The Multilateral Investment Fund (MIF) Remittances and Development in Latin America
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1 The Multilateral Investment Fund (MIF) Remittances and Development in Latin America 1 Wayne Beecher wayneb@iadb.org
2 The largest technical assistance provider in Latin America and Caribbean US$120 million per year; mobilized US$1.6 for every US$1 invested Synonymous with clear development impact - over 4 million small producers and micro entrepreneurs reached 43% of the projects approved in 2009, in the poorest countries A recognized track record completed projects, 87% of which achieved their development goals A cutting-edge innovator - testing and rigorously evaluating new business models to take development to the next level 38 donors - beneficiary and non-recipient countries 2
3 How does FOMIN Operate? FOCUS on 4 Access Areas 1. Basic Services 2. Finance 3. Markets 4. Skills and Capacity PEOPLE - Where the proactive attitude of every one of our people empowers small initiatives throughout the region PARTNERSHIPS - As the linchpin of a wide network of donors, local partners and NGOs and CSOs COUNTRIES Offices in 26 countries in LAC, and working to leverage solutions with development partners in Africa and Asia 3
4 Remittances as a Development tool MIF Remittance Strategy - Projects - Research - Knowledge Management MIF Remittance Goals - Reduce Average Cost by 50% - Increase access through the Financial System by 50% 4
5 Remittances Research & Knowledge Dissemination Commissioned over 50 studies/surveys in both remittance sending and receiving countries - Reduced costs approach - Fostered a competitive market - Created new products Organized over 45 conferences and round tables in both remittance receiving and sending countries - Raised the profile of the topic - Created cross-border replication of successful models Results to date: MIF is sought after by governments to provide advice and Best Practices on remittances Advisory work completed in 11 countries, upcoming work in Trinidad and Tobago and Nicaragua. 5 Supports the development of new financial products and services linked to remittances to increase their value for the transnational family
6 Project Areas Project Activities Goals: Reduce Cost of Remittance Transfer Decrease Transaction Cost to remittance recipients and increase access Mobilize a portion of remittance into formal savings Mobilize a portion of remittance into productive investment (Businesses) Project Model: Remittances and Productive Investments Channel remittances into businesses Remittances, Policy, and Regulatory Frameworks Advise public sector in improving policy and regulatory frameworks for remittance transfers Remittances and Housing Link remittance flows from immigrants with purchases of houses in their country of origin Remittances and Banking the Unbanked Improve access for remittance senders and receivers to the formal financial system Remittances, Financial Education, and Entrepreneurship Training Improve banking sector knowledge to encourage the use of financial services and build the capacity to invest in successful businesses 6
7 Project Overview 16% 14% 12% 10% 8% 6% 4% 2% 0% Cost (as a % of total amount sent) 15.0% 7.8% 6.0% 5.6% 5.2% 6.1% Entrance of FOMIN in remittance activities Financed 42 projects, totaling more than US$ 45 million in technical assistance and approximately US $22 million in loans and equity investments Focus on Cost Reduction by: Accurately quantifying the amounts of flows and the costs of services to raise awareness of market failures and scale of market opportunity Financing projects to support the expansion of low-cost technologies and innovative business models Fostering the entrance of new competitors 7
8 Consumer Transparency: Following the General Principles for International Remittance Services, consumers should have access to clear pricing information. Enviacentroamerica.org Internet-based information hub on remittances between the U.S. and Central American countries. Remittance price database shows fees and exchange rate commissions charged by service providers operating in corridors between the U.S. and 6 Central American countries, as well as the intra-regional corridor between Costa Rica and Nicaragua. Information updated on a monthly basis. 8
9 Project example: Mexico Asociación Mexicana de Uniones de Crédito del Sector Social (AMUCSS) Micro Banks and Remittance Services for Indigenous Populations Integration of 23 associated micro banks and other rural financial institutions into a centralized payment platform and common network for remittance transfers. Negotiated reasonably priced contracts with remittance companies. Remittance transfers have increased to over 9,000 transfers per month. Many of these transfers have been banked into savings accounts, increasing savings portfolio by US$2.1M, 30% over target. Over 4,000 remittance receivers have become members of micro banks. 9
10 Project example: El Salvador Apoyo Integral Remittances and Development in Rural El Salvador Three leading MFIs created a consortium, pooling experience with remittances, investment loans, and loans for housing improvements or purchases, to increase their rural outreach. Transnational credits made to the migrant or family members in El Salvador, through credit analysis based on the migrant s repayment capacity. Strategic alliances with money transfer companies and real estate brokers in the United States. $2.3 million in loans to recipient families, 70% beyond target. 10
11 Project example: Guatemala Salcajá Cooperative Expanding remittance-backed services in rural Guatemala Upgrading the IT platform plus the purchase of ATMs allowed the use of remittance-linked debit cards. Ten new financial products in various phases of rollout include an insurance product for repatriating deceased immigrants, credit card services, a children s savings account, debit cards, and funeral insurance. With its better-trained, more capable sales force, the Cooperative has succeeded in attracting 87% of remittance recipients as new members. 11
12 Impact. To date, the FOMIN s Remittances Program 16% 14% 12% 10% 8% 6% 4% 2% 0% Cost (as a % of total amount sent) 15.0% 7.8% 6.0% 5.6% 5.2% 6.1% Average cost of sending remittances to LAC reduced by approximately 60% from 15% of transaction amount in 2000 to 6.1% in 2010 Achieve Cost Reduction through Influencing a more competitive remittance market: Transparency buyer power Technology Innovations efficiency Increase volume Scale Industry growth Scope 12
13 Sharing lessons learned Knowledge Platforms Sharing lessons from a decade of FOMIN remittance projects, available online at Product design should be driven by market study and innovation Information Technology is a key success factor Staff Training important to achieve results Monitoring and Evaluation requires clearly defined Goal indicators (including gender indicators) and systems to measure outputs, to be effective Regulatory Environment analysis should inclusive (non-bank financial institution, mobile banking ) Project should not depend on changes in regulatory environment during execution Think of the unthinkable External Factors such as the Global Economic Crisis 13
14 14
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