The flow of funds from migrant workers back to their families in their home country is an important source of income in many developing economies. The total value of these remittances has been increasing steadily over the past decade and it is estimated that in 2008 the total value worldwide was over US$ 397 billion equivalent, involving some 190 million migrants.
For some recipient countries, remittances can be as high as a third of GDP. Remittances also now account for about a third of total global external finance. Additionally the flow of remittances seems to be significantly more stable than that of other forms of external finance. This is borne out by evidence from the recent financial crisis. Because of measurement uncertainties, particularly about unrecorded or informal remittances, the actual flows may be much higher – estimated by experts at 50% or more.
Informal channels are the greatest competition to formal financial sector in the Remittance space. Understanding what these are and how they operate is key to understanding their success. And their success factors are themselves critical to permitting banks to successfully compete for this important market sector.
This course is the definitive A to Z on Remittances – from informal systems to the revolutionary appearance of the Mobile Phone as a remittance tool.
This intensive 2-day course provides an insight of the payment system aspects of remittances, and is designed to assist financial institutions that want to improve their understanding of this important market as well as extend and develop the many business opportunities that present themselves. Processing these money transfers is a business opportunity with vast potential especially with the recent rise of the Mobile Phone is now set revolutionize the Remittance world.
We examine how the public and private sectors can collaborate to encourage the providers of remittance services to switch from informal to formal channels and how they can make the formal sector more efficient and competitive.
The course has been specifically designed for Senior Bankers involved with
- Payment Systems and Money Transfers
- Payment Strategy
- Micro Finance
- International & Correspondent Banking
- Retail Banking Services
- Banking Product Development
- Payment Systems
- Payment Strategy & Policy
- International & Correspondent Banking
- Payment System Regulation & Oversight
Senior Staff of
- Corporations who employ migrant workers
- Money Transfer Operators
- Government agencies involved in migrant workers
- Development Agencies
