Remittances a growth story
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Remittances – a growth story. Leon Isaacs Director Developing Markets Associates [email protected] 07909938305. Contents. Global context The UK How remittances work What does the customer actually want Current trends

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Remittances – a growth story

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Remittances a growth story

Remittances – a growth story

Leon Isaacs

Director

Developing Markets Associates

[email protected]

07909938305


Contents

Contents

  • Global context

  • The UK

  • How remittances work

  • What does the customer actually want

  • Current trends

  • UK Remittances Task Force – leading the world

  • The future – challenges and opportunities

Slide 2


The global market

The Global Market

  • US $ 232 billion (source World Bank)

  • Growth rate 8% p.a.

  • North – South flows 36%

  • South-South flows – 30%

  • Migration is the key driver – 191 million (source UN)


Remittances a growth story

Recorded

remittances

FDI

Private debt and portfolio equity

ODA

Source World Bank GEP 2006

The importance of remittances can not be underestimated


The uk migrants

The UK - Migrants

  • 2001 Census data

  • 4,301,280 born overseas

  • 12% North West/Yorks

  • 21% Midlands/East England

  • 54% London and South East

  • 13% Rest


Where were the migrants born

Where were the migrants born?

‘000 people


Where the money goes

Where the money goes

4

5

1

2

3

1

Estimated £2.3 billion

Slide 7


How remittances work

How remittances work

Slide 8


What senders want

What senders want

  • Security

  • Price

    • Fair

    • Transparent

    • Certain

  • Convenience

    • Close to location

    • Opening hours

    • Ease of making transaction

  • Speed/certainty

    • Quick

    • Time known guaranteed

Slide 9


Global trends

Global trends

  • Massive interest from Governments and development organisations

  • Increased regulation

  • Consolidation among money transfer companies

  • Greater interest from banks

  • Technology beginning to impact

  • Good news – prices are beginning to fall

Slide 10


Ukrtf leading the world

UKRTF – leading the world

Private sector driven, but with public sector funding.

OBJECTIVES:

  • Greater transparency in the UK remittances market

  • More competitive remittance markets

  • Better informed remittance consumers

  • Greater use of formal (versus unlicensed) money transfer channels

  • Reduced financial exclusion (in both UK and developing countries)

  • Better information for government and providers

  • More streamlined and better coordinated regulation of money transfers

Slide 11


Ukrtf current projects

UKRTF – current projects

  • Further research – focused on informal sector

  • Regulation – understanding and influencing policy and uniting the industry

  • Improving the availability of information for consumers

    • To comply with regulations

    • To provide a customer focused standard

    • Website

  • Support for smaller MTOs

  • Implementation of a customer charter

Slide 12


Challenges

Challenges

  • How to deliver the positive aspects of informal remittances in the regulated market

  • Inclusion of remittances in the financial system

  • Continue to provide consumers with the information that they need to make the right choice

  • Change the focus from the method of transfer to what the funds are used for when they arrive

Slide 13


Mid term report on the industry

Mid-term report on the industry

Making progress but could do better

Slide 14


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