REMITTANCES AND SAVINGS PROGRAM
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1 REMITTANCES AND SAVINGS PROGRAM Multilateral Investment Fund Member of the IDB Group
2 2 MIF
3 This document has been prepared by the Remittances and Savings Program of the Multilateral Investment Fund (MIF), with the purpose of clarifying the logic and operational framework behind the Remittances and Savings Program. The content presented here is a general and conceptual introduction to the Program and should not be considered operational policies. Any questions or concerns can be directed to remittances@iadb.org or visit The MIF, a member of the Inter-American Development Bank (IDB) Group, supports development efforts led by the private sector for the benefit of the poor. Its mission is to provide the poor with the tools they need to increase their income: market access and the capacity building necessary to be competitive in these markets; access to finance; and access to basic services. May 2013 PROGRAM COORDINATOR Rebecca Rouse DIRECTION Fermín Vivanco and María Luisa Hayem TEAM Avril Pérez, Juan David Reyes, Claudia Gutiérrez, Georg Neumann and Gyoung Joo Choe R E M I T TA N C E S A N D S AV I N G S P R O G R A M 3
4 THE CHALLENGE Savings are an essential ingredient for the financial inclusion of low-income populations, allowing households to manage short-term liquidity safely and conveniently, as well as to accumulate assets for future needs. However, in 2011 only 39% of adults in Latin America and the Caribbean had a bank account with a formal financial institution. Among adults in the bottom two income quintiles, the percentage of unbanked adults was even lower at 25%1. Remittances make up an important source of income for many countries in the region. Every year, Latin American and Caribbean migrants send more than US$61 billion2 to their countries of origin, made up of approximately 250 million transfers. Currently, more than two thirds of these transfers are paid out in cash on the receiving end. In addition to being a costly and unsafe practice, the predominance of cash remittances is a disincentive to the deferral of non-essential purchases in favor of formal savings destined for household or business-related investments in the future. 1. Demirguc-Kunt, A., and Klapper L Measuring Financial Inclusion: The Global Findex Database. Policy Research Working Paper 6025, World Bank, Washington, DC. Maldonado, R., Bajuk, N., Hayem, M Remittances to Latin America and the Caribbean in : Regaining Growth. Multilateral Investment Fund, Inter-American Development Bank. Washington D.C. 4 MIF
5 REMITTANCES AND SAVINGS: AN OPPORTUNITY TO INCREASE FINANCIAL INCLUSION For more than 10 years, the MIF has supported initiatives that leverage remittances for development, providing more than US$46 million in technical assistance to 43 projects, in addition to supporting research that aims to maximize the development impact of international remittance transfers to the region. These initiatives have played an important role in reducing the cost of sending remittances, as well as in the development of more competitive remittance markets. For low-income individuals who are unserved or underserved by formal financial services, remittances can serve as a catalyst for financial inclusion. The MIF s pilot initiatives in countries such as Bolivia, Ecuador, El Salvador, Haiti, Honduras, Mexico, Paraguay, and the Dominican Republic have demonstrated the potential market opportunity for financial intermediaries through the cross-sale of financial products and services targeted to this market. R E M I T TA N C E S A N D S AV I N G S P R O G R A M 5
6 THE REMITTANCES AND SAVINGS PROGRAM OBJECTIVE The Remittances and Savings Program builds partnerships with a range of remittance players in the region in order to improve access to and use of formal savings products. The Program hopes to contribute to the reduction of household vulnerability among remittance clients in Latin America and the Caribbean through the design and distribution of financial products and services adapted to the needs and preferences of remittance clients. HOW DOES IT WORK? The Program will provide funding for projects that implement business strategies focused on remittance clients, including the development of liquid and planned savings products. The Program will provide financing of up to US$400,000 per project to an estimated 10 initiatives in the region. Selected institutions will be responsible for providing counterpart financing of up to 40% of the total cost of the project. INSTITUTIONS ELIGIBLE FOR FINANCING $ $ Regulated financial intermediaries authorized to capture deposits. Groups of financial intermediaries, including networks, federations, and other types of associations. Service providers, including money transfer operators, telecommunications companies, or technology providers. Foundations and other private of public organizations that promote financial inclusion. 6 MIF
7 ACTIVITIES ELIGIBLE FOR FINANCING Market studies of both remittance sending and recipient client segments. $ Promotion of savings products consistent with the sociocultural characteristics of the target market. Design or adjustment of savings products. Staff development and training. Testing of new distribution channels to offer savings products, such as banking correspondents and mobile technology solutions. Development and implementation of business plans for implementing savings products targeted to remittance clients. i Adaptation of IT systems to allow the offer of new savings products. Development of interfaces and customer service platforms for savings clients. Impact evaluations. CRITERIA FOR PROJECT SELECTION Potential impact on financial inclusion in the national market. Inclusion of traditionally excluded groups such as individuals in the bottom two income quintiles, indigenous populations, and women. Potential for scalability. Potential for demonstration effect. 250,000 50,000 EXPECTED OUTCOMES 10 3 remittance clients open a new savings product; additional remittance clients access a formal financial product for the first time; financial institutions offer new savings products adapted to the needs and preferences of remittance clients; new distribution channels are developed to facilitate the payment of remittance transfers and the use of savings products. REMITTANCES AND SAVINGS PROGRAM 7
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