Diaspora remittances in relative increase, hit Sh10.2b in March
Friday, 16 May 2014 09:00
Source: Standard Digital
By: Nicholas Waitathu
Remittances from Kenyans in the Diaspora increased by 16 per cent to Sh10.2 billion ($119.6 million) in March compared to Sh8.8 billion the same period last year.
Data released by the Central Bank of Kenya (CBK) Wednesday indicates the 12 month cumulative remittance inflows also increased by 12.2 per cent from Sh101.4 billion ($1.18 billion) in March 2013 to Sh113.7 billion ($1.3 billion) in March 2014.
Remittances up 6.9% in March
Friday, 16 May 2014 08:56
Source: The Philippine Star
By: Kathleen A. Martin
Personal remittances continued to rise in March, registering a 6.9-percent growth to $2.1 billion from a year ago due to robust remittance flows from both land and sea-based overseas Filipino workers, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.
This brought the cumulative remittances for the first three months of the year to $6.085 billion.
UPU News: Posts ready to exploit demand for financial services
Thursday, 17 April 2014 08:39
To capture the potential for growing the market for postal financial services, Posts must be open, forward-looking and innovative.
"While postal financial services have been around for more than a century, they can still provide a large revenue stream for Posts," said UPU Director General Bishar A. Hussein at a recent UPU forum organized prior to the Postal Operations Council in April.
He called on public postal operators to boost their bottom line through a business area that also brings many social benefits. "Postal financial services can facilitate national economic growth and financial inclusion, as well alleviate poverty and provide a lifeline to many migrants," he said.
Pedro de Vasconcelos from the International Fund for Agricultural Development reminded attendees that the global remittance market was worth some 430 billion USD in 2013. "In the next five years, 2.5 trillion USD will go to countries in remittances... of which the rural share is 1 trillion USD," he said.
'Super tax' on remittances to Africa hurts development -thinktank
Thursday, 17 April 2014 08:32
Source: Thomson Reuters Foundation
By: Katie Nguyen
Africans face the highest remittance fees globally, regularly paying a "super tax" to send money home at a cost that hurts families and holds back development in the world's poorest continent, a leading thinktank said on Wednesday.
The London-based Overseas Development Institute (ODI) said that reducing remittance charges to global average levels would generate $1.8 billion, enough to put 14 million children through primary school, or provide clean water to 21 million people.
The average cost to transfer $200 to sub-Saharan Africa was about 12 percent, compared with a global average of 7.8 percent, ODI said in its report, "Lost in intermediation", branding the higher fees a "super tax".