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Industry news

Money transfer start-up WorldRemit raises $100m

Source: Financial Times, by Murad Ahmed, European Technology Correspondent. WorldRemit has raised $100m from a leading Silicon Valley investor in one

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WorldRemit Raises $100M Funding Round to Drive Global Growth

Source: Mobile Money Africa Online money transfer service WorldRemit today announced that it has raised $100m in a Series B funding round led by Tech

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The man changing the world of remittances

In the years following the attacks of 11 September 2001, it is not surprising that Western security forces and authorities clamped down hard on the mo

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New Study Finds Positive Impact of Remittances More Widespread than Previously Thought

The University of Colorado Boulder Leeds School of Business, which includes the well-regarded Business Research Division, and The Western Union Compan

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WorldRemit eyes $100M funding round

UK firm WorldRemit, which enables remittances to be sent and received via mobile devices, is hoping for another blockbuster fundraising round, accordi

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NBP collaborates with UAE group for fast remittance transfer

KARACHI: National Bank of Pakistan has joined hands with Al Rostamani International Exchange (ARIE) of UAE for fast transfer of home remittances from

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DBP taps Remit2Home for OFW online remittances

The Development Bank of the Philippines (DBP) recently partnered with TimesofMoney Ltd. through its Remit2Home service to offer Overseas Filipino Work

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DBP taps Remit2Home for OFW online remittances

The Development Bank of the Philippines (DBP) recently partnered with TimesofMoney Ltd. through its Remit2Home service to offer Overseas Filipino Work

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DBP taps Remit2Home for OFW online remittances

The Development Bank of the Philippines (DBP) recently partnered with TimesofMoney Ltd. through its Remit2Home service to offer Overseas Filipino Work

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Thomas Cook launches 26 forex branches

Thomas Cook (India), a travel and travel related financial services company, has launched 26 foreign exchange branches and Gold Circle Partner (franch

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Public sector

Africa: IFAD Workshop to Address Agriculture, Poverty

Souce: Malise OtooRome — THE International Fund for Agriculture Development (IFAD), a specialized agency of the United Nations, is later on Monday sch

24-02-2015
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International Day of Family Remittances

On 16 February, the 176 member states of the Governing Council of IFAD, unanimously declared 16 June the INTERNATIONAL DAY OF FAMILY REMITTANCES.

22-02-2015
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New initiative announced to enable diaspora investment in India's development

by USAID Press Office, January 26, 2015. President Barack Obama announced today in New Delhi a new partnership among the U.S. Agency for Internationa

17-02-2015
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Tapping the Indian diaspora: The future of development finance?

Source: DEVEX IMPACT by Adva Saldinger 05 February 2015 Diaspora populations have long sent money back to their countries of origin in the form of re

11-02-2015
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Migrant remittances are even more amazing that we thought

Source: Oxfam, 30 January 2015  At least in economic terms, migration appears to be some kind of developmental wonder-drug. Remittances from migrants

11-02-2015
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World Bank Group: Remittances – A Vital Channel for Global Cash Flows

Source: Cfi.com Envision the world economy as a complex, interconnected array of financial engines whose propulsion helps reinforce one another’s mom

27-01-2015
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Philippines allows Christmas remittance peso boost

Date: 27 December 2014Source: The Borneo Post The Philippine central bank is allowing record Christmas remittances from overseas workers to give the

29-12-2014
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Diaspora remittances in relative increase, hit Sh10.2b in March

Your are here  » Home   » Business News Diaspora remittances in relative increase, hit Sh10.2b in March Updated Wednesday, May 14th 2014 at 21:43 GMT

16-05-2014
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Remittances up 6.9% in March

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

16-05-2014
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Recruiters: OFWs must be allowed to deposit foreign currencies

In a bid to address the weakening buying power of overseas Filipino workers (OFWs) and their families, the recruitment industry is now calling on the

28-04-2014
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Homeward bound

New data on the piles of cash Canadian immigrants send overseas raises questions about our aid policies

28-04-2014
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Why India remains top of remittances league

Indians working abroad continue to send more money home than their counterparts from other countries.

28-04-2014
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Civil society

Global Weekly: Remittances are relatively stable and acyclical, Remittances continue to be stable when capital flows fall sharply, Large-scale recipients may be less prone to consumption volatility

Source GLOBAL MACROECONOMICS TEAM, 23-02-2015.Many developing countries rely heavily on remittances. At the household level, remittance flows help sup

25-02-2015
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Hashtag to U.S. Government: Sending Money Home Isn’t Terrorism.

#IFundFoodNotTerror is calling out punitive antiterrorism regulations that pressure banks to discontinue wire transfers to Somalia. Source: Takepart

13-02-2015
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Qatar 2022: Construction firms accused amid building boom

The 2022 Qatar World Cup is all about money. Claims that millions of dollars were paid in bribes to secure the world's biggest football tournament fo

24-12-2014
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The International Fund for Agricultural Development joins Better Than Cash Alliance to bring financial inclusion to rural communities

The International Fund for Agricultural Development (IFAD) is pleased to accept an invitation to join the Better than Cash Alliance (BTCA) in our shar

24-12-2014
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Migration: Global development'™s biggest good news story...almost

Migration is big news — it makes headlines when UK Prime Minister David Cameron proposes to limit immigrants’ access to tax credits, and it leads the

22-12-2014
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Migrant Women Lift Remittances

Even when times were tough, immigrant Silvia Navas says she never stopped sending money to her mother in Guatemala.

07-04-2014
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New Remittance Map Shows Where the Money Goes

  The Pew Research Center has built an interesting interactive map of remittance flows worldwide in 2012. International migrants sent $529 billion in

20-02-2014
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Somalia turns to Diaspora for investment

  The Somali government has said it intends to tap into its Diaspora to invest in the war-ravaged country.Speaking to the Somali Diaspora community i

20-02-2014
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AU Commission in final phase of establishing African Institute for Remittances

The African Union Commission is in the final phase of establishing the "African Institute for Remittances", announced an AU official on Wednesday. In

20-02-2014
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Ethiopia/AU: Kenya hosts African Institute for Remittances

  The African Union (AU) Executive Council has accepted Kenya's offer to host the African Institute for Remittances (AIR), which is due to take off t

20-02-2014
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Africa: Somali Remittances - 10 Things You Need to Know

In May 2013, Barclays announced that it would close the accounts of all but 19 of its 165 clients in the remittance transfer business. As HSBC and oth

20-02-2014
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Somaliland: UK Int. Dev. Minister discusses development and remittances...

Somalis from all over the UK met the Secretary of State for International Development to express their need to re-enable remittance payments into thei

20-02-2014
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Virtual Forum

Latest comments
hansboon's Avatar
24 Feb 2015 17:13
Postal Network platform You are very right in highlighting the need of knowledge management in leveraging the postal networks in delivery of remittances and financial services. The Forum and Conference are expected to create a good opportunity. What do or did you see as key...
Marco van Andel's Avatar
23 Feb 2015 22:21
Framing a relationship & Taking to Scale Sarah, thanks for asking. To start with your last question, we launched the platform in Q42011, on a very small scale, with just 4 locations in Spain and 4 locations in Senegal. After evaluating this small scale pilot project, we expanded slightly to 10...
hansboon's Avatar
22 Feb 2015 13:20
POs - Sleeping Beauty Vs Cinderella of Fin. Incl. Many thanks for this comment and your positive observation that postal networks are an existing public owned asset that can fill in gaps between others such as bank branches mobile operators and MFIs by adding value in the last mile. What do you think is the...
CEO AUXFIN's Avatar
21 Feb 2015 07:27
Changing Landscape In 2020, there will be no commissions charged for remittances services. The technical innovation, the entrance of new (different) players and the move from cash to e-money will generate new business models that will allow remittances services to be offered...
jyansura's Avatar
13 Feb 2015 14:15
Creating a roadmap for scale This has been an interesting conversation to follow. My name is Julia Yansura and I work with the Migration, Remittances and Development Program at the Inter-American Dialogue in Washington, DC. Over the past year, I have been working on some projects related...
sarah.hugo's Avatar
10 Feb 2015 11:27
MTO Bank Account Closures Hi all - very interesting suggestions so far. I'll see if I can upload the document. I think this is a good point Leon. As with everything there needs to be an informed cost-benefit analysis considered for the different solutions. Do we know how many MTOs are...
michael@azimo.com's Avatar
09 Feb 2015 18:03
Industry Choking Billions out of Developing World? What a good topic for debate. As a starter for ten (and aware I am probably biased) the way I see it is this: The headline remittance cost numbers hide a huge variation in costs - some corridors are very low cost, some very high cost. The generalisation...
Super User's Avatar
17 Jul 2014 13:43
Why the initiative? Recent researches conducted by IFAD and the WB have illustrated that remittances to and within Africa are the most expensive in the world.
Admin's Avatar
24 Feb 2014 11:18
Welcome to Kunena! Welcome to Kunena Thank you for choosing Kunena for your community forum needs in Joomla. Kunena, translated from Swahili meaning “to speak”, is built by a team of open source professionals with the goal of providing a top quality, tightly unified...

Featured articles

The Post Office Banks on the Poor

ATHENS, Ga. — PEOPLE like to complain about banks popping up like Starbucks on every corner these days. But in poor neighborhoods, the phenomenon is q

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Zimbabwe: Diaspora remittances in decline

Remittances by Zimbabweans in the Diaspora sent through money transfer agencies and formal banking channels declined by 15 percent last year to $1.8 b

Read more »
Migration: Global development'™s biggest good news story...almost

Migration is big news — it makes headlines when UK Prime Minister David Cameron proposes to limit immigrants’ access to tax credits, and it leads the

Read more »
Ethiopia/AU: Kenya hosts African Institute for Remittances

  The African Union (AU) Executive Council has accepted Kenya's offer to host the African Institute for Remittances (AIR), which is due to take off t

Read more »
Peru received $2.7 bn in remittances during 2013

Last year Peru received $2.7 billion in remittances, a figure that represents a 2.9 percent drop compared with 2012, the central reserve bank said in

Read more »
Global Weekly: Remittances are relatively stable and acyclical, Remittances continue to be stable when capital flows fall sharply, Large-scale recipients may be less prone to consumption volatility

Source GLOBAL MACROECONOMICS TEAM, 23-02-2015.Many developing countries rely heavily on remittances. At the household level, remittance flows help sup

Read more »
IFAD tender on baseline research in 11 African countries

The International Fund for Agricultural Development (IFAD) based in Rome Italy, has recently published a Request for Proposal on the United Nations Gl

Read more »
Qatar 2022: Construction firms accused amid building boom

The 2022 Qatar World Cup is all about money. Claims that millions of dollars were paid in bribes to secure the world's biggest football tournament fo

Read more »
Migrants sent less money back to Mexico in 2013

Mexico's central bank says the amount of money Mexican migrant workers sent home to their families fell by 3.75 percent in 2013, as compared to the pr

Read more »
The International Fund for Agricultural Development joins Better Than Cash Alliance to bring financial inclusion to rural communities

The International Fund for Agricultural Development (IFAD) is pleased to accept an invitation to join the Better than Cash Alliance (BTCA) in our shar

Read more »

Development community

  • International Financial Institutions
  • Migration 4 Development

The International Fund for Agricultural Development (IFAD) is , a specialized agency of the United Nations, was established as an international financial institution in 1977 as one of the major outcomes of the 1974 World Food Conference. http://www.ifad.org 

The Consultative Group to Assist the Poor (CGAP) CGAP develops innovative solutions through practical research and active engagement with financial service providers, policy makers, and funders to enable approaches at scale. Housed at the World Bank. http://www.globalmigrationgroup.org

The World Bank is one of the world’s largest sources of funding and knowledge to support governments of member countries in their efforts to invest in schools and health centers, provide water and electricity, fight disease and protect the environment. http://www.worldbank.org/


The EU's executive body and represents the interests of Europe as a whole (as opposed to the interests of individual countries). http://ec.europa.eu/index_en.htm

The Multilateral Investment Fund (MIF), The Multilateral Investment Fund (MIF) supports economic growth and poverty reduction in Latin America and the Caribbean through the promotion of private investment and promoting private sector development. http://www.fomin.org

The Ministry of Foreign Affairs and Cooperation plans, directs, implements and assesses Spain's foreign policy and development cooperation policy, following the Government's guidelines and applying the principle of unity of external action. http://www.exteriores.gob.es/Portal/en/Ministerio/Paginas/inicio.aspx 

The Inter-American Development Bank (IDB) lends directly to Latin-American, Central America, South American and Caribbean countries for infrastructure and civil society projects. http://www.iadb.org/en/inter-american-development-bank,2837.html

The government consists of a president, with the title of Prime Minister and several members with the title of Minister. It may also include one or more members with the title of Minister or Secretary of State. https://www.gouvernement.lu/

KNOMADThe Global Knowledge Partnership on Migration and Development (KNOMAD) is envisaged to be a global hub of knowledge and policy expertise on migration and development issues.
http://www.knomad.org

 

GMGThe Global Migration Group (GMG) is an inter-agency group bringing together heads of 16 agencies for more coherent, comprehensive and better coordinated approaches to the issue of international migration. On the GMG website links to all individual agencies can be found.
http://www.globalmigrationgroup.org

 

JMDIThe Group of Twenty (G20) is the premier forum for its members’ international economic cooperation and decision-making. Its membership comprises 19 countries plus the European Union. Each G20 president invites several guest countries each year. https://www.g20.org/about_G20

 

GFMDThe Global Forum on Migration & Development in line with the September 2006 report from the UN-GA High Level Dialogue on Migration and Development (HLD) and the GFMD Operating Modalities endorsed in Brussels in 2007, the GFMD is a voluntary, informal, non-binding and government-led process open to all States Members and Observers of the United Nations, - See more at:  http://www.gfmd.org/process#sthash.UBcNZKgR.dpuf.

 

Global Forum 2015

The Remittance Marketplace

The GFRD will host the Remittance Marketplace, which will run parallel to the Forum and provide a space for the private sector, development organizati

26-02-2015
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Useful information

  Registration You may register to the GFRD2015 by clicking here. Registrations to the Forum are free of charge and open until 15 May 20

29-11-2014
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Programme GFRD2015

PUBLIC SECTOR DAY - 16 JUNE THE REMITTANCES MARKET PLACE Plenaries are aimed at presenting the topic, and sharing best practices an

26-11-2014
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About the GFRD2015

The Global Forum on Remittances and Development (GFRD) 2015 will be held in Milan on 16-19 June, in conjunction with the Universal Exposition EXPO20

25-11-2014
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Expo Milano 2015 Participants

Expo Milano 2015 is a global event characterized by its nature of uniting many different voices, basing its success on the involvement of all the vari

24-06-2014
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About the Gateway

The RemittancesGateway portal is a one-stop shop providing the latest news, events, publications, information and statistical data from a broad range of institutions, partners and stakeholders on the subject of remittances, migration and development. The Gateway is a fully interactive website that targets industry, private and public sectors, civil society actors and the development community. Besides sharing information, the portal is a virtual forum for discussion among remittance experts and stakeholders, and an institutionally neutral platform for continuous dialogue.

Virtual forum

  • hansboon's Avatar
    24 Feb 2015 17:13
    You are very right in highlighting the need of knowledge management in leveraging the postal networks in delivery of remittances and financial services. The Forum and Conference are expected to create a good opportunity. What do or did you see as...
  • Marco van Andel's Avatar
    Sarah, thanks for asking. To start with your last question, we launched the platform in Q42011, on a very small scale, with just 4 locations in Spain and 4 locations in Senegal. After evaluating this small scale pilot project, we expanded slightly...
  • hansboon's Avatar
    Many thanks for this comment and your positive observation that postal networks are an existing public owned asset that can fill in gaps between others such as bank branches mobile operators and MFIs by adding value in the last mile. What do you...
  • CEO AUXFIN's Avatar
    21 Feb 2015 07:27
    In 2020, there will be no commissions charged for remittances services. The technical innovation, the entrance of new (different) players and the move from cash to e-money will generate new business models that will allow remittances services to be...
  • jyansura's Avatar
    13 Feb 2015 14:15
    This has been an interesting conversation to follow. My name is Julia Yansura and I work with the Migration, Remittances and Development Program at the Inter-American Dialogue in Washington, DC. Over the past year, I have been working on some...
  • sarah.hugo's Avatar
    10 Feb 2015 11:27
    Hi all - very interesting suggestions so far. I'll see if I can upload the document. I think this is a good point Leon. As with everything there needs to be an informed cost-benefit analysis considered for the different solutions. Do we know how...

Contacts

Remittances Gateway Team
Via Paolo di Dono, 44
email: remittances@ifad.org
tel. +39 0654592311

Quotes

"Recent researches coducted by IFAD and the World Bank have illustrated that remittances to and within Africa are the most expensive in the world"
Tan Suzuki
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