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Remittances – a growth story. Leon Isaacs Director Developing Markets Associates leon.isaacs@developingmarketsassociates.com 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

Remittances – a growth story

Leon Isaacs

Director

Developing Markets Associates

leon.isaacs@developingmarketsassociates.com

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)
slide4

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 the money goes
Where the money goes

4

5

1

2

3

1

Estimated £2.3 billion

Slide 7

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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