African Conference on Remittances and Postal Networks

Size: px
Start display at page:

Download "African Conference on Remittances and Postal Networks"

Transcription

1

2 Macroeconomic Situation Population 6.2M Human Development Rank 2015 (out of 188) 181 % rural population 62% % under national poverty line 52.9% GNI/Capita $260 Literacy rate 35% % access to financial services 15% # of bank branches per inhabitants # of ATMs per 100,000 inhabitants # of post offices per 100, inhabitants

3 CURRENT SITUATION OF REMITTANCES IN SIERRA LEONE Sierra Leone s economy receives around USD 66 million from remittances on an annual basis (WB, 2015). IOM estimates this number to be USD 110 million. USD 130 million or more is estimated to enter Sierra Leone through informal channels. MTOs charge an average 12% for remittance services. Similar charges are applied by the informal channels. MTO services are reasonably good, but expensive and rigid, still dominated by cash-tocash transfers. These remittances are predominantly sent by Diaspora living and working in surrounding countries in West Africa, the US, UK and continental Europe. Policy interventions are needed to reduce the US$ 30 million annual cost for senders to less than US$ 8 million in How can the existing postal network contribute to accelerate this cost reduction of > US$ 20 million per year, and what and how does SALPOST need to make it happen?

4 SWOT ABOUT SALPOST IN SL REMITTANCE MARKET STRENGTHS Urban and Rural reach and access Trusted in the communities Government support Low transaction costs Low value transactions can be facilitated Local language support Consumer protection WEAKNESSES Informal Market Low financial literacy Challenging regulatory policies Technology and Network challenges in rural communities Investment capital OPPORTUNITIES Cross regulator initiatives and better coordination within Government agencies Postal network can be part of national initiatives for financial inclusion and remittances Build aggregated platforms to manage partnerships with Banks and remittance providers THREATS Inadequate / unclear regulation Competing Commercial Interest Low literacy and poverty Technology and Network challenges in rural communities High cost of Energy Distribution

5 SALPOST FINANCIAL SERVICES STRATEGY with a full License from Central Bank engage with foreign investors attracts remittance receivers be a door way for local Immigrant transfers deliver savings and investment products for the Diaspora organize well equipped centers to assist the unbanked be THE PARTNER for payment solutions for Government and Donors deliver the SL payment switch (for small amounts) be a Suitable partner for egovernment Services develop and run emarketplaces develop a relationship with Migrant Community

6 IDENTIFIED SOLUTION FOR SALPOST The innovative character of the UMVA solution was a perfect match for the renewed strategy expressed by SALPOST to diversify from traditional postal financial products to a digitalized service platform. Based on feedback from market surveys on prospective users and stakeholders, SALPOST launched the POST UMVA service on 16 June The service is now available in Sierra Leone, on a progressive scale. Next step is roll out with mobile tablets in all post offices. 6

7 OVERVIEW OF POST UMVA PLATFORM Commercial Bank INTERNATIONAL SWIFT Commercial Bank Diaspora Receiver SME Development FUND Migrant Bank Migrant Financial Eco system Collective buying Migrant org. APEX body EUR 100 USERS SLL SME Community Hospital SALPOST Rural Financial Eco system Farmers Schools Markets

8 OVERVIEW OF POST UMVA PLATFORM An innovative and low-cost service that could be accessible to the entire population (14 year olds or more), especially in rural areas. Enhances local development, driven by improved financial inclusion through the development of a nationally representative and innovative platform for international and domestic remittances. Improves the degree of financial inclusion by using virtual transactional or mobile device accounts to accede to basic financial services and mobile payment services Resonates a semblance of the World Bank s Smallholder Commercialization and Agribusiness Development project, it will promote smallholder commercialization by fostering productive business linkages between smallholder farmers and selected agribusiness firms and other commodity. It incorporates a Financial Education tool and as such provides an opportunity to the Financial literacy campaign of UNDP and The World Bank. Suites the Postal strategic focus.

9 The Ecosystem and our Design for the POST UMVA Platform Example: Sierra Leone, scaling to 1 million users Postal members migrants receivers Migrants students Parents & suppliers Migrant Workers Sending Bank Batching Receiving Bank Commercial Bank Receiving Location MFI Branches unbanked people SACCO members International Switch Swift National Switch Post UMVA Switch comm bank members 9

10 Example Receiver Postal org. And MFI s BANK UMVA PLATFORM(S) First organizing the receivers Farmers Community Schools SME Commercial bank for central receiving SACCO s and the Central support (Apex) organization Farmer Cooperative systems and support tools Schools and Students, reports to Min of Education Community administration and the support tools Small and Medium sized organizations And all in 1 UMVA Platform

11 Example Sender Migrant account Sending Cash Secondly, organizing the senders Organize the migrant union Connect to Receivers Organize the WW migrant organization (Apex) Develop communication centres, deliver training Assist in Collective buying contacts Develop the migrant bank Migrants organizations Migrant Bank Migrant Development FUND Migrant Financial Eco system APEX body for Migrants Collective buying e.g. Insurance Local shops

12 Organise the transfer at 0 cost, members pay a monthly fee Amount Organize the transfer within the existing legal framework Fast and secure Contract with 1 sending bank Contract with 1 receiving bank Commercial Bank Send Cash SWIFT UMVA solutions Commercial Bank Cash delivered Migrant account EUR 450 BIF SLL Receiver account Migrant Receiver Migrant connects to internet Receiver connects to internet

13 The POST UMVA service for partner organisations Each member is fully identified All money enters the UMVA system through the banking system; so there are 2 «KYC» and «AML» filters in place The underlying money flows are under supervision of the Central Bank Different levels of access; - Receptionist - Cashier - Administrator - Auditor Good reporting and monitoring facilities Opportunities to extend outreach and achieve financial sustainability Copyrights Auxfin 13

14 Quality improvement Post, MFI s, Community Banks, etc BIG ISSUE : CAPACITY BUILDING 6. Connecting International community 7. Building of Funds 8. SME development and Micro Funding 3. Mobilization of groups 4. Training and leadership programmes 5. Directing of savings and credits 1. Organization of the POST 2. Implementation of POST UMVA Mgrants Students Cooperatives Security ID Cards Risk Management Remittances International Funds Investment Programs POS Web=payment Org. Development Internal system all locations and many clients Growth and Expansion Connect schools, agro cooperatives, POS and Mobile systems International and funding Connect Migrants, introduce (int.)national payment systems 29/02/16 14

15 International transfers via POST UMVA International SWIFT transfer administration by UMVA SALPOST Makeni SLL UMVA-INT Brussels SALPOST Freetown SALPOST Freetown SLL EUR 100 BIF SLL SALPOST Savings account SLL Less then 15 minutes; no transaction fee 29/02/16 15

16 Migrants Development Fund Send the benefit of transaction cost into a fund Sender 16%, receiver 4% Members have a safe for Development FUND Sender puts the money in type of savings for investments, For example : Family emergency 0% interest Solar energy project 4% School fee 4% interest Small business 10% interest Normal investment 17% interest Diaspora organizes the fund, execution is with SALPOST/MFI s Investment fund will make money, need for remittances will go down Interest and profit 29/02/16 African Conference on Copyrights Remittances Auxfin and Postal Networks 16

17 Members POS ATM ATM POS Agents Migrant bank Int Banks Eco Bank SALPOST Agents France Spain UMVA/MIGRANTS platform connected with Local MFI Community Banks Schools Italy MFI UK Benelux Central Bank Church Sweden AGRO Cooperative USA Qatar SME Group National and International Migrant Associations SALPOST, Locations, Cooperatives, Social Groups 17

18 Online trainings AUX-EL E-learning tool -Computer skills -Financial Education -Language -Hygiene -.. Copyrights Auxfin 18 29/02/16

19 Database tool: CAP REG REP Bank Account Sum of funds available for the interventions Cash Based Interventions Automated distribution to target population, with application of relevant filters. Contractual data privacy respecting the interests of the users/members and in compliance with national and international regulation. 17/08/15 Local shops, Bakery, Bank, etc. Advantages Fully tracable and good reporting and monitoring functionality, less cash, less risks (safety or corruption), highly efficient and low cost, more autonomy to beneficiaries, reduced likelihood Copyrights Auxfin 19 of undesirable spending behaviour, providing a platform for Community Activation beyond the Cash Based Intervention.

20 Communication UMVA Business Centres - Internet - Computer/Tablet - Video Camera - Projector Offering access to - UMVA - Internet ( , Skype, Google, etc) Managed by small local entrepreneurs 29/02/16 African Conference on Copyrights Remittances Auxfin and Postal Networks 20

21 THE ROAD FORWARD POST UMVA is a pilot demonstrating success and adding to credibility Much more is needed for SALPOST to be the gamechanger in the remittances market and to deliver financial services and access to finance - Capacity building in Commercial and Financial management - Partnership building and agency management - HR management and e- learning for staff and clients - Gradual expansion of the range of financial services towards complete packages - Repairs of post offices and upgrading the technology base - Vehicle fleet to ensure secure cash supplies - Synergizing with e-commerce fulfillment and e-government Benefits from investing in SALPOST s development program will generate attractive returns ensuring business continuity and a positive impact for rural and social economic development, MSME trade, and growth through competition and poverty reduction.

22 FINANCIAL PLAN Bus Plan SALPOST - 5 years Investment in Marketing, Training, Systems, Logistics, and Post offices Total CAPEX in 3 years 5 million Revenue growth up to 6 million Per year after 3 years Net earnings per year >1 million Financing need 3 million To fund CAPEX, clean up and cash flow in first 3 years Business Partners expected to co-finance further development through PPPs once enabling conditions are in place

23

24 THANK YOU Questions? Suggestions?

The Multilateral Investment Fund (MIF) Remittances and Development in Latin America

The Multilateral Investment Fund (MIF) Remittances and Development in Latin America The Multilateral Investment Fund (MIF) Remittances and Development in Latin America 1 Wayne Beecher wayneb@iadb.org The largest technical assistance provider in Latin America and Caribbean US$120 million

More information

Innovations in Remittance Products to Increase Access to Formal Channels. London, November 2006

Innovations in Remittance Products to Increase Access to Formal Channels. London, November 2006 Innovations in Remittance Products to Increase Access to Formal Channels London, November 2006 The India remittance market operates across multiple corridors today North America $ 8 bn Market Banks Share

More information

Remittances and Raising Capital Through the Diaspora. Hon. Fifi Kwetey Dep. Minister for Finance & Economic Planning July 8, 2010

Remittances and Raising Capital Through the Diaspora. Hon. Fifi Kwetey Dep. Minister for Finance & Economic Planning July 8, 2010 Remittances and Raising Capital Through the Diaspora Hon. Fifi Kwetey Dep. Minister for Finance & Economic Planning July 8, 2010 1 Introduction Government has put in place several strategies aimed at supporting

More information

Promoting low-cost formal remittance channels and financial literacy

Promoting low-cost formal remittance channels and financial literacy Promoting low-cost formal remittance channels and financial literacy Pia Bernadette Roman Tayag Director, Inclusive Finance Advocacy Office and Concurrent Head, Financial Consumer Protection Department

More information

UK-GHANA REMITTANCE CORRIDOR

UK-GHANA REMITTANCE CORRIDOR UK-GHANA REMITTANCE CORRIDOR Developing Market Associates March 2011 Background to the Project Presentation Structure Ø Methodology Ø Results Ø Recommendations: Ø Regulation Ø UK Consumers Ø UK Operators

More information

HARNESSING THE CONTRIBUTIONS OF TRANSNATIONAL COMMUNITIES AND DIASPORAS

HARNESSING THE CONTRIBUTIONS OF TRANSNATIONAL COMMUNITIES AND DIASPORAS HARNESSING THE CONTRIBUTIONS OF TRANSNATIONAL COMMUNITIES AND DIASPORAS Building upon the New York Declaration for Refugees and Migrants adopted on 19 September 2016, the Global Compact for Safe, Orderly

More information

2017 Update to Leaders on Progress Towards the G20 Remittance Target

2017 Update to Leaders on Progress Towards the G20 Remittance Target 2017 Update to Leaders on Progress Towards the G20 Remittance Target Remittances represent a major source of income for millions of families and businesses globally, particularly for the most vulnerable,

More information

Mobile Money and Financial Inclusion

Mobile Money and Financial Inclusion ITU REGIONAL STANDARDIZATION FORUM ON EMERGING ECONOMIC, REGULATORY AND POLICY TRENDS IN A FAST-CHANGING DIGITAL WORLD Kigali, Rwanda, 5 February 2018 Mobile Money and Financial Inclusion Nthabiseng Motjolopane

More information

RESERVE BANK OF FIJI

RESERVE BANK OF FIJI RESERVE BANK OF FIJI FINANCIAL INCLUSION AND DERISKING COUNTRY EXPERIENCE -FIJI Regional Conference on Financial Inclusion in Asia-Pacific, Cambodia SESSION IV December 8, 2017 OUTLINE ABOUT FIJI FINANCIAL

More information

Financing Facility for Remittances

Financing Facility for Remittances Financing Facility for Remittances Promoting Innovative Remittance Systems and Investment Channels for Migrants Cape Town, South Africa 7-10 April, 2009 Pedro de Vasconcelos IFAD and Remittances Remittances

More information

MADE West Africa Match-Funding Contribution

MADE West Africa Match-Funding Contribution MADE West Africa Match-Funding Contribution 2018-2019 Call for proposals Concept note: Small-scale grant in match-funding for actions for the promotion of the positive potential of migrants for development

More information

The remittances landscape in Zambia

The remittances landscape in Zambia The remittances landscape in Zambia Presentation to FinMark Trust Forum Lusaka, 21 October 2008 Overview Context Zambian remittances landscape Demand Supply Total size? Regulation Opportunities and challenges

More information

AFRICAN INSTITUTE FOR REMITTANCES (AIR)

AFRICAN INSTITUTE FOR REMITTANCES (AIR) AFRICAN INSTITUTE FOR REMITTANCES (AIR) Send Money Africa www.sendmoneyafrica- auair.org July 2016 1I ll The Send Money Africa (SMA) remittance prices database provides data on the cost of sending remittances

More information

SESSION 4: REMITTANCES AND FINANCIAL INCLUSION

SESSION 4: REMITTANCES AND FINANCIAL INCLUSION UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENTENT Expert Meeting on THE IMPACT OF ACCESS TO FINANCIAL SERVICES, INCLUDING BY HIGHLIGHTING THE IMPACT ON REMITTANCES ON DEVELOPMENT: ECONOMIC EMPOWERMENT

More information

CASE STUDY A 'SMART Money' Solution for South Asia

CASE STUDY A 'SMART Money' Solution for South Asia CASE STUDY A 'SMART Money' Solution for South Asia The Philippines' SMART Money mobile financial service offers a solution for economies in South Asia, which heavily depend on remittances from overseas

More information

Enhancing the Development Potential of Return Migration Republic of Moldova - country experience

Enhancing the Development Potential of Return Migration Republic of Moldova - country experience Enhancing the Development Potential of Return Migration Republic of Moldova - country experience INTERNATIONAL DIALOGUE ON MIGRATION INTERSESSIONAL WORKSHOP Session III Mr. Sergiu Sainciuc Deputy Minister

More information

Webinar on occasion of the Global Diaspora Week 2015

Webinar on occasion of the Global Diaspora Week 2015 BUSINESS MODELS TO LEVERAGE THE DIASPORA TO EXPAND ENERGY ACCESS Webinar on occasion of the Global Diaspora Week 2015 October 14, 2015 Photo credit: Souradeep Ghosh, Arc Finance AGENDA Introduction: Nicola

More information

Domestic Payments Gateway to Financial Inclusion?

Domestic Payments Gateway to Financial Inclusion? Domestic Payments Gateway to Financial Inclusion? Survey Data from 11 African Countries Rodger Voorhies, Director Financial Services for the Poor March 1, 2013 Value Proposition to the Poor We believe

More information

Introduction of China Post Financial Business

Introduction of China Post Financial Business Introduction of China Post Financial Business Postal Savings & Remittance Bureau P.R.China 07/04/2005 China Post 1 General Situation 76,000 post offices, among which 36,000 provide all kinds of postal

More information

PhilPaSS REMIT. ELEANOR S. TURARAY Payments and Settlements Office

PhilPaSS REMIT. ELEANOR S. TURARAY Payments and Settlements Office PhilPaSS REMIT ELEANOR S. TURARAY Payments and Settlements Office 1 The Philippine Payments System Interbank Funds/Customer Transfers Overdraft Credit Line Intraday Liquidity Facility GS Trades / Purchases

More information

White Paper: Mobile Money Transfer

White Paper: Mobile Money Transfer White Paper: Mobile Money Transfer International Remittance Considerations for Mobile Network Operators February 2013 Mobile Money Transfer GSMA White Paper Summary Mobile network operators (MNOs) are

More information

African Institute for Remittances (AIR) Project Third Technical Committee Meeting Wednesday February 29, 2012

African Institute for Remittances (AIR) Project Third Technical Committee Meeting Wednesday February 29, 2012 African Institute for Remittances (AIR) Project Third Technical Committee Meeting Wednesday February 29, 2012 World Bank Regional Office, Addis Ababa, Ethiopia World Bank, Washington D.C African Development

More information

Original: English 23 October 2006 NINETY-SECOND SESSION INTERNATIONAL DIALOGUE ON MIGRATION 2006

Original: English 23 October 2006 NINETY-SECOND SESSION INTERNATIONAL DIALOGUE ON MIGRATION 2006 Original: English 23 October 2006 NINETY-SECOND SESSION INTERNATIONAL DIALOGUE ON MIGRATION 2006 Theme: Partnerships in Migration - Engaging Business and Civil Society Page 1 INTERNATIONAL DIALOGUE ON

More information

Draft. National Action Plan on Remittances. June 2007

Draft. National Action Plan on Remittances. June 2007 Draft National Action Plan on Remittances June 2007 Albanian National Action Plan on Remittances Enhancing the development impact of remittances Final Draft, 14 June 2007 Measures Background Recommended

More information

MITIGATING RISKS OF ABUSE OF POWER IN CASH ASSISTANCE

MITIGATING RISKS OF ABUSE OF POWER IN CASH ASSISTANCE A JOINT UNHCR-WFP PROJECT MITIGATING RISKS OF ABUSE OF POWER IN CASH ASSISTANCE UNHCR/Julien Morel UNHCR and WFP are implementing a joint project to identify and mitigate risks of abuse by private sector

More information

The status quo of money transfers across ASEAN

The status quo of money transfers across ASEAN The status quo of money transfers across ASEAN This piece has been written together by TransferTo and The Singapore Fintech Association A region with huge remittance receipts Sending money and making payments

More information

Informal Trade in Africa

Informal Trade in Africa I. Introduction Informal trade or unrecorded trade is broadly defined as all trade activities between any two countries which are not included in the national income according to national income conventions

More information

G20 National Remittance Plan - Italy

G20 National Remittance Plan - Italy G20 National Remittance Plan - Italy COUNTRY PLANS FOR REDUCING REMITTANCE TRANSFER COSTS [ITALY] Background Remittance flows from Italy decreased from around Euro 5.33 billion in 2014 to 5.25 billion

More information

International Remittances: Policy Issues from a Central Bank Perspective

International Remittances: Policy Issues from a Central Bank Perspective International Remittances: Policy Issues from a Central Bank Perspective Jack K. Walton II Associate Director Board of Governors of the Federal Reserve System May 11, 2006 Discussion Overview Efficient

More information

The Multilateral Investment Fund (MIF) Remittances and Development in Latin America

The Multilateral Investment Fund (MIF) Remittances and Development in Latin America The Multilateral Investment Fund (MIF) Remittances and Development in Latin America 1 Natasha Bajuk natashab@iadb.org The largest technical assistance provider in Latin America and Caribbean - US$1.8 billion

More information

Latest updates on the cost reduction efforts at global level - Achievements and way forward -

Latest updates on the cost reduction efforts at global level - Achievements and way forward - Latest updates on the cost reduction efforts at global level - Achievements and way forward - Isaku Endo Remittances Specialist Payment Systems Development Group Global Payments Week 2014, September 23-25,

More information

Migrant-Backed Loans: Remittances in Guatemala

Migrant-Backed Loans: Remittances in Guatemala April 7, 2011 After Hours Seminar Migrant-Backed Loans: Remittances in Guatemala microlinks.kdid.org/afterhours Khalid Al-Naif William Davidson Institute Participate during the seminar #MLevents Follow

More information

Private Sector Development in South Sudan Enhancing the role of the Diaspora

Private Sector Development in South Sudan Enhancing the role of the Diaspora Private Sector Development in South Sudan Enhancing the role of the Diaspora Presentation to UNITAR Diasporas and development in conflict-affected countries Magdi M. Amin Sr. Private Sector Development

More information

Remittances Statistics in Armenia

Remittances Statistics in Armenia Remittances Statistics in Armenia Mher Barseghyan External Sector Statistics Division Yerevan 2012 History The took over the responsibility of compiling external accounts from 2011. National Statistical

More information

Family Remittances USA to LATAM

Family Remittances USA to LATAM BBVA USA Family Remittances USA to LATAM BBVA Bancomer Transfer Services Inc. Washington DC June 28, 2005 Bancomer Transfer Services (BTS) Subsidiary of BBVA Bancomer Financial Holdings BTS mission is

More information

TERMS OF REFERENCE NATIONAL CONSULTANT ILO/UNHCR JOINT PROJECT

TERMS OF REFERENCE NATIONAL CONSULTANT ILO/UNHCR JOINT PROJECT TERMS OF REFERENCE NATIONAL CONSULTANT ILO/UNHCR JOINT PROJECT Project Title: ILO/UNHCR Joint Consultancy to map institutional capacity and opportunities for refugee inclusion in social protection mechanisms

More information

LABOUR MIGRATION TODAY: THE ORIGIN COUNTRIES PERSPECTIVE

LABOUR MIGRATION TODAY: THE ORIGIN COUNTRIES PERSPECTIVE LABOUR MIGRATION TODAY: THE ORIGIN COUNTRIES PERSPECTIVE Over the last 35 years, the number of persons living outside their country of birth has more than doubled, and today accoding to UN /OIM data -

More information

More than Remittances: Financial Management Needs of Migrants regarding Risk

More than Remittances: Financial Management Needs of Migrants regarding Risk www.joyn-coop.com More than Remittances: Financial Management Needs of Migrants regarding Risk Presenting an innovative solution, developed with and for TRAFIM - an Transnational Family Insurance for Migrants

More information

ARGENTINA G20 National Remittance Plan

ARGENTINA G20 National Remittance Plan ARGENTINA G20 National Remittance Plan COUNTRY PLANS FOR REDUCING REMITTANCE TRANSFER COSTS ARGENTINA Background Provide a summary of the current remittances sector in your country and region, such as

More information

TERMS OF REFERENCE NATIONAL CONSULTANT ILO/UNHCR JOINT PROJECT

TERMS OF REFERENCE NATIONAL CONSULTANT ILO/UNHCR JOINT PROJECT TERMS OF REFERENCE NATIONAL CONSULTANT ILO/UNHCR JOINT PROJECT Project Title: ILO/UNHCR Joint Consultancy to map institutional capacity and opportunities for refugee integration through employment in Mexico

More information

Trade in Financial Services: Mobile Banking in Southern Africa

Trade in Financial Services: Mobile Banking in Southern Africa Trade in Financial Services: Mobile Banking in Southern Africa Robert Stone Oxford Policy Management 12 November 2009 What we will cover The context: the regulatory environment for m-banking Mobile banking

More information

Mobilizing diaspora resources as agents of social and economic change

Mobilizing diaspora resources as agents of social and economic change Mobilizing diaspora resources as agents of social and economic change Sonia Plaza Syrian Diaspora Business Forum February 26, 2017 Frankfurt di as po ra noun \dī-ˈas-p(ə-)rə, dē-\ the movement, migration,

More information

BIOMETRICS - WHY NOW?

BIOMETRICS - WHY NOW? BIOMETRICS - WHY NOW? How big a part will biometric technologies play in our lives as they are adopted more widely in the future? The need to confirm ones Identity, in order to access facilities and services

More information

Perception of the Business Climate in Vietnam May 2015

Perception of the Business Climate in Vietnam May 2015 Perception of the Business Climate in Vietnam May 2015 This year, the American Chamber of Commerce (AmCham) celebrates 21 years serving as the Voice of American Business in Vietnam and our members remain

More information

REMITTANCE COST REDUCTION EFFORTS: RECENT TRENDS AND PROJECT UPDATES UPDATES FROM THE WORLD BANK

REMITTANCE COST REDUCTION EFFORTS: RECENT TRENDS AND PROJECT UPDATES UPDATES FROM THE WORLD BANK REMITTANCE COST REDUCTION EFFORTS: RECENT TRENDS AND PROJECT UPDATES UPDATES FROM THE WORLD BANK TRENDS INTERNATIONAL REMITTANCE COSTS RPW GLOBAL AVERAGE AND INTERNATIONAL MTO INDEX In the Third Quarter

More information

Promoting Diaspora Linkages: The Role of Embassies

Promoting Diaspora Linkages: The Role of Embassies Promoting Diaspora Linkages: The Role of Embassies July 14, 2009 Sonia Plaza, The World Bank International Conference on Diaspora for Development: World Bank, Washington DC Outline Background Role of Diaspora

More information

Digital Economy and Society Index (DESI) Country Report Bulgaria

Digital Economy and Society Index (DESI) Country Report Bulgaria Digital Economy and Society Index (DESI) 1 2018 Country Report Bulgaria The DESI report tracks the progress made by Member States in terms of their digitisation. It is structured around five chapters:

More information

Outlook for migration and remittances

Outlook for migration and remittances Outlook for migration and remittances 2012-15 Dilip Ratha World Bank November 27, 2012 Development Prospects Group (DECPG) BBL Washington, D.C. Outline Cyclical trends for 2012-15 Long-term structural

More information

Remittance Prices Worldwide Issue n. 19, September 2016

Remittance Prices Worldwide Issue n. 19, September 2016 An analysis of trends in cost of remittance services Remittance Prices Worldwide Issue n. 19, September This Report reflects the latest trends observed in the data published in September. Remittance Prices

More information

ID4D IDENTIFICATION FOR DEVELOPMENT

ID4D IDENTIFICATION FOR DEVELOPMENT ID4D IDENTIFICATION FOR DEVELOPMENT The World Bank Group s ID4D initiative uses global knowledge and expertise across sectors to help countries realize the transformational potential of digital identification

More information

Synergies between Migration and Development. Policies and programs: Moldova

Synergies between Migration and Development. Policies and programs: Moldova Synergies between Migration and Development. Policies and programs: Moldova Marseilles, 13-15 June 2011 Diana HINCU, Ministry of Foreign Affairs and European Integration Republic of Moldova Contents 1.

More information

Consolidated Alliance

Consolidated Alliance Consolidated Alliance Nigeria YOUTH EMPOWERMENT PROGRAMME THROUGH TOURISM SERVICE VALUE CHAIN 31ST AUGUST, 2015 August 2015 TABLE OF CONTENTS Project Summary...1 Background...2 Logical Framework...3 Purpose

More information

SWOT ANALYSIS FOR THE SUSTAINABLE ECONOMIC DEVELOPMENT OF THE CITY OF LUSHNJE

SWOT ANALYSIS FOR THE SUSTAINABLE ECONOMIC DEVELOPMENT OF THE CITY OF LUSHNJE SWOT ANALYSIS FOR THE SUSTAINABLE ECONOMIC DEVELOPMENT OF THE CITY OF LUSHNJE June, 2008 SWOT Analysis for the Sustainable Economic Development of the City of Lushnja The Municipality of Lushnja With its

More information

African Institute for Remittances (AIR) By Hailu Kinfe

African Institute for Remittances (AIR) By Hailu Kinfe African Institute for Remittances (AIR) By Hailu Kinfe Social Protection for Migrants in the SADC: Prospects, Vulnerability and Benefits across Boarders International Conference OUTLINE Key facts of African

More information

Evolving Opportunities and Constraints in Remittances: A View from SADC. London November 2006

Evolving Opportunities and Constraints in Remittances: A View from SADC. London November 2006 Evolving Opportunities and Constraints in Remittances: A View from SADC London November 2006 Background / Context Genesis Analytics: Johannesburg based economics consultancy, with a wide range of experience

More information

Internet-Based Transfers: Current Landscape 1

Internet-Based Transfers: Current Landscape 1 Internet-Based Transfers: Current Landscape 1 Internet-based products have grown substantially in recent years, and constitute an important source of innovation for the industry. There are a wide range

More information

Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) - Money Services Business (Sector 3) (Supplementary Document No.

Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) - Money Services Business (Sector 3) (Supplementary Document No. Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) - Money Services Business (Sector 3) (Supplementary Document No. 1) Exposure Draft This exposure draft outlines the proposed minimum requirements

More information

Migration Linked Microinsurance. Barbara Magnoni November 2010

Migration Linked Microinsurance. Barbara Magnoni November 2010 Migration Linked Microinsurance Barbara Magnoni November 2010 1 Global Picture of Migrants Remittances 214 million people lived outside their country of origin in 2010 Remittance flows to developing countries

More information

National Cooperative Policy in Rwanda. Revised Version [1]

National Cooperative Policy in Rwanda. Revised Version [1] National Cooperative Policy in Rwanda Toward Private Cooperative Enterprises and Business Entities for Socio-Economic Transformation Revised Version [1] Kigali, January 15_2018 08/02/2018 1 Outline of

More information

GUIDANCE REPORT FOR THE IMPLEMENTATION OF THE CPSS-WORLD BANK GENERAL PRINCIPLES FOR INTERNATIONAL REMITTANCE SERVICES

GUIDANCE REPORT FOR THE IMPLEMENTATION OF THE CPSS-WORLD BANK GENERAL PRINCIPLES FOR INTERNATIONAL REMITTANCE SERVICES FINANCIAL INFRASTRUCTURE SERIES Payment systems policy and research GUIDANCE REPORT FOR THE IMPLEMENTATION OF THE CPSS-WORLD BANK GENERAL PRINCIPLES FOR INTERNATIONAL REMITTANCE SERVICES October 2012 FINANCIAL

More information

BUILDING NATIONAL CAPACITIES FOR LABOUR MIGRATION MANAGEMENT IN SIERRA LEONE

BUILDING NATIONAL CAPACITIES FOR LABOUR MIGRATION MANAGEMENT IN SIERRA LEONE BUILDING NATIONAL CAPACITIES FOR LABOUR MIGRATION MANAGEMENT IN SIERRA LEONE Project Category: Project Sub-Category: Executing Agency: Project Partner (or National Counterparts): Geographical Coverage:

More information

Mrs. Frohoff World History Period 1 26.Sept Good Governance Proposal: Sierra Leone

Mrs. Frohoff World History Period 1 26.Sept Good Governance Proposal: Sierra Leone 1 Mrs. Frohoff World History Period 1 26.Sept. 2017 Good Governance Proposal: Sierra Leone Sierra Leone, a country in West Africa, is currently at a low point and is struggling to obtain a strong government.

More information

THE UNBANKED: MARKET AND OPPORTUNITIES FOR GLOBAL REMITTANCE. February 2009

THE UNBANKED: MARKET AND OPPORTUNITIES FOR GLOBAL REMITTANCE. February 2009 THE UNBANKED: MARKET AND OPPORTUNITIES FOR GLOBAL REMITTANCE February 2009 319 E. Warm Springs Rd., Suite 100 Las Vegas, NV 89119 702.588.5100 fax 702.588.5118 www.ecommlink.com CONTENTS Overview... 0

More information

INVENTORY OF POLICIES, INSTITUTIONS AND PROGRAMMES SUPPORTING WOMEN S ENTERPRISE IN THE MIDDLE EAST AND NORTH AFRICA

INVENTORY OF POLICIES, INSTITUTIONS AND PROGRAMMES SUPPORTING WOMEN S ENTERPRISE IN THE MIDDLE EAST AND NORTH AFRICA INVENTORY OF POLICIES, INSTITUTIONS AND PROGRAMMES SUPPORTING WOMEN S ENTERPRISE IN THE MIDDLE EAST AND NORTH AFRICA Presented by: Dr. Najat Jumaan Director of BWD- FYCCI Yemen I. INTRODUCTION II. POLICY

More information

Title: Barbados and Eastern Caribbean Crisis Poverty and Social Impact Analysis (PSIA)

Title: Barbados and Eastern Caribbean Crisis Poverty and Social Impact Analysis (PSIA) Title: Barbados and Eastern Caribbean Crisis Poverty and Social Impact Analysis (PSIA) Summary prepared by: The Inclusive Development Cluster, Poverty Group February 2010 This is a summary of the report

More information

IOM, Migration, ID Management and the Responsible Use of Biometrics: Tools for Migration and Border Management

IOM, Migration, ID Management and the Responsible Use of Biometrics: Tools for Migration and Border Management IOM, Migration, ID Management and the Responsible Use of Biometrics: Tools for Migration and Border Management IOM HEADQUARTERS IMMIGRATION & BORDER MANAGEMENT DIVISION Florian G. Forster Head of Division

More information

Labor Migration Development Indicators in the Post-2015 Global Development Framework

Labor Migration Development Indicators in the Post-2015 Global Development Framework Labor Migration Development Indicators in the Post-2015 Global Development Framework Philip Martin: plmartin@ucdavis.edu December 10, 2012 Highlights Migration can speed achievement of 8 MDGs M&D in migrant-sending

More information

Potentialities and challenges of financial inclusion and the remittances market in Belgium

Potentialities and challenges of financial inclusion and the remittances market in Belgium Potentialities and challenges of financial inclusion and the remittances market in Belgium Design Charles & Ray Eames - Hang it all Vitra Financial Inclusion of Migrants The experience of the Italian National

More information

ARMENIA WORKSHOPS ON SUPPORTING ASIA PACIFIC LLDCS AND BHUTAN IN MOBILIZING RESOURCES FOR THE SDGS

ARMENIA WORKSHOPS ON SUPPORTING ASIA PACIFIC LLDCS AND BHUTAN IN MOBILIZING RESOURCES FOR THE SDGS ARMENIA WORKSHOPS ON SUPPORTING ASIA PACIFIC LLDCS AND BHUTAN IN MOBILIZING RESOURCES FOR THE SDGS 12 14 December 2018 Thimphu, Bhutan FACTS ABOUT ARMENIA BASIC FACTS Official name: Republic of Armenia

More information

European Commission United Nations Development Programme International IDEA. Joint Training on Effective Electoral Assistance

European Commission United Nations Development Programme International IDEA. Joint Training on Effective Electoral Assistance European Commission United Nations Development Programme International IDEA In collaboration with International Organization for Migration Canadian International Development Agency Organization of American

More information

NORTH AMERICAN INTEGRATION AND DEVELOPMENT CENTER University of California, Los Angeles

NORTH AMERICAN INTEGRATION AND DEVELOPMENT CENTER University of California, Los Angeles NORTH AMERICAN INTEGRATION AND DEVELOPMENT CENTER University of California, Los Angeles Proposal for the development of a Migrant Savings Bond for Eco-development (Bono Migrante de Eco-Desarrollo) Contact

More information

Public online consultation on Your first EURES job mobility scheme and options for future EU measures on youth intra-eu labour mobility

Public online consultation on Your first EURES job mobility scheme and options for future EU measures on youth intra-eu labour mobility Public online consultation on Your first EURES job mobility scheme and options for future EU measures on youth intra-eu labour mobility This online open public consultation is carried out in the framework

More information

GFRID 2017 NEW YORK - REMARKS BY DIRECTOR MONEY SERVICES BUSINESS REGULATION DEPARTMENT, BANK NEGARA MALAYSIA.

GFRID 2017 NEW YORK - REMARKS BY DIRECTOR MONEY SERVICES BUSINESS REGULATION DEPARTMENT, BANK NEGARA MALAYSIA. GFRID 2017 NEW YORK - REMARKS BY DIRECTOR MONEY SERVICES BUSINESS REGULATION DEPARTMENT, BANK NEGARA MALAYSIA. Mr. Gilbert F. Houngbo, President of the International Fund for Agricultural Development or

More information

According to the information provided by the PGA on 9 May, the fourth thematic session in NY on 24/25 July will be divided into four panels:

According to the information provided by the PGA on 9 May, the fourth thematic session in NY on 24/25 July will be divided into four panels: DRAFT EU Statement Fourth informal thematic session on "Contributions of migrants and diasporas to all dimensions of sustainable development, including remittances and portability of earned benefits" 24-25

More information

EUROPEAN UNION AND SOLOMON ISLANDS PARTNERSHIP

EUROPEAN UNION AND SOLOMON ISLANDS PARTNERSHIP EUROPEAN UNION AND SOLOMON ISLANDS PARTNERSHIP Edition 2015 MESSAGE European Union s bilateral relations with Solomon Islands have developed steadily since 1981 when the European Commission opened a delegation

More information

Project Greenback 2.0 Remittances Champion Cities

Project Greenback 2.0 Remittances Champion Cities Project Greenback 2.0 Remittances Champion Cities Marco Nicolì and Ceu Pereira Payment Systems Development Group Global Remittances Working Group Washington, DC October 10, 2014 Objective: promote transparency

More information

CAMBODIA SYSTEMATIC COUNTRY DIAGNOSTIC Public Engagement

CAMBODIA SYSTEMATIC COUNTRY DIAGNOSTIC Public Engagement CAMBODIA SYSTEMATIC COUNTRY DIAGNOSTIC Public Engagement Nov Dec 2016 Contents Objectives of the Engagement Country Context Main research questions I. What are the challenges to sustaining economic growth?

More information

Additional Case study UK electoral system

Additional Case study UK electoral system Additional Case study UK electoral system The UK is a parliamentary democracy and hence is reliant on an effective electoral system (Jones and Norton, 2010). General elections are held after Parliament

More information

REMITTANCE PRICES W O R L D W I D E

REMITTANCE PRICES W O R L D W I D E Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized REMITTANCE PRICES W O R L D W I D E PAYMENT SYSTEMS DEVELOPMENT GROUP FINANCIAL AND PRIVATE

More information

Why are we here. To help migrants to migrate smarter and return better

Why are we here. To help migrants to migrate smarter and return better 1 Why are we here To help migrants to migrate smarter and return better 2 How 1. By creating win-win-win-win situations for Romanian migrants Romania Host countries, and Product-service providers 2. By

More information

Linking Remittance Through Mobile Financial Services. FSD Conference- Zambia November 14, 2017

Linking Remittance Through Mobile Financial Services. FSD Conference- Zambia November 14, 2017 Linking Remittance Through Mobile Financial Services FSD Conference- Zambia November 14, 2017 Migration & Remittance in Nepal at a Glance Remittance Income is the largest contributor to Foreign Exchange

More information

FINANCIAL INCLUSION. Ayse Zoodsma. Systems, Ohrid, May Looman

FINANCIAL INCLUSION. Ayse Zoodsma. Systems, Ohrid, May Looman FINANCIAL INCLUSION 8th Conference on Payment and Securities Settlement Systems, Ohrid, 11-13 May 2015 Ayse Zoodsma 25-27/02/2015 4 Retail payment innovations & trends Judith Looman 1 Outline Foreword

More information

Linking Women Remitters & Senders to Financial Services Anjali Banthia, Women s World Banking 8 August 2011, Kingston, Jamaica

Linking Women Remitters & Senders to Financial Services Anjali Banthia, Women s World Banking 8 August 2011, Kingston, Jamaica Linking Women Remitters & Senders to Financial Services Anjali Banthia, Women s World Banking 8 August 2011, Kingston, Jamaica Women s World Banking: Who We Are Mission Statement: To expand the economic

More information

A new Statement of Direction for the Remittances business In Dominican Republic...

A new Statement of Direction for the Remittances business In Dominican Republic... A new Statement of Direction for the Remittances business In Dominican Republic... Carmen Cristina Álvarez Calvarez@bhd.com.do Vice President Institutional Banking Noviembre 2004 Our vision Vision Statement

More information

Facilitating Cross-Border Mobile Banking in Southern Africa

Facilitating Cross-Border Mobile Banking in Southern Africa Africa Trade Policy Notes Facilitating Cross-Border Mobile Banking in Southern Africa Samuel Maimbo, Nicholas Strychacz, and Tania Saranga 1 Introduction May, 2010 The use of mobile banking in Southern

More information

REQUEST FOR EXPRESSIONS OF INTEREST AFRICAN DEVELOPMENT BANK MIGRATION AND DEVELOPMENT FUND

REQUEST FOR EXPRESSIONS OF INTEREST AFRICAN DEVELOPMENT BANK MIGRATION AND DEVELOPMENT FUND REQUEST FOR EXPRESSIONS OF INTEREST AFRICAN DEVELOPMENT BANK MIGRATION AND DEVELOPMENT FUND Consultancy Services for a study on the impact of digitization on the remittance market in the Franc Zone countries.

More information

(c) 2009, Government of Pakistan

(c) 2009, Government of Pakistan Washington, D.C. October 30, 2009 Tariq Malik Deputy Chairman NADRA Government of Pakistan NADRA Headquarters, Islamabad Identity Management Registrar General of Pakistan Largest multibiometric identity

More information

5/6/2009. E toll Database. Census Database. Database. Database. Consumer Balance and Bill Subscriptions. Mobile Connections.

5/6/2009. E toll Database. Census Database. Database. Database. Consumer Balance and Bill Subscriptions. Mobile Connections. 222 individuals who entered Spain illegally were arrested. These persons had no travel documents These detainees claimed origin from Indian held Kashmir. 124 individuals were identified by through biometrics

More information

ACP-EU JOINT PARLIAMENTARY ASSEMBLY

ACP-EU JOINT PARLIAMENTARY ASSEMBLY ACP-EU JOINT PARLIAMENTARY ASSEMBLY ACP-EU/100.510/09/fin. RESOLUTION 1 on the impact of the financial crisis on the ACP States The ACP-EU Joint Parliamentary Assembly, meeting in Luanda (Angola) from

More information

Advance your mission through innovation.

Advance your mission through innovation. VISA GOVERNMENT SERVICES CARD-BASED TECHNOLOGIES FOR SOCIAL PROTECTION PROGRAMS Advance your mission through innovation. Laura Cuda Director, Visa Government Services Visa International September, 2007

More information

INDIA G20 National Remittance Plan

INDIA G20 National Remittance Plan INDIA G20 National Remittance Plan COUNTRY PLANS FOR REDUCING REMITTANCE TRANSFER COSTS [INDIA] Background Provide a summary of the current remittances sector in your country and region, such as key emerging

More information

FAO MIGRATION FRAMEWORK IN BRIEF

FAO MIGRATION FRAMEWORK IN BRIEF FAO MIGRATION FRAMEWORK IN BRIEF MIGRATION AS A CHOICE AND AN OPPORTUNITY FOR RURAL DEVELOPMENT Migration can be an engine of economic growth and innovation, and it can greatly contribute to sustainable

More information

NATIONAL REMITTANCE PLAN 2015 UNITED STATES

NATIONAL REMITTANCE PLAN 2015 UNITED STATES NATIONAL REMITTANCE PLAN 2015 UNITED STATES G20 National Remittance Plans 1 NATIONAL REMITTANCE PLAN 2015 UNITED STATES Background Market overview Total remittances sent by immigrants residing in the U.S.

More information

REMITTANCE PRICES WORLDWIDE

REMITTANCE PRICES WORLDWIDE REMITTANCE PRICES WORLDWIDE THE WORLD BANK PAYMENT SYSTEMS DEVELOPMENT GROUP FINANCIAL AND PRIVATE SECTOR DEVELOPMENT VICE PRESIDENCY ISSUE NO. 3 NOVEMBER, 2011 AN ANALYSIS OF TRENDS IN THE AVERAGE TOTAL

More information

DENMARK AND ZIMBABWE DANIDA INTERNATIONAL A PARTNERSHIP FOR DEMOCRACY AND DEVELOPMENT DEVELOPMENT COOPERATION

DENMARK AND ZIMBABWE DANIDA INTERNATIONAL A PARTNERSHIP FOR DEMOCRACY AND DEVELOPMENT DEVELOPMENT COOPERATION DENMARK AND ZIMBABWE A PARTNERSHIP FOR DEMOCRACY AND DEVELOPMENT DANIDA INTERNATIONAL DEVELOPMENT COOPERATION I believe that development and state building must be based on human rights, democratic values,

More information

IDENTIFICATION FOR DEVELOPMENT (ID4D)

IDENTIFICATION FOR DEVELOPMENT (ID4D) IDENTIFICATION FOR DEVELOPMENT (ID4D) Context: Lack of official identification is a vital development challenge 1.5 billion people are unable to prove their identity Most unregistered children and adults

More information

PROGRESS REPORT ON THE AFRICAN INSTITUTE FOR REMITTANCES

PROGRESS REPORT ON THE AFRICAN INSTITUTE FOR REMITTANCES AFRICAN UNION UNION AFRICAINE AFRICAN INSTITUTE FOR REMITTANCES UNIÃO AFRICANA THE 2 ND SPECIALIZED TECHNICAL COMMITTEE (STC) ON FINANCE, MONETARY AFFAIRS, ECONOMIC PLANNING AND INTEGRATION 16-17 APRIL

More information

EU Regulatory Developments

EU Regulatory Developments EU Regulatory Developments Robert Pochmarski Postal and Online Services CERP Plenary, 24/25 May 2012, Beograd/Београд Implementation Market Monitoring Green Paper International Dimension 23/05/2012 Reminder

More information

Update on SWIFTNet Workers Remittances SWIFT s Interbank Remittances Framework for Authorization, Clearing & Settlement.

Update on SWIFTNet Workers Remittances SWIFT s Interbank Remittances Framework for Authorization, Clearing & Settlement. Update on SWIFTNet Workers Remittances SWIFT s Interbank Remittances Framework for Authorization, Clearing & Settlement. Joanne Strobel SWIFTNet Workers Remittances SWIFT s Interbank Authorization, Clearing

More information

GLOBAL ECONOMIC CRISIS & GENDER EQUALITY THREATS, OPPORTUNITIES AND NECESSITIES

GLOBAL ECONOMIC CRISIS & GENDER EQUALITY THREATS, OPPORTUNITIES AND NECESSITIES GLOBAL ECONOMIC CRISIS & GENDER EQUALITY THREATS, OPPORTUNITIES AND NECESSITIES ICA Gender Equality Committee Seminar: Global Crisis: Gender Opportunity? 17 November 2009 Eva Majurin COOPAfrica, ILO Dar

More information