Diaspora Journey

LEBANON: Connecting Lebanese diaspora with development

2011-11-23T11:53:00.001+01:00

BEIRUT: With a diaspora community of millions, and one of the highest remittances rates in the world, Lebanon maintains strong ties to its expats.

Launched in November 2009, Live Lebanon, a one-of-its-kind U.N. Development Program project, has sought to make the most of these links, channeling money from abroad to help development projects in Lebanon.

Fadi Salameh is the Institutional Goodwill Ambassador for UNDP Live Lebanon, representing the project and coordinating with the other ambassadors around the globe, each of whom is responsible for raising funds within their particular community, whether Australia or Brazil, among others.

PHILIPPINES: The 50-Million O.F.W. Community

2011-11-23T11:50:00.001+01:00

MANILA, Philippines — The latest report on remittances from overseas Filipino workers (OFW) reflects one of the strongest fundamentals of the Philippine economy, especially amid the global crisis, which has largely been responsible for the double-digit fall in export earnings.

The OFWs' remittances, according to the Bangko Sentral ng Pilipinas (BSP), increased by 8.4 percent in September 2011 to $1.74 billion from $1.6 billion in the same month last year on continued strong demand for Filipino workers in various countries. Read more

Nigerians in UK move to boost FDI, remittance

2011-11-23T11:48:00.001+01:00

By Clifford Ndujihe
TO improve Foreign Direct Investments, FDI, and remittances from United Kingdom, UK, Nigerian professionals in UK will host a seminar on December 1 to showcase the avalanche of business and investment opportunities in the country.

The seminar, with the theme, Delivering Projects in Complex Environments, is being organised by Nigerian Association of Project Professionals United Kingdom, NAPPUK, in London.

Currently, there are about 150,000 Nigerians in UK. Estimated remittances from Nigerians in the Diaspora stand at $20 billion with the United States accounting for the largest portion of official remittances followed by the UK.

Relatedly, estimated net flow of FDI is about $8 billion. Read more

PHILIPPINES: Weak options to protect overseas Filipino workers

2011-11-05T01:33:00.001+01:00

Government authorities have played down the negative effect of the ban on the deployment of Filipino workers in 41 countries, saying the impact “is not going to be very big,” as these countries did not receive too many OFWs.

The Department of Labor and Employment announced on Wednesday that it had issued the ban because these blacklisted countries failed to sign international conventions protecting foreign workers from abuse. Specifically, the DOLE board resolution posted on its website said none of these countries had signed agreements with the Philippines “on the protection of the rights of overseas Filipino workers.”

Do Remittances Reduce Aid Dependency? IMF, October 2011

2011-11-02T17:29:00.004+01:00

Summary: Aid has been for decades an important source of financing for developing countries, but more recently remittance flows have increased rapidly and are beginning to dwarf aid flows. This paper investigates how remittances affect aid flows, and how this relationship varies depending on the channel of transmission from remittances to aid. Buoyant remittances could reduce aid needs when human capital improves and private investment takes off. Absent these, aid flows could still drop as remittances may dampen donors’ incentive to scale up aid. Concurrently, remittances could be positively associated with aid if migrants can influence aid policy in donor countries. Using an instrumental variable approach with panel data for a sample of developing countries from 1975–2005, the baseline results show that remittances actually increase aid dependency. However, a refined model controlling for the channels of transmission from remittances to aid reveals that remittances lead to lower aid dependency when they are invested in human and physical capital rather than consumed.

Source

Download full Report

PHILIPPINES: World Bank eyes support for OFW program

2011-11-02T17:23:00.000+01:00

World Bank Group president Robert B. Zoellick said the multilateral lender was open to providing financial support to the Philippines for an assistance program for overseas Filipino workers (OFWs) affected by unfavorable events offshore.

In a press conference Thursday, Zoellick, who was in Manila for a two-day visit, acknowledged the ill-effects of the weak economies of the United States and the eurozone on migrant workers.

Zoellick said the bank funded similar assistance programs in the past in other countries, and it was willing to do the same for the Philippines.

ETHIOPIA: Migration, Despite the Risks

2011-11-02T17:17:00.001+01:00

In Africa, a transit centre in Addis Ababa, the Ethiopian capital, is a temporary refuge for young men and women—many of them still boys and girls in their teens—who tried and failed to escape poverty by making a debilitating and dangerous trek by land and sea to Saudi Arabia, their vision of a land of opportunity.

Most of them in the shelter, being fed and given health care while they wait for UNICEF to reconnect them to their Ethiopian families, were found in Yemen and repatriated with the help of the IOM. They share the transit centre with Somalis who have fled their ravaged country.

RUSSIA: Beeline offers online remittances to CIS countries

2011-11-02T17:15:00.002+01:00

Russian mobile operator Vimpelcom, working under the Beeline brand, in cooperation with the international transfers system Unistream and the payment system Ruru, is offering online remittance services to the CIS countries. The service is accessible on the Beeline.Money site and offers remittances to Ukraine, Tajikistan, Armenia, Georgia, Moldova and Kyrgyzstan. The operator plans to expand the list of countries. The maximum remittance is RUB 14,000, and the commission fee is 5.95 percent.

Source

Australia commits to cutting remittance costs

2011-11-02T17:13:00.000+01:00

Australia is to spend more than £2 million over the next two years to make it cheaper for migrants from developing Commonwealth countries to send money home to their friends and families.

The £2.3 million package, which was revealed on Wednesday, will be used to help boost competition in the remittance service market, and reduce the often extortionate fees which are charged for transferring money abroad.

Money will also be focused on new technologies, including mobile banking services, which will help migrants to send remittances easily and at little expense.

PHILIPPINES: Metrobank partners with Wells Fargo to provide remittance services to Filipinos

2011-11-02T17:09:00.001+01:00

(Source: Datamonitor)Metropolitan Bank & Trust Co., or Metrobank, has partnered with Wells Fargo through Uniteller Financial Services, to provide Filipinos a new way in claiming remittances from their families in the US.

According to Bangko Sentral ng Pilipinas (BSP), the Philippines received $18.76 billion of remittances in 2010, 8.2% higher than 2009. More than 40% of these remittances came from the US. Given the statistics, this remittance alliance gives overseas Filipinos, access to over 10,000 locations where they can remit money to the Philippines.

PAKISTAN: Remittances increased due to PRI, claims govt

2011-11-02T17:07:00.000+01:00

ISLAMABAD - Secretary Finance Dr Waqar Masood Khan Monday said that foreign remittances had increased due to the government’s plan “Pakistan Remittances Initiative” that provided an opportunity to the Pakistanis living abroad to send their money through regular channel.

Read more

PHILIPPINES: PH urged to bolster ties with Saudi

2011-11-02T16:58:00.000+01:00

MANILA, Philippines – The Philippines needs to reinvigorate bilateral ties with Saudi Arabia to maintain its edge over other labor-sending countries.

“At a time when all of these reforms in Saudi Arabia are taking place, we need a more vibrant economic diplomacy to maintain our competitive advantage over other labor-sending countries,” said Susan Ople, head of the Blas F. Ople Policy Center.

Ople said the Philippine government needs to do this, following the Kingdom's new policies aimed at regulating the number of foreign workers and their remittances.

JAMAICA: BOJ Reports Increased Remittance Inflows

2011-11-02T16:54:00.001+01:00

KINGSTON — The Bank of Jamaica (BOJ), in its latest report on remittances, said that during the month of August, total remittance inflows were US$174.6 million, an improvement of US$17.8 million or 11.4 per cent over the corresponding period last year.

Net remittances for the month, after accounting for outflows, were US$148.9 million, which represented an improvement of US$15.0 million or 11.2 per cent relative to the corresponding period of 2010.

Mexico logs biggest 12-month gain in remittances since 2006

2011-11-02T16:49:00.000+01:00

Mexico City – Mexico received $2.08 billion in remittances last month, up 21.2 percent from September 2010 for the biggest 12-month increase since October 2006, the country's central bank said Tuesday.

In the first nine months of the year, remittances amounted to $17.28 billion, 6.6 percent more than during the same period in 2010.

Remittances are Mexico's No. 2 source of revenue after oil exports and constitute a lifeline for many families.

Mexico Remittances Rise the Most in 5 Years on Cheaper Peso

2011-11-02T16:47:00.001+01:00

Nov. 1 (Bloomberg) -- Mexican remittances rose at the fastest pace in five years in September as immigrant workers took advantage of the peso’s decline to send more money to relatives.

Even as economic growth slowed in the U.S., money sent back to Mexico rose 21 percent to $2.08 billion in September from $1.72 billion in the same month a year earlier, the central bank said today. Remittances had not risen as rapidly since October 2006, when they shot up 24 percent, central bank data show.

Pensions, remittances to go online in Karnataka

2011-10-19T13:28:00.000+02:00

Thanks to the state government’s IT initiative in governance, all the transactions of the state treasury department will soon go online, ending the delay in getting your pension or salary.

The treasury department on Tuesday signed an MoU with Tata Consultancy Services (TCS) for Khajane II project, in the presence of chief minister DV Sadananda Gowda. Read more

PHILIPPINES: August remittances surged 11% to $1.67b

2011-10-19T13:19:00.000+02:00

Remittances from millions of Filipinos working abroad grew in August at the fastest rate in 20 months, giving the economy a needed boost in the second half after a sluggish performance in the first semester.

The Bangko Sentral said remittances in August reached $1.67 billion, up 11.1 percent from $1.503 billion year-on-year. The amount, however, was lower than $1.715 billion recorded in July.
The growth of remittances in August was the fastest rate of increase since inflows grew 11.4 percent year-on-year in December 2009. Read more

Indians send record sums home

2011-10-19T13:16:00.000+02:00

Indians living in the Gulf have sent record sums of money home in remittances, taking advantage of the rupee's plummet against the dollar.

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Measured against the Reserve Bank of India's reference rate, the rupee fell by nearly 13 per cent from 44 to the dollar on August 1to 49.7 to the dollar on September 23.

The UAE's Indian population alone yielded about US$60 million (Dh220.3m) in August and September, according to data from Indian asset management companies based in UAE. Market observers said the continuing rupee decline had created a good money-making opportunity for many. There are reports that many non-resident Indians (NRIs) have resorted even to borrowing to boost their remittances.

BOC accounts for over 47% inward remittances

2011-10-18T17:26:00.000+02:00

“Sri Lanka received inward remittances worth $ 4 billion last year and the country has the potential to double the value over the next few years. We now see a trend where the banking system is being used widely to remit money unlike in the past which is a positive sign towards enhancing the remittance volume,” Bank of Ceylon (BOC) Chairman Dr.Gamini Wickramasignhe said.

Dr. Gamini Wickramasignhe

The country will reach $ 4.8 billion foreign remittances by the end of this year. Bank of Ceylon has been able to account for over 47 percent of the entire inward remittances to the country, he said.

“Our target is a ten percent remittance growth from the current Rs 200 billion. If the country could harness its true potential the volume could even be higher,” he said at the launch of NRFC Wasana and Cash Remitts raffle draw 2011 and 2012 and the re-launching of the RKFC Account held on Friday in Colombo.

Read more

Global forum on Migration and Development (GFMD) Civil Society Days 2011

2011-10-18T17:19:00.000+02:00

Geneva, 19 September - Preparations for the GFMD Civil Society Days (CSD) (29-30 November) to be held in Geneva, Switzerland are well underway, in the countdown to the 2011 Global Forum on Migration and Development (GFMD). Find below some updates on important developments.

Read more

SRI LANKA: Bank of Ceylon launches promotional campaigns targeting inward remittance stakeholders

2011-10-18T16:36:00.000+02:00

Oct 17, Colombo: Government-owned major commercial bank in Sri Lanka, Bank of Ceylon (BOC) has launched a monthly raffle draw for the "Beneficiaries" of inward remittances.

The raffle is a part of the "Cash Remits" campaign targeting the beneficiaries of inward remittances. BOC says that the bank will conduct monthly draws and offer cash prices for the winners.

BOC has also re-launched its "NRFC Wasana" campaign targeting the remitters.
Read more

PHILIPPINES: Remittances Increase 6.9% To $13.02 Billion In First 9 Months

2011-10-18T16:34:00.000+02:00

MANILA, Philippines — Remittances from overseas Filipinos amounted to $13.02 billion in the first nine months of 2011, up 6.9 percent year-on-year, the Bangko Sentral ng Pilipinas (BSP) Monday reported.

Fund transfers through official bank channels and monitored by the BSP totaled $1.67 billion for August alone, up 11.1 percent year-on-year but compared to the previous month or in July, the monthly tally was lower by 2.4 percent. It was the first time remittances climbed at a double-digit pace this year, the central bank said. Read more

GHANA: First African Savings enters agreement with GCB

2011-10-18T16:32:00.000+02:00

Accra, Oct. 17, GNA - Clients of First African Savings and Loans Limited (FASL), a money transfer organization, will now be able to send remittances to their dependents in Ghana faster through a partnership it has with the Ghana Commercial Bank Ltd (GCB).

Under the partnership FASL will take advantage of GCB’s nationwide spread of 157 branches and an efficient network to channel remittances from clients in Europe and North America to their beneficiaries in Ghana.

Speaking at a meeting of officials of the two institutions, Mr. Samuel Sarpong, Deputy Managing Director in charge of Operations, GCB, expressed his excitement at having FASL on board and pledged the commitment of the Bank to ensure the best in customer service. Read more

BankMuscat launches remittance service to Philippines

2011-10-17T16:39:00.001+02:00

BankMuscat, the leading financial services provider in the Sultanate, and Rizal Commercial Banking Corporation (RCBC) Manila, signed an agreement to launch remittance service to the Philippines.

Sulaiman al Harthy, Group DGM – Consumer Banking, signed the agreement on behalf of BankMuscat and Cynthia P Santos, First Senior Vice-President, signed on behalf of RCBC, in the presence of Philippine embassy officials and prominent community members. To begin with, the new facility will be available at a dedicated remittance centre in Ruwi benefitting the 55,000-strong Filipino community in the Sultanate.

Sulaiman al Harthy said: “As always, BankMuscat takes the lead in offering value added services to customers, including Expat customers, out of which the Filipino community represents the fifth largest customer base of the bank. BankMuscat continuously seeks ways to ensure that our customers receive the best products and service. In view of our ongoing efforts to expanding banking services to customers, especially to meet the increased demand for remittance services, we are launching a dedicated Filipino remittance desk to cater to our customers. The BankMuscat strategy is to attract customers through innovative products and services. The Bank remains focused on providing value added services.” Read more

Kerala needs a new development ‘model’

2011-10-17T16:36:00.000+02:00

Ever since the Center for Development Studies in Thiruvananthapuram came out with a study highlighting Kerala’s accomplishments in the areas of its material quality of living, health and education some four decades ago, the phrase “Kerala model” has had a life of its own.

An array of eminent academics and public intellectuals — most notably, Nobel laureate Amartya Sen — have relentlessly sung praise to the “Kerala model,” and encouraged others to adopt it.

“Kerala demonstrates that a low-level economy can create a decent life, abundant in the things — health, education, community — that are most necessary for us all,” American environmentalist Bill McKibben wrote in the 1990s after visiting the state. “Kerala stands out as the Mount Everest of social development; there’s truly no place like it.”

Brac Bank mobile remittance service becomes active

2011-10-17T16:34:00.000+02:00

BRAC Bank remittance beneficiaries have begun to receive money from Robi Sheba Points recently at Kaligonj, Gazipur, said a press release.

Managing Director and Chief Executive Officer of BRAC Bank Ltd. , Mr.Syed Mahbubur Rahman & Chief Market Officer of Robi, Mr. Bidyut Kumar Basu werepresent at the event where Ms.Rabeya Begum a resident of Kaligonj received her remittance money from Robi Sheba Point.

E-payment for Ghanaians in the Diaspora

2011-03-30T14:29:00.000+02:00

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.

Banks embracing India remittances

2011-03-30T14:22:00.000+02:00

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

2011-03-30T14:15:00.000+02:00

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.

Read more

Constraints in the UK to Ghana Remittances Market

2011-03-30T14:13:00.000+02:00

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

Will recent events in the Middle East Affect Remittance Flows to South Asia?

2011-03-30T14:10:00.000+02:00

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

PHILIPPINES: Dollar's Fall Rocks Far-Flung Families

2011-02-25T17:07:00.000+01:00

MABINI, the Philippines—The world's currencies are gyrating, but the strains are being felt beyond financial capitals and corporate boardrooms. Millions of families in developing countries rely on relatives sending dollars, euros and other weakened currencies from abroad to prop up spending at home.

Lorena Baquillos's husband, Jimmy, is one of nearly 10 million Filipinos working around the world. She's managed to open a small grocery here on the money Jimmy sends home as a merchant seaman, but his dollar-based pay is translating into fewer pesos at home than it did a few years ago. Read more

PHILIPPINES: Remittances from Libya, Yemen, Bahrain 1.3% of total, says central bank

2011-02-25T17:05:00.000+01:00

Money sent home by overseas Filipino workers in strife-torn countries in the Middle East and North Africa is only 1.3 percent to the total remittances last year, the Bangko Sentral ng Pilipinas (BSP) said Thursday.

"The potential disruption [of money transfers] is something we can tolerate," BSP Assistant Gov. Cyd Tuano-Amador told reporters. But this disruption could eventually matter if the violence continues in strife-torn Libya, Yemen, and Bahrain, she added.

Remittances grew 8.2 percent to a record $18.76 billion last year, from $17.35 billion in 2009, as
demand for skilled Filipino workers remains strong, the central bank reported on Feb. 15.

Read more

PHILIPPINES: Harvard prof: PH emigration to slowdown in 30-40 years

2011-02-25T17:00:00.000+01:00

Harvard professor Dr. Jeffrey Williamson talked to Business Nightly on Wednesday to talk about

emigration trends.

He said that every emigrant-sending country has gone through the following stages: rising, leveling, then descending. "I don't expect Philippines to be any different," he said during the interview.

Key driving forces for the eventual easing off include demography and improving job choices at home.

He explained that as young adults emigrate, the number of young adults at home as a share of the population will be less. "The exit rate will tend to ease off," he said. Read more.

PHILIPPINES: Philippine Peso Gains on Speculation Drop Overdone; Bonds Fall

2011-02-25T16:57:00.000+01:00

The Philippine peso rose for the first time in three days as some investors took advantage of declines triggered by unrest in the Middle East to buy the currency. Government bonds fell.

The peso has retreated 0.5 percent since Feb. 18 following a 1.1 percent weekly advance that marked it’s best performance in five months. Today’s rebound was modest because of concern instability in countries including Libya, Egypt and Bahrain will drive up the cost of crude oil imported by the Philippines and curb remittances from Filipinos living in the region, according to Marcelo Ayes, a Manila-based senior vice president at Rizal Commercial Banking Corp.

PAKISTAN: Remittances and hope

2011-02-25T16:55:00.000+01:00

A pioneering new study commissioned by the Pakistan government and carried out by the International Organization of Migration, finds that remittances from overseas can quite dramatically change the quality of life for households that receive them, allowing families to pull children out of labour, purchase land or agricultural implements, pay for marriages or put them in savings. The small-scale study looks at 500 households in nine high-migration districts of the country and in Azad Kashmir. Its findings show the average total remittances received per household from the time the migrants went abroad were Rs 1.05 million. Read more

West Asia crisis may slow remittances in near term

2011-02-09T05:46:00.000+01:00

Region accounts for 48 per cent of the total inflows into India.

Remittances to India, especially from the West Asian countries, may decelerate in the near-term as the region continues to witness political turmoil following mass uprising against the governments in Tunisia and Egypt.

The Jasmine Revolution in Tunisia, which capsized the local government a few weeks back, saw popular uprising against unemployment and corruption.

This was followed by riots in Egypt, which, according to the United Nations, have left as many as 300 people dead. Protests were also witnessed in Jordan and Yemen. Read more

Remittances from Kenyans in Diaspora rise

2011-02-09T05:44:00.000+01:00

Remittances from Kenyans abroad increased minimally last year to stand at Sh51.3 billion, the Central Bank of Kenya has said.

In a year that saw further recovery of the global economy, remittances increased by five per cent from Sh45.6 billion recorded in 2009.

The increase was an indication that leading economies in North America and Europe that account for most of the remittances are back on a strong footing after the global economic crisis, considering that in 2008, money sent back home stood at Sh45.8 billion. Read more

SOMALIA: Dahabshiil Provides Vital Remittances, Says BBC

2011-02-05T07:00:00.000+01:00

LONDON, PRNewswire/ -- By handling remittances from the international Somali diaspora, Dahabshiil provides a vital source of income for African communities and in doing so, has become Africa's largest money transfer company, according to a recent article by the BBC.

In the interview by Zeinab Badawi of the BBC, Dahabshiil's CEO, Abdirashid Duale, speaks about his company's operations in Somaliland and of the difficulties in doing business abroad that arise from the unofficial status of the region, once British-controlled, in North West Somalia.
Read more

Hawala operators expect windfall

2011-02-05T06:55:00.002+01:00

DOHA: People running unofficial remittance channels (hawala) between Qatar and Egypt literally anticipate a ‘windfall’ if the demonstrations continue in Egypt as that would aggravate inflation and further weaken the local currency.

The operators ‘hope’ that with rising inflation back home, Egyptian expatriates here would be compelled to remit more funds to their families to help them keep pace with galloping prices.

And since banks and exchange houses remain closed in Egypt, they expect the expatriates here would be forced to use the black market for remittances.

The Qatari Riyal-Egyptian Pound rate, though remained unchanged in the unofficial remittance market here yesterday at 1.9 pounds per riyal—Wednesday’s rate—operators expect a ‘brisk’ business from today. The official riyal-pound rate has also jumped to 1.7 pounds to a riyal, although official remittances continue to be inactive.

Meanwhile, dollars are selling like hot cake in Cairo as foreigners desperate to leave trouble-torn Egypt are willing to cough up any sums in the local currency to grab the greenback. Read more

GUATEMALA: Guatemalan remittances rose 15.1% in January 2011

2011-02-05T06:53:00.000+01:00

Guatemala City. Revenues through remittances increased by 15.1 percent in January 2011 compared to the same month in 2010. The Bank of Guatemala revealed yesterday that January 2011 showed revenues of $ 283.3 million. Although this amount is higher than January 2010, when revenues where at U.S. $ 246.1 million, it has not yet reached the levels of 2009, revenues of US $ 290.2 million, or U.S. $ 314.6 million of January 2008. Read more

LATIN AMERICA: New program helps harness the development potential of remittances sent to Latin America.

2011-02-05T06:50:00.001+01:00

new program helps harness the development potential of remittances sent to Latin America.

BY MIMI WHITEFIELD

MWHITEFIELD@MIAMIHERALD.COM

Billions of dollars in remittances flow to the families of U.S. workers in Latin America annually and pay for everything from putting food on the table to buying cement blocks to build homes.

But under a new program launched by the U.S. government, the Inter-American Development Bank and banks in Central America, some of that money will be used to spur development in the region.

Consider: In 2009, $50 billion in remittances were sent from the United States to Latin America and the Caribbean. That's five times the amount of development assistance pledged to the region.

ZIMBABWE: Diaspora remittances up

2011-02-03T05:56:00.000+01:00

HARARE - Remittances from Zimbabweans living abroad have increased 32.9 per cent in 2010 to about US$263.3 million, the Reserve Bank of Zimbabwe (RBZ) has said.

Figures released by the central bank showed that remittances had increased significantly from the US$198.2 million recorded in 2009.

“The growth rates primarily reflected the market’s confidence in the formal channel of remitting free funds,” the central bank said in a recent economic update. “In the outlook, the sector is poised to grow in 2011 due to the broadening of the Bureau De Change operating framework.”

Millions of Zimbabweans now live in neighbouring Botswana and South Africa while others have settled in Europe and the United States. Most left the country over the last decade to escape a biting economic crisis characterised by world record inflation and high unemployment. The vast majority send money back home to support their families.

Source:

MEXICO: MoneyGram and Visa Extend Remittance Service to World’s Largest Remittances Corridor

2011-02-03T05:49:00.002+01:00

MoneyGram International (NYSE:MGI), a leading money transfer services company, and Visa Inc. (NYSE:V) announced today the launch of MoneyGram’s first cash-to-Visa account program for remittances from the United States to Mexico.

The program, which is built off of the success of MoneyGram’s cash-to-Visa service in Guatemala, allows consumers to visit any of the 35,000 MoneyGram locations in the U.S. to quickly and reliably send funds directly to eligible Visa accounts in Mexico. Recipients in Mexico receive the funds directly to their Visa credit, debit, or prepaid accounts, giving them convenient access to their funds through Visa’s global network of millions of merchant acceptance locations and ATMs.

PAKISTAN: IOM Launches Study on Impact of Remittances on Pakistan's Development

2011-02-03T05:45:00.001+01:00

Pakistan - IOM today launched a study investigating the impact of remittance flows from Pakistani migrant workers in Saudi Arabia on their families back home.

The study, commissioned at the request of the government, was funded by IOM's 1035 Facility for member states and targets an area that suffers from a dearth of empirical data.

"The research will help key stakeholders in the government to draft new legislation enhancing the development impact of these remittances on local, regional and national levels in Pakistan. It may also help to improve remittance services for Pakistani workers in Saudi Arabia," says IOM Regional Representative for West and Central Asia Hassan Abdel Moneim Mostafa. Read more

PHILIPPINES: Landbank makes Japan remittances easier

2011-02-03T05:31:00.001+01:00

A news service being offered by the LandBank of the Philippines has made it easier for Overseas Filipinos (OFs) and their families to send and receive money in the country.

This, after Landbank inked an agreement with the Japan Post Bank (JPB) at the Philippine Embassy in Tokyo recently.

Under the agreement signed by Landbank and JPB executives, remittance of Japan-based overseas Filipinos as well as other fund transfer to other local banks sent through JPB will be distributed by Landbank. Read morehttp://www.pia.gov.ph/?m=1&t=1&id=14366

VIETNAM: More cash pours in from overseas Vietnamese

2011-02-03T05:21:00.001+01:00

HCM CITY — The World Bank predicts inward remittances will increase by more than 6 per cent this year, based on the amount of last year.

Inward remittances to Viet Nam increased strongly in the last decade, from only US$1.2 billion in 1999 to $7.2 billion in 2008.

Last year was the first time in which remittances surpassed $8 billion, a rise of 25.6 per cent over 2009.

The recovery of the world economy as well as better economic growth have opened more business opportunities, with more and more overseas Vietnamese transferring money to invest here.

With a more liberalised remittance policy, including allowing the sending and receiving of US dollars, commercial banks as Sacombank and Vietcombank have taken many measures to attract foreign currencies. Read more

2011-02-03T05:19:00.000+01:00

After a slump in 2009, migrant financial remittances back to Africa were again on the rise in 2010. Experts expect a further growth in funds sent to Africa in 2011 and 2012.

According to a recent World Bank study, the slump in remittances to Africa in 2009 was recovered last year. By the end of 2010, Bank estimates show, Africans abroad will have sent back a total of US$ 21.5 billion, posting a 4.4 percent rise, after a decline of 3.7 percent the year before. Read more

TAJIKISTAN: Remittances on the rise in Tajikistan

2011-02-03T05:08:00.003+01:00

Tuesday, February 01, 2011 - Foreign workers’ remittances sent home to Tajikistan climbed by more than one-quarter to reach $2.1 billion in 2010, according to figures released by the head of the National Bank of Tajikistan (NBT).

Total remittances from January to November 2010 were up 27 percent over the same period in 2009, but remained below pre-global crisis levels, said central bank chief Sharif Rahimzoda.

“Compared to 2009 remittances to Tajik banks considerably increased last year, but they are still far from the record figures of 2008, when $2.6 billion were remitted to banks in Tajikistan,” the AsiaPlus news agency cited the NBT head as telling a press conference in the capital Dushanbe.

Egypt bank closures cut off vital Gulf remittances

2011-02-03T05:06:00.001+01:00

DUBAI, Feb 1 (Reuters) - The closure of Egyptian banks has prevented Gulf-based Egyptians, who make up the bulk of the population living abroad, from sending vital remittances back to the North African country, exchange operators said on Tuesday.

Egypt, racked by political unrest as demonstrators bid to end President Hosni Mubarak's 30-year rule, is heavily reliant on funds from its citizens abroad.

The World Bank estimates about $7.6 billion was remitted to Egypt in 2010.

MEXICO: Remittances to Mexico up marginally in 2010

2011-02-03T05:04:00.001+01:00

Mexico received a total of $21.27 billion in remittances in 2010, which signifies a small increase of 0.12 percent over the year before, the country's central bank said Tuesday.

"This indicates that remittances barely managed to halt the decline that occurred in 2009 and their recovery has been slow. Remittances depend chiefly on employment in the United States, where the outlook continues to be complicated," a report by the Mexican bank Ixe said.

Remittances constitute the second largest source of foreign currency for Mexico after oil sales.

Financial inclusion: A better tomorrow for all Indonesians

2010-12-30T17:34:00.002+01:00

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.

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

2010-12-19T13:03:00.000+01:00

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.”

PHILIPPINES: OFW families turn to savings — BSP survey

2010-12-14T06:10:00.000+01:00

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)

2010-12-14T06:08:00.000+01:00

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

2010-12-14T06:05:00.000+01:00

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.

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

2010-12-10T02:13:00.000+01:00

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.

More

West Africa Conference: Mobile Remittance - West Africa 2010

2010-12-10T02:02:00.001+01:00

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

Migrant worker remittances reached US$5 billion

2010-12-09T23:52:00.000+01:00

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.

Source

Peru remittances reached US$635 million in 3Q 2010

2010-12-08T13:13:00.000+01:00

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

2010-12-08T13:08:00.001+01:00

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

2010-12-08T13:05:00.001+01:00

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

2010-12-08T13:02:00.001+01:00

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.

Source

Bangladesh receives $946.989m remittances

2010-12-08T13:00:00.002+01:00

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

2010-12-08T12:57:00.001+01:00

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

2010-12-08T12:48:00.001+01:00

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

Estimated $18 Billion/ Year Flows into US Via Remittances

2010-12-07T18:04:00.005+01:00

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

2010-12-07T17:27:00.001+01:00

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

2010-12-07T14:27:00.003+01:00

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

NIGERIA: Microfinance banks show interest in building project

2010-12-05T01:11:00.003+01:00

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.

Source

BANGLADESH: Luup And ITCL Launch Q-Cash Mobile

2010-12-05T01:07:00.001+01:00

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

2010-12-05T01:05:00.001+01:00

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

2010-12-05T00:55:00.002+01:00

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

2010-12-05T00:49:00.002+01:00

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

LEBANON: Debt burden overshadows strength in Lebanese remittances, financial sector

2010-11-24T15:53:00.000+01:00

Last month Moody’s noted in regards to Lebanon that “deep structural challenges” (namely high public debt which hampers the scope for productive, public spending; see graph) continue to limit the economy’s longer term potential, though it riterated that a “robust level of external liquidity, a resilient bank deposit base, the government’s strong track record of debt servicing, and the country’s proven ability to mobilize donor support” underpinned its B1 rating for foreign and local currency government debt (raised from B2 last April). Read more

Burundi: Country Gets New Money Transfer Service

2010-11-21T21:49:00.000+01:00

Bujumbura — Econet, a locally registered mobile and wireless voice and data provider, that started operations in Burundi in March last year, has launched a money wire transfer upgrade that will make it possible to transfer money between the different telephone networks in Burundi. This was revealed in a press conference in Bujumbura last week.

"We are continuing to fulfill the promise we made at our launch in March last year. We are unveiling another first," said Econet's MD, Mr. Darlington Mandivenga. Read more

World Bank: Migration and Remittances Factbook 2011, second edition

2010-11-21T21:42:00.000+01:00

Please download the new report here

Top ten remittance receiving countries (developing countries) in US$ billion (2010e)

India - 55.0 bn
China - 51.0 bn
Mexico - 22.6 bn
Philippines - 21.3 bn
Bangladesh - 11.1 bn
Nigeria - 10.0 bn
Pakistan - 9.4 bn
Lebanon - 8.2 bn
Egypt - 7.7 bn
Vietnam - 7.2 bn

India To Receive $55 Billion Remittances In 2010

2010-11-21T07:14:00.002+01:00

DUBAI – Indian expatriates are expected to remit about $55 billion into the country this year as the number of emigrants from the nation is likely to clock 11.4 million, a new World Bank report said. India is likely to stay as the top receiver of remittances in 2010, as inflows of $51 billion to China keeps it a place down, with Mexico at third spot, expecting $22.6 billion from its overseas population.

The World Bank in its ‘Migration and Remittances Factbook 2011′ report said worldwide inflows are expected to reach $440 billion by the year end, with remittances to developing nations are likely to reach a record $325 billion from the 2009 figure of $307 billion. Read more

MEXICO: How important are remittances to Mexico’s economy?

2010-11-21T07:13:00.000+01:00

There are millions of Mexican workers in the USA who send a sizable portion of their wages back to their families in Mexico. On a per person basis, Mexico receives more worker remittances than any other major country in the world.

An estimated 20% of Mexican residents regularly receive some financial support from workers abroad. Such remittances are the mainstay of the economies of many Mexican communities, such as many rural areas in Durango, Zacatecas, Guanajuato, Jalisco and Michoacán. Studies suggest that the funds sent as remittances are mostly spent on housing, food, clothing and durable consumer goods. A growing portion is being invested in education and small businesses. The corollary is that only a small percentage goes towards savings. Read more

PHILIPPINES: More OFWs using online remittance systems

2010-11-20T23:20:00.000+01:00

By Anna Valmero, loQal.ph
For Yahoo! Southeast Asia

MAKATI CITY, METRO MANILA – From the door-to-door money transfers highly common during the 1980s and 1990s, more overseas Filipino workers nowadays are sending remittances using the Internet.

A Web-based remittance service is designed to cater to busy, Internet-savvy OFWs who prefer the convenience of sending money quickly and safely from the comfort of their homes abroad without going to money transfer centers.

Up to this day, the remittance delivery market is “highly fragmented” with a lot of players but charges per transaction remain high and there are limited options how beneficiaries will get the money, according to said Timothy Fanning, chief operating officer of Ria Financial Services.

Traditionally, families of OFWs get the money through door-to-door services or by going to a remittance center such as a local bank or pawnshop. Read more

PHILIPPINES: Asia's Social, Mobile Media Trend Setter

2010-11-20T23:16:00.000+01:00

While the rest of the Asia and the world are getting fascinated over the power of mobile remittances, Filipinos are yawning over it, probably wondering what makes a service that's available in every urban and rural sari-sari stores in the country is so special. Read more

INDIA: Making foreign remittances easier

2010-11-20T23:07:00.001+01:00

Besides service fee, there is a currency conversion charge

With the number of Indians working abroad rising fast, remittances have become a part of life for many families. According to the World Bank’s Migration and Remittances Factbook, 2011, India is set to receive the highest remittances in the world this year.

No wonder money transfer agencies (MTAs) such as Western Union and Money Gram are advertising big time and tying up with leading banks, including State Bank of India (SBI). But there are other options for transferring money as well.
SWIFT transfers
These are through the SWIFT network – a system for international inter-bank fund transfers.

Most banks do not cap the amount an individual can send. The number of transactions per year is also not restricted. However, there may be a threshold limit, usually $100-500. Read more

PHILIPPINES: MoneyGram International signs Cebuana Lhuillier Financial Services as direct agent in PH

2010-11-20T22:53:00.000+01:00

MANILA, Nov 18, 2010 (Asia Pulse Data Source via COMTEX) --
MoneyGram International (NYSE: MGI | PowerRating), a leading global money transfer company, on Thursday announced Cebuana Lhuillier Services Corporation (CLSC) as a direct agent in the Philippines .

More than 1,200 Cebuana Lhuillier branches offer MoneyGram?s service nationwide through its Cebuana Pera Padala remittance service. Cebuana Lhuillier has been MoneyGram?s sub-agent for five years prior to this direct agent partnership. Read more

PHILIPPINES: Aquino, OFW money drive investor confidence

2010-11-20T22:50:00.000+01:00

Investor confidence in the Philippines reached an all-time high this quarter, driven by perception that the Aquino administration would be able to sustain a strong economy on increasing remittances by Filipinos abroad.

The confidence index hit an all-time high of 50.6 percent this fourth quarter from 45 percent in the third quarter, BSP Economic Statistics director Rosabel Guerrero said in a briefing Thursday, citing results of central bank’s quarterly Business Expectations Survey. Read more

Western banks seek to gain stronger foothold in Africa

2010-11-20T22:47:00.000+01:00

Africa's financial market is becoming more interesting to international banks and financial service providers as mobile phone usage increases. Further investment could change the dynamics of the remittance market.

The increase in mobile technology and telecommunications in Africa is attracting international banks and financial service providers to fuel investments. According to a British think tank on international development and humanitarian issues, the Overseas Development Institute, Africa has offered higher profits for multinational companies compared to the rest of the world for more than a decade.

There is emerging evidence that multinational businesses are seeking a greater stake in Africa, especially in financial services. Banks are responding to a growing demand for loans or investment accounts since Africans at home and abroad have started looking for more structured ways to do business.

Even remittances, money sent home by Africans living abroad, are beginning to recover in the aftermath of the global economic crisis. Remittances expert and head of the consultancy Developing Markets Associates, Leon Isaacs, told Deutsche Welle that the mobile phone and internet revolution makes market access in Africa possible. Any African who has a phone knows how to use it, but most of them do not have a bank account. Read more

Kenyan Remittances Rose 13% in September, Country's Central Bank Says

2010-11-20T22:44:00.002+01:00

Kenyans living abroad sent home 13 percent more funds in September than a month earlier, the Central Bank of Kenya said.

Remittances totaled $58.6 million compared with $52 million a month earlier, research director Charles Koori said in a statement on the bank’s website today in Nairobi, the capital. Cumulative remittances during the nine months through September climbed 22 percent to $461.4 million from a year earlier, he said.

“The source markets for remittances have on average maintained the same shares, with North America contributing 53 percent and Europe 26 percent of total remittances to Kenya in September 2010, from the survey,” he said.

To contact the reporter on this story: Johnstone Ole Turana in Nairobi via Johannesburg at pmrichardson@bloomberg.net.

To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net.

WB Urges African Governments, Financial Institutions to Leverage Development Impact of Remittances

2010-10-23T17:38:00.000+02:00

The FINANCIAL -- Remittances to sub-Saharan Africa exceed US$21 billion and are forecast to grow by almost 2 percent in 2010 despite a weak global economy, according to World Bank estimates on remittances flows.

A recent Bank survey for Kenya estimates that 14 percent of adult Kenyans regularly receive an average of US$735 in remittances from abroad a year. This amount is remitted in seven transactions amounting to US$105 each, according to the survey for Kenya, which was launched today at a joint conference by the World Bank and the Central Bank of Kenya in Nairobi. Read more

AFRICA: Remittances to sub-Saharan Africa exceed US$21 billion

2010-10-23T17:17:00.000+02:00

Remittances to sub-Saharan Africa exceed US$21 billion and are forecast to grow by almost two percent in 2010 despite a weak global economy, said the World Bank.

The Bank stated in a press release issued on Tuesday, urging governments and remittance service providers to cooperate and reach out to each other to enhance the development impact of remittances for Africa.

“A recent Bank survey for Kenya estimates that 14 percent of adult Kenyans regularly receive an average of US$735 in remittances from abroad a year. This amount is remitted in seven transactions amounting to US$105 each, according to the survey for Kenya, which was launched today at a joint conference by the World Bank and the Central Bank of Kenya in Nairobi. Read more

AFRICA: Remittances to Africa edging up, lagging other regions

2010-10-23T17:12:00.000+02:00

NAIROBI – Remittances to Sub-Saharan Africa will rise modestly this year despite a sluggish world economy, but its share of such monies trails those of other developing regions, a World Bank official has said.

Funds sent home to the region by citizens living abroad “exceed US$21 billion and are forecast to grow by almost two per cent in 2010 despite a weak global economy”, said a World Bank study launched jointly with Kenya’s central bank.

Remittance flows represent a significant share of gross domestic product (GDP) for many African countries, but “in global terms it is not as high as other regions”, Benjamin Musuku, head of the World Bank’s Future of African Remittances programme, told Reuters after a news conference.
He noted that remittances to Mexico alone were roughly the same as those received by the whole of Sub-Saharan Africa. Read more

Remittances buoy small Pacific economies

2010-10-23T17:04:00.002+02:00

WELLINGTON, New Zealand (Pacific Scoop, Oct. 14, 2010) – University researchers and Pacific Island people alike are claiming that not all Pacific Islands are as vulnerable as they may seem.

Geoff Bertram, senior economics lecturer at Victoria University and an authority on small Pacific Island societies, says that the situation in the Pacific Islands is not as bad as people seem to think.

"On the whole, the Pacific is in a good state," he says.

This is because of remittances – relatives in other countries supporting their families back home.

Dr. Melani Anae, senior lecturer in Pacific Studies at the University of Auckland, says this system is working well for Pacific nations such as Samoa and Tonga, to keep up the standard of living. Read more

Ghanaians Abroad Should Be Allowed To Vote

2010-10-23T16:50:00.000+02:00

The majority of respondents in a survey on the review of the 1992 Constitution, have endorsed the granting of voting rights in national elections to Ghanaians living or working abroad.

They indicated that such an amendment would enhance the decision making process among the citizens living abroad and enhance their remittances, which is of significance to Ghana’s economy.
Read more

INDIA: Mobile financial services for poor

2010-10-23T16:48:00.000+02:00

As mobile penetration increases in India, it’s inevitable that it spreads economic wellbeing. Now that money transfers, payments and banking can take place over the device, financial services are available to anyone with a mobile. Telecom operators, the Reserve Bank of India (RBI), Mobile Payment Forum of India and the Unique Identification Authority of India have taken several initiatives to expand financial inclusion. Read more

BANGLADESH: Fair contest in remittance transfer demanded

2010-10-23T16:44:00.000+02:00

Speakers at a dialogue underscored the need for a liberalised regime for facilitating the transfer of migrants' remittances. They observed that a few multinational money transfer agencies are enjoying near monopoly control on local banks with which they have relationships through exclusivity clause. They demanded termination of such clause for facilitating increased inflow of remittances into the country. Agreeing, in principle, with the above position the Governor of Bangladesh Bank stated that the absence of competition law in the country has led to such undesirable situation. The Governor informed that a review will be conducted by the central back in this regard.

Speaking as the Chief Guest Dr. Atiur Rahman also said that the introduction of new technology in remittance transfer has had a significant impact on the volume of remittance to the country. He urged the private and public sector banks to collaborate with one another to provide best possible services to remitter and their families at the minimum possible cost. The Governor also urged the banks to develop investment products for returnee migrants under their Small and Medium Enterprise (SME) scheme. Read more

KENYA: Billions received as diaspora remittances increase

2010-10-23T16:41:00.000+02:00

NAIROBI (Xinhua) -- Kenya received U.S. $1.9 billion dollars in remittances from the Diaspora over the past year according to a World Bank-sponsored study.

The study which was released in Nairobi on Tuesday Diaspora remittances have grown steadily over the last five years, providing support for Kenyans with relatives working abroad, while also boosting the country’s real estate and stock market.

The World Bank study says about 2.6 million Kenyans or 14 per cent of the adult population regularly receive an average of U.S. $750 dollars a year from their relatives residing abroad.
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PHILIPPINES: Globe launches ATM card for OFW remittances

2010-10-15T10:28:00.000+02:00

MANILA, Philippines—G-Xchange Inc. (GXI), a wholly owned subsidiary of Globe Telecom, has launched an automated teller machine (ATM) card that makes it easier for Filipinos to receive remittances from their relatives and other loved ones abroad.

The GCASH Card, which is an ATM card linked to an electronic wallet, allows holders to withdraw remittances from the estimated 9,000 automated teller machines of Bancnet, Megalink, ExpressNet, and Encash nationwide. Read more

Pakistan remittances grow by 13.5pc in first quarter

2010-10-15T10:26:00.000+02:00

KARACHI: Remittances sent home by overseas Pakistanis registered a growth of 13.5 percent to reach $2.646 billion during the first quarter (July-September) of the current fiscal year, spokesman for the State Bank of Pakistan (SBP) said on Monday.

Syed Wasimuddin, Chief Spokesman, State Bank of Pakistan, said that the flow of remittances continued to show a rising trend as an increased amount of $314.8 million was received during the quarter against $2.331 billion during the same quarter last year. Read more

GHANA: Ecobank Launches Instant Money Transfer

2010-10-07T06:49:00.000+02:00

ECOBANK Ghana, a member of the Pan African Banking group has launched the first intra-African money transfer across 30 countries and beyond.

The Ecobank Rapid Transfer is an instant money transfer product which provides fast, convenient and a reliable way to transfer money across and within countries where Ecobank is present.

Speaking at the launch, the First Deputy Governor of the Bank of Ghana, Dr Kofi Wampah, said remittances had become an important ingredient in the growth prospects of developing countries and also had the potential as a developmental tool. Read more

Remittances to Colombia drop 10.5%

2010-10-05T06:25:00.002+02:00

Remittances sent from Colombians abroad dropped 10.5 percent in the first six months of 2010, according to a report by Colombia's central bank.

Colombians receive the most money from familiy members living in Spain and United States, and the drop in remittances is attributed to financial crises in both countries. Currently 7.5 percent of Colombian earnings are attributed to remittances, according to the bank.

The total number of remittances received reached $1.87 billion, meaning a decrease of around $220 million as compared to last year.

According to the report, the departments in the Coffee Region are the most dependent on money sent from abroad due to their unemployment rates. The unemployment rate in Pereira is 21.3 perecent, and is 17 percent in both Manizales and Armenia. The national urban unemployment rate is 12.2 percent. Source

SOMALIA: Why 'Hawala' Firms Are Crucial to Rebuilding the Economy

2010-10-05T06:24:00.000+02:00

Nairobi — Somalia's crippled financial system faces severe challenges even as the country struggles to emerge from two decades of conflict.

Peace-building and reconstruction work will cost billions of dollars. The question of how this is to be paid for is crucial. Though Somalia potentially has sufficient natural resources, these are yet to be developed and the current level of funding for the Transitional Federal Government does not inspire confidence that the international community is keen to foot the bill. Read more

PHILIPPINES: Banco de Oro expands remittance network

2010-10-05T06:22:00.000+02:00

MANILA, Philippines - Wells Fargo & Co. and Banco De Oro Unibank Inc. (BDO) has forged a money transfer or remittance alliance designed to make it easier and faster to receive remittances from overseas Filipinos.

San Francisco-based Wells Fargo is known for its ExpressSend money transfer service while BDO has BDO Remit as its remittance service brand.

With the team-up, Wells Fargo account holders can send remittances to beneficiaries in the Philippines through a Credit to BDO account (in pesos) or via Cash Pick up Anywhere at BDO’s nearly 2,700 remittance pick up locations all over the Philippines. Read more