseas sending money back home, according to the central bank's release Thursday.

Bank Indonesia, the ministry of manpower and transmigration and the Placement and Protection of Overseas Labor (BNP2TKI) have been monitoring migrant workers placements since 2005.

The central bank said this was important to count the total flow of foreign exchange sent by TKI or remittances, which showed improvement over the last few years.

Wednesday 8 December 2010

Peru remittances reached US$635 million in 3Q 2010

Tuesday, December 7th, 2010


Lima - Remittance flow sent by overseas Peruvians to their relatives in Peru reached US$ 635 million in the third quarter this year, Central Reserve Bank of Peru (BCR) reported Monday. This figure is the highest of this year representing a 3.9 percent growth over the same period in 2009. So far this year, remittances have reached US$1.83 billion. During the third quarter, remittances channeled through banks jumped 8.1 percent from US$266 million in the same third quarter 2009 to US$288 million in the same period this year. Source

MEXICO: Remittances in Mexico Up 9.32% in August

MEXICO CITY – Remittances from Mexican emigrants totaled $1.95 billion in August, up 9.32 percent from the same month of 2009, the Mexican central bank said.

That figure, announced Friday by Banco de Mexico, topped the consensus market forecast of $1.86 billion, Mexican financial group Ixe said in a report. Read more

CHINA: Western Union account-based remittances to be offered in China

Chinese customers of Shanghai Pudong Development Bank (SPD Bank) will soon be able to use account-Based Money Transfer services provided by the Western Union Company.
Chinese accountholders of SPD Bank will be offered to send Western Union Money Transfers directly from their accounts via online banking or their mobile phones for cash payout at Western Union Agent locations in more than 200 countries and territories. 

Moreover, consumers across the globe will be able to send funds directly to SPD Bank accounts. SPD Bank accountholders will be able to access the funds via the Internet, ATMs and their mobile phones. Read more

ARMENIA: Remittances to Armenia drop 3% in January-October 2010

PanARMENIAN.Net - Remittances at the amount of $1101.2mln were received by physical persons in Armenia in January-October 2010.
According to the CBA monthly bulletin, the figure decreased by 3% ($38.6 million) compared to the same period in 2009.
The largest amount of remittances was received from Russia ($868.2 million), followed by the United States ($99.3 million) and United Arab Emirates $22.5 million). At the same time, remittances from Turkey amounted to $2103thous.
Besides, 4.7% drop was recorded in the amount of remittances from Armenia, totaling $580mln in January-October 2010 against $608.8mln during the same period of last year. 
The net cash inflow decreased by 1.4% during the reporting period, amounting to $687.2mln against $697mln in January-October 2009.

Bangladesh receives $946.989m remittances

DHAKA - Millions of Bangladeshis, living and working abroad, remitted home 945.989 million U.S. dollars in November, 2010 thanks largely to Eid-ul-Azha, one of the biggest Muslim festivals, observed in the last month, a central bank official said Tuesday.

Quoting provisional data, the Bangladesh Bank official, who asked to be unnamed, said, “The flow of inward remittances increased by nearly 2.50 percent in the last month against that in October due mainly to the biggest Muslim festival.” Read more

Indians abroad send more money home than others

New Delhi: With an amount of $55 billion, India continued to be the largest recipient of remittances in 2010. The figure has risen from $49.6 billion in 2009. The country also stands at the second position among countries with largest number of emigrants after Mexico, according to the World Bank's Migration and Remittances Factbook 2011, reports Rema Nagarajan of the Economic Times. Read more

VIETNAM: Remittances to reach $7.3b

HA NOI — Overseas remittances have surged strongly this year and were expected to reach US$7.3 billion by year’s end, an increase of over 14 per cent over 2009, said State Bank of Viet Nam Governor Nguyen Van Giau.

The growth in this figure was considerable in comparison to other measures of foreign capital inflows, e.g., foreign direct investment or official development assistance, and had been increasing steadily in the past two weeks, Giau said, suggested that the increased inflows would help stabilise the foreign currency supplies and reserves, as well as the balance of payments. Read more

Tuesday 7 December 2010

Estimated $18 Billion/ Year Flows into US Via Remittances

Though immigrants often send money to family in other countries, that trend is a two-way street: US residents also boost the economy with financial help sent from family abroad.


That’s according to data released last week by the U.S. Census Bureau, which for the first time asked residents of more than 50,000 households about the remittances they have sent and received over the past two years.

The Washington, D.C.-based organization Inter-American Dialogue, believes these are very conservative estimates, since according to its own calculations, which take into account a web of migration networks, the amount of money sent to the United States each year in remittances reaches $18 billion.
In any case, there is no doubt that the world’s largest economy not only sends money to other countries in the form of immigrants helping out their families, but U.S. residents also receive help from their loved ones abroad. Read more

PHILIPPINES: A safer and cheaper way to send home money


MANILA, Philippines – The Yuletide season is an opportune time to remember all Filipinos toiling overseas for the future of their families and their country.
Their ever-increasing remittances have been a source of resiliency for the Philippine economy.
Migrant Filipinos send more money than usual to their families during the Christmas season so their loved ones could fully enjoy their Yuletide celebration.
Just before the holidays last year, the Bangko Sentral ng Pilipinas signed an agreement with the Association of Bank Remittance Officers, Inc. (ABROI), the Bankers Association of the Philippines (BAP), the Chamber of Thrift Banks (CTB), and the Rural Bankers Association of the Philippines (RBAP) to enable their members to course the money transfers of OFWs through the BSP’s electronic and settlement system. Read more

Remittance fees to Pacific countries higher than global averages says report


A new report says the average cost of remitting to the Pacific is significantly higher than global averages.
Fiji Live reports that according to the report called "Trends in Remittance Fees and Charges" prepared by Australia and New Zealand, this is a challenge to the Pacific’s primary remittances policy.
It says the average cost of sending remittances to Pacific Island Countries is 21.7 percent of the amount remitted when sent from Australia, and 15.2 per cent when sent from New Zealand.
It says it is estimated that remitters to the Pacific pay at least 90 million US dollars in remittance fees each year. Read more

Sunday 5 December 2010

NIGERIA: Microfinance banks show interest in building project

No fewer than 96 microfinance banks have expressed interest in participating in the IFAD-assisted Rural Finance Institution Building Programme (RUFIN) in Nigeria.
The national coordinator of the programme, Musibau Azeez, made the announcement on Monday in Abuja, when he led the supervision mission team of the programme on a courtesy visit to Bukar Tijani, the national coordinator, National Programme for Agriculture and Food Security.

The Federal Government in May 2006 approved the blueprint for RUFIN, and in August 2008 signed a loan agreement with the International Fund for Agricultural Development (IFAD), amounting to 27.2 million dollars, for the implementation of the programme over a seven-year period.

BANGLADESH: Luup And ITCL Launch Q-Cash Mobile

With 26 member banks and largest ATM network of end-user access points as well as over 10,000 post offices branches across Bangladesh, IT Consultants Limited (ITCL) offers crucial payment services to over 100 million people via its hub. Now, ITCL has partnered with mobile payments solutions provider Luup to mobile- enable all services and establish the largest Mobile Payments Hub in Bangladesh.

Many Bangladeshi migrants are working in other countries, especially the Gulf Cooperation Council (GCC), which hosts more than 3.5 million Bangladeshi expatriates. Thus the new hub will offer a convenient solution for receiving and distributing remittances to Bangladesh from the GCC, including the United Arab Emirates (UAE). The sheer volume of money access points provides a cost effective cash-out network for inbound remittances. Many of these transfers will have been made from money credited via payroll payments directly onto the mobile phone of migrant workers – thus providing them with seamless, cost effective payments corridors.  Read more

Nepal urges IOM to channel remittances towards development interests of LDCs

Ambassador Dr. Dinesh Bhattarai, Permanent Representative of Nepal to the United Nations and other International Organisations, on Tuesday described the migration as the defining feature of the 21st century and effective engine for change.  

As global remittance is expected to reach $325 billion in 2010, which is almost three times higher than the average annual flow of ODA, he called upon the International Organisation for Migration (IOM) - migration agency based in Geneva - to come forward in assessing the ways and means of sustaining the flow of remittances in times of economic crisis, channelling remittances towards productive investment and advancing trade and development interests of least developed countries (LDCs). 
Read more

SOUTH AFRICA: Proletariat will now be able to bank at night

JOHANNESBURG - UBank, a workers bank formerly known as Teba, said its partnership with Blue Label Telecoms will help the mining proletariat to cut the pre-transactional costs involved in accessing a bank branch and allow the working class to send remittances home even when the bank branches were closed.
UBank's CE Mark Williams said workers did not have enough time to access a bank branch as they went underground in the morning and by the time they came out of the mine shaft banks  would already be closed. Read more

KENYA: Equity links up with Essar for diaspora cash transfer

Equity Bank has signed a deal with mobile phone firm Essar allowing its account holders to receive international remittances through the yuCash transfer system.
It is banking on an international money transfer infrastructure provider Obopay which also powers the yuCash system to tap into the market as it widens its net on mobile banking. Read more