Ghanaians in the Diaspora are set to benefit from the country's first ever fully electronic payment system in a move to ease bureaucracies and fraudulent activities in both foreign and local business transactions.
The system which takes off this year will be operated by the Omanye E Payment Systems with one of Ghana’s giants in the mobile phone telecommunications providers AIRTEL providing the technical controls. Read more.
Wednesday, 30 March 2011
Banks embracing India remittances
Banks are wooing expatriate workers in the UAE with deals on remittances, seeking to corner the lucrative market on money transfers.
Standard Chartered announced yesterday that it would waive fees on all online remittances to India until the end of May. The bank is hoping to attract more deposits from the 1.75 million Indian expatriates in the Emirates. Read more.
LITHUANIA: in 2010 emigrants' remittances equal one quarter of wages bill in Lithuania
In 2010, private persons transferred to Lithuania a record sum of 4.1 billion litas (1.188 billion euros), which equaled nearly one quarter of after-tax wages bill in Lithuania. According to SEB bank's financial analyst Gitanas Nauseda, the remittances from abroad did ease the decline of income and consumption during the financial crisis; however, remittances are a less useful type of revenue to the state's budget than wages.
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Constraints in the UK to Ghana Remittances Market
Over the past decade, remittances have had a significant impact on the economy of Ghana. According to the Bank of Ghana (BoG), remittances to Ghana have increased from about $450 million in 1999 to $1.8 billion in 2009, equivalent to 11% of GDP and exceeding Official Development Assistance. Increasing the
flow of remittances, reducing the cost of these migrant money transfers and encouraging the flow of more formal remittances holds significant importance for Ghana’s economic development.
Read more
flow of remittances, reducing the cost of these migrant money transfers and encouraging the flow of more formal remittances holds significant importance for Ghana’s economic development.
Read more
Will recent events in the Middle East Affect Remittance Flows to South Asia?
For countries with substantial numbers of workers in the Middle East, recent events have not only raised concerns for the repatriation and welfare of their citizens, but have also raised fears of a possible slowdown in remittances. Will remittance flows noticeably decrease due to recent events
in Egypt, Libya, and Tunisia? Read more
in Egypt, Libya, and Tunisia? Read more
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