Remittances
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Remittances – what are the opportunities for clients and institutions? Opening presentation Remittances Officially recorded remittance flows to developing countries reached $316 billion in 2009. The true size is believed to be larger

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Remittances l.jpg
Remittances institutions?

Officially recorded remittance flows to developing countries reached $316 billion in 2009. The true size is believed to be larger


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Top 20 recipients of migrant remittances institutions? (% of GDP, 2008) (WB)


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How is it being used? institutions?

Up to 90 per cent is spent on basic necessities


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How is it being used? institutions?

From 30 to 40 per cent of remittances are sent to rural areas (up to 70% in Tajikistan)


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How is it being used? institutions?

The share of remittances in total income of receiving households is high (30-70%)


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An important feature… institutions?

Immediate encashment


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Access to broad financial services institutions?

  • Recipients with Bank Accounts (%)

LIMITED:

a small percentage have bank accounts, savings accounts, or access to credits or other financial services.

Source: Orozco, Manuel. EBRD 2007; and Survey on remittance transfers to Armenia.


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Financial services needed institutions?

  • Sender: a fast, efficient, competitive and secure financial system

  • Recipient: access to deposit accounts, to save, build credit histories and invest in their future.

    However:

  • “…Financial intermediation is limited to processing remittance transfers but not to transforming senders and recipients into financial asset builders” (ADB)


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Current experiences institutions?

  • What is done?

  • Benefits for client?

  • Benefits for financial institution?


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Conclusions institutions?

  • Importance of financial education in transforming remittance owners into asset builders

  • Right combination of appropriate products and financial education is the key

  • Sustainable models can be developed with integration of innovative solutions into daily activities