Money transfer service to boost diaspora remittances

Tuesday, 31 August 2010 11:37

Source: The Standard
By Macharia Kamau

A non-governmental organisation has developed a money transfer system that will help Kenyans in the diaspora remit money home.

The organisation, Heart for the City, said the facility dubbed Ushindi Mobile Money is a comprehensive payment management service that runs on the web and WAP through Java enabled phones.

Read more: Money transfer service to boost diaspora remittances

Go slow on new remittance offices: BB

Tuesday, 03 August 2010 12:51

Source: The Daily Star
By: Sajjadur Rahman Few commercial banks to get nod

The central bank will let a few more commercial banks open exchange houses abroad, said a senior official of Bangladesh Bank (BB).

Currently, local banks, both private and state-owned, have 35 exchange houses abroad, according to official data. BB is considering applications for another 13 exchange houses.

The BB plans to go slow to avoid saturation and due to its concerns over additional expenditures the banks incur when opening exchange houses abroad, which help foreign workers send money home.

Read more: Go slow on new remittance offices: BB

NBP to facilitate instant remittances

Tuesday, 03 August 2010 12:30

Source: The Daily Times

National Bank of Pakistan (NBP) has launched a state of the art, instant, reliable, convenient and absolutely free remittance product with the brand name of “NBP FOREE CASH”. According to a press statement issued here Monday, (NBP) ‘Foree Cash’ is an instant Cash to Cash remittance delivery product through which beneficiaries from across Pakistan can receive home remittances in minutes from their loved ones abroad. NBP ‘Foree Cash’ provides a unique combination of instant availability of funds through latest technology with absolutely no service charge together with the reliability of NBP brand name. On the remitting side, NBP Foree Cash due to its unique and flexible IT platform has the capability to get integrated with remitting financial institutions from across the globe. In this regard, NBP has announced the integration of NBP Foree Cash with Al-Rajhi Bank to facilitate the large Pakistani community in Saudi Arabia for sending instant remittances to their families at home. staff report

Al Ansari Exchange announces new ties with National Bank of Egypt

Saturday, 31 July 2010 19:07

Source: EyeofDubai.com

Remittance industry poses huge growth potential amidst expected rise in Egypts growth rates by 6% in current fiscal year

Al Ansari Exchange, a leading provider of worldwide remittance and foreign exchange services, has signed a strategic partnership with the National Bank of Egypt (NBE), the oldest and largest commercial bank in Egypt, in a move to further expand its network of correspondent banks and agents worldwide. The company also revealed that its focus on Egypt is being driven by the growth potential projected for the local remittance industry, with the country ranking as among the top 10 leading money transfer destinations across the globe according to statistics released by the World Bank, registering USD 8.7 billion in total cash transfers in 2008, an estimated USD 7.8 billion in 2009, and a projected growth of over six per cent for the current fiscal year.

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LOLC, SEEDS for worker remittances to bare good fruit

Saturday, 31 July 2010 18:59

Source: Lanka Times

Socioeconomic Development in Sri Lanka (SEEDS) an arm of the Sarvodaya movement and Lanka Orix Leasing Company (LOLC) signed a deal that would divert migrant remittances from consumption into savings and investments. Migrant workers, or their dependents, often spent their hard earned money on consumption or on unsound investments, which at the end, left them with not enough money to continue their normal lives. Workers who had returned to their homes after years of working overseas soon find themselves in the same position they were in before leaving for greener pastures.

Read more: LOLC, SEEDS for worker remittances to bare good fruit

US money transfer firms explore new routes in Asia

Saturday, 17 July 2010 09:43

Source: The Economic Times

Asia, with its large migrant population, promises a huge growth market for US payment service firms, but for pure-play companies like Western Union and MoneyGram International, that's not the end.

They are busy looking for newer avenues ranging from domestic services to mobile transfers as they try and win more customer confidence, even though informal channels rampant in the region pose a big challenge.

Read more: US money transfer firms explore new routes in Asia