Human Movements and Immigration (HMI) World Congress, 2-5 September 2004, Barcelona, Spain. Track: Economics and Development

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Human Movements and Immigration (HMI) World Congress, 2-5 September 2004, Barcelona, Spain. Track: Economics and Development"

Transcription

1 Human Movements and Immigration (HMI) World Congress, 2-5 September 2004, Barcelona, Spain Track: Economics and Development Dialogue Session on Remittances and Development Title: Connecting People on the Move: The role of postal networks in facilitating remittance flows and increasing their impact on development Author: : Thomas E. Leavey, Director General of the International Bureau of the Universal Postal Union Key ideas The transfer of remittance funds to relatives and friends back home from workers who have migrated to other countries has increased significantly during the past five years. When this international economic flow of funds first started to grow, little was known concerning the volume of these remittances or their impact on receiving countries. However, recent research has shown that for many developing countries, the capital resource and foreign exchange gained through inbound remittances is greater than the amounts provided through official development assistance or foreign direct investment. Furthermore, the unique nature of worker remittances, namely their relative immunity to financial downturns, their ability to reach low-income segments in receiving countries, and their potential for investment in micro-enterprises and other family- and communitybased businesses, is now being mapped; the significance of worker remittances has risen above the radar. For multilateral development institutions and other stakeholders, the future challenge is to determine how best to facilitate the growth of this economic flow while increasing its positive impact on development in receiving countries. Three areas of improvements are receiving particular attention: increasing access to channels for sending and receiving remittances; reducing the high costs currently associated with their transmission; and incorporating more remittance users into formal financial channels to increase support for savings mobilization and economic growth. One strategy for achieving these goals is to increase the flow of remittances through existing communications infrastructures such as the international postal network. This comprehensive network has the largest number of retail outlets (650,000) available throughout the world, many in

2 rural and remote areas not served by other communication services. Postal services also have a long history in the funds transfer business and offer competitive and transparent pricing. Finally, through their own financial services and partnerships with leading banks, many postal services offer customers a direct portal to formal financial networks. Expanding the flow of international remittances through the postal network is not without some technological challenges. However, this goal is increasingly being incorporated into the postal industry s drive to simultaneously adapt to and take advantage of the opportunities afforded by the Age of Digital Communications. Connecting People on the Move: The role of postal networks in facilitating remittance flows and increasing their impact on development Growth of migration in a globalized economy As we progress into the 21st Century, migration has become one of the most powerful forces shaping the global economy. Currently, 175 million people have relocated from their country of origin to either a transit or a destination country; a significant portion of these people on the move has moved to find better economic opportunities. There is no clearer demonstration of the integration of the world s economies than this drive to relocate where employment and resources are more accessible. In many cases, individuals have left their immediate family members in their countries of origin. In others, even though the nuclear family has moved, it retains strong ties to parents, siblings, and other family members at home. The rise of such transnational families has created a growing need to build viable networks to keep them connected both culturally and economically. The nature of this challenge is not new, however, the scale of the flow of information, goods, and resources; and the opportunities it presents for enhancing the positive impacts of globalization are unprecedented. Parallel growth of remittances The flow of remittances sent home by migrants to their countries of origin is perhaps the most significant recent example of the challenges and opportunities inherent in keeping transnational families connected. The economic impact of this flow has only recently been discovered, at least in part due to the informal channels through which it has typically traveled. More importantly, however, the explosive growth in the volume and value of remittances is raising them above the radar screen. In 1996, the total value of remittance flows to Latin America and the Caribbean was $10 Billion USD. By 2003, this number had climbed to $38 billion USD, representing 150 million individual transactions reaching 15 million households in recipient countries. 1 While this is the fastest growing and largest value market for remittances, other regions are experiencing very positive growth; by 2002 the worldwide value of worker remittances to developing countries 1Inter-American Development Bank-Multilateral Investment Fund, Remittances to Latin America and the Caribbean: Goals and Recommendations; Washington, May,

3 totaled $80 billion USD. 2 Migration and remittances go hand in hand and as the Inter-American Development Bank (IDB) recently characterized these parallel flows People move North by the millions, and money flows South by the Billions. 3 Impact of remittances on development The positive impact that remittances have on development in recipient countries is also becoming apparent. In fact, remittances are rapidly becoming the most important capital resource and source of foreign exchange in many countries; in some regions they represent a larger resource inflow than official development assistance (ODA) or foreign direct investment (FDI). And while larger developing countries (e.g., India, Mexico, the Philippines) receive the largest value of remittances in absolute terms, these transfers represent a very substantial portion of Gross Domestic Product (GDP) for many smaller countries. In Lesotho, for example, remittances represented 26.5% of GDP in 2001, while in Jordan they represented 22.8%, in Albania 17%, and in Nicaragua 16.2%. 4 Remittances represent a stable flow of financial resources. A recent survey 5 showed that over 60% of Latin American immigrants in the United States send money home (at an average of approximately $240 per transaction) on a regular basis. While this represents approximately 10% of the salaries of such immigrants, it may make up 50-80% of the household income of recipients. Furthermore remittances seem immune to (and are possibly even counter-cyclical) to economic downturns. Remittance flows had strong growth during recent worldwide economic recessions, regional economic crises, and decreases in ODA and FDI. This constant source of development resources also does not create future liabilities or obligations like some forms of ODA and FDI. Remittances also are person-to-person and family-to-family transfers, so they have great potential for directly benefiting the low-income individuals in developing countries without first passing through formal bureaucratic channels. While these resources are often used to purchase basic needs such as food, clothing, and utilities, they are also increasingly invested in micro-enterprise creation and expansion. And, since remittances are typically sent to developing countries, they may help address unequal income distribution and help mitigate some of the pressure to migrate. Facilitating remittance flows and increasing their impact Along with a growing awareness of the importance of remittances, there has also been a growing consensus on how to increase both their level and their positive impact, particularly in three key areas. 2 Ratha, Dilip (2003), Workers Remittances: An Important and Stable Source of External Development Finance, in Global Development 2003: Striving for Stability in Development Finance; World Bank, Washington, DC, chapter 7, pp Remittances to Latin America and the Caribbean 4Ratha, p.165. According to some sources, in 2002, the percentage of GDP in Nicaragua rose to 30% and in Haiti 25% (All in the Family: Latin America s Most important International Financial Flow-Report of the Inter-American Dialogue Task Force on Remittances; Washington; January, 2004). 5 Inter-American Dialogue Task Force, the Pew Hispanic Center, and Bendixen and Associates, State by State Survey of Remittance Senders: U.S. to Latin America; Washington. -3-

4 First, there is a great need to increase access to remittance services. In many developing countries, it can take several days and a number of separate (and costly) transactions to receive remittance funds. One of the keys to achieving this progress will be to utilize all viable communication channels, particularly where these offer universal coverage to ensure that there are as many access points as possible for both senders and receivers. Another will be to find innovative approaches, such as the use of debit cards (some of which do not require bank accounts for recipients) to effect transfers. Next, despite some recent progress due to growing competition among financial intermediaries and improving technology, there is still a strong need to further reduce the cost of sending remittances. Transaction costs remain significantly higher than analogous costs for corporate financial transactions and represent a significant burden for low-wage earners transferring funds on a monthly or more frequent basis. Furthermore, in a largely informal financial environment, there is a lack of transparency concerning commissions, exchange fees, transit times and very little comparative price data to facilitate informed choice by consumers. Further increases in competition and in the amount of information available to consumers can help drive down costs. Finally, the development impact of remittances can be greatly enhanced by channeling these flows through formal financial institutions. Today, the majority of remittances are sent through money transfer companies. 6 This means that they are treated as individual transactions unrelated to more comprehensive financial activities. If these remittances were used as an entrée to a bank account in both the sending and receiving countries, they could help mobilize savings while opening the door to credit and other financial investment products. Realizing this opportunity to bank the unbanked would provide a sense of economic citizenship not unlike the sense of identity provided by obtaining an address. 7 How postal networks can be utilized to accomplish these goals 8 Connecting people on the move is not a new challenge in the postal world. In fact, the Universal Postal Union (UPU), the UN specialized agency for postal matters and its 190 member countries have been working for over a century to facilitate the worldwide transmission of information, goods, and money. As concerns the sending and receiving of remittances, the worldwide postal network is well positioned to help achieve the goals that have been established for this important development tool. Increase access. With over 650,000 offices, the worldwide postal network has the most extensive retail outlet network in the world; in many countries it provides the only access to rural and remote areas. Furthermore, with their universal service coverage, postal networks are structured for person to person and family to family communication. 160 UPU administrations offer funds transfer services which handle over 10 billion money orders and financial system transfers yearly. 6 The survey cited above estimates that 78% of remittances sent to Latin America are handled by money transfer companies; 11% are transmitted by travelers. 7Estimates are that only 10% of all citizens in Latin American countries have bank accounts. 8 The IDB has established the following goals for the Year 2010: reduce by 50% the average cost of LAC remittance market transactions by promoting increased competition; increase by 50% the number of families receiving remittances through financial transactions (Remittances to Latin America). -4-

5 Finally, many families transferring funds on a regular (e.g., monthly) basis do not require instant funds transfers. A less expensive postal option based on next day or even two- or three-day transmission creates an attractive niche for such transfers. Reduce costs. Postal money transfer systems provide the type of competitive and transparent pricing that can help reduce transaction costs. Some postal operators offer an extremely competitive flat fee (around $7 USD) while others offer very low percentage fees for funds transfers. This provides a cheaper alternative to multiple, high cost (sometimes as high as 15-20%) transfers of smaller amounts. The postal alternative also offers the advantage of being a trusted, secure, and permanent channel for cash transfers. While the number of paper-based international money orders still represents a significant amount of traffic (15.2 million items in 2002), postal services are also increasingly moving towards cheaper and more secure electronic funds transfer systems. In fact, more than 85% of international exchanges in industrialized countries are sent via electronic networks. This had led some industrialized countries to abolish paper-based money orders in favor of electronic transfers that provide time-guaranteed service and account-based transfer capabilities. 9 Channel remittances. 85 postal administrations offer their own account-based financial services or have established partnerships with private banks, micro-credit institutions, and money transfer companies. There have been instances of cash transfer companies requesting exclusivity clauses in their partnership agreements, but postal operators typically declined to accept these requirements. Such requirements could inhibit competition and opportunities for reducing the cost of cash transfers. Increased use of the postal financial structure for remittances could add valuable support, and strengthen micro- and small enterprises by channeling remittance funds to small entrepreneurs who would otherwise not have access to credit. The potential role of the postal infrastructure in exploiting such possibilities to generate employment and productive capacity and thereby reduce poverty is only now beginning to be understood. However, it is clear that connecting sources of investment revenue from remittances to existing and potential businesses in developing countries can accelerate the process. Postal banks and other postal financial institutions also offer strength and security to depositors; over $3 trillion USD is deposited in postal banks worldwide covering over 700 million account holders. These institutions represent a significant level of capital reserves in some industrialized (e.g., Japan) and developing countries where significant portions of savings by low-income citizens are deposited in postal affiliated banks. Postal banks are account-based operations that can provide a structured entrance into the formal financial systems. Many also provide giro services which allow cash transfers to pre-established accounts for utility companies and other bill producers. Therefore, choosing a postal cash transfer system might also lead users towards less accessible financial services such as loans, insurance, and investment products. This could have a 9 Source: UPU -5-

6 positive effect not only on promoting access to such services, but also on savings mobilization aimed at capturing the wide base of small savers that are too frequently forgotten. Postal networks and financial systems are uniquely positioned to accomplish these goals because they are trusted by the community and reach many low-income and isolated neighborhoods that are not attractive to commercial banks. Many developing countries, including least developed countries, offer postal financial services that can be found in the most remote and economically disadvantaged corners of the country. If the services available are limited, they can be expanded through connections with the wider formal financial network. As stated in a recent World Bank Group report, One promising approach is to establish partnerships between leading banks and the government post office network in countries that do not have banks with extensive branch networks in rural areas. 10 Postal networks are also increasingly connected to digital communications systems that provide access to e-commerce, e-government and other value-added services. The public postal operator in Brazil has done a lot of ground-breaking work in this regard, particularly in the areas of offering a wide variety of new banking, investment, and Internet services through its retail outlet network. Challenges facing posts in facilitating remittances All of this is not to say that there are not challenges in fully utilizing the postal network for remittance transactions. First there is a need to modernize postal money transfer platforms and processes. The global move to a cashless society requires advanced IT systems and strong cash delivery infrastructures. These systems also provide the security that paper money orders cannot, and that is why there is a general move in the postal world from paper to electronic funds transfers. Unfortunately, postal operators in some developing countries have not reached this stage of technological development. Also, postal administrations in some industrialized countries have not invested sufficiently in incorporating modern money transfer capabilities into their retail networks, preferring to leave this very lucrative market to private money transfer companies. Today, more than 50 UPU postal administrations have some form of electronic money transfer capabilities; the challenge is to expand this network to include more administrations particularly in those developing countries that receive high volumes of remittance traffic. Finally like all industries involved in the transfer of funds, postal operators must adapt to the restrictions put in place through the Bank Secrecy Act and other measures enacted to restrict cash flows that could support terrorism, money laundering, or other illegal activities. The postal response to these challenges The UPU and its member countries are responding to these challenges with numerous initiatives. The first is by expanding the use of the International Financial System (IFS) among postal administrations. IFS allows the rapid and secure transfer of money orders and inter-bank transfers over a private, secure UPU network and has expanded its reach through partnerships with other 10 Ratha, p

7 funds transfer systems (e.g., Eurogiro) and banks. IFS installation is inexpensive and the system user interface can be localized into any language. It also eliminates many of the problems associated with paper-based money orders (security and speed) and provides enhanced information management and quality control capability. It significantly reduces the time needed to transfer cash while still keeping the competitive advantage of a low price and comprehensive access. The range of products available through IFS is also being expanded to include pension distribution and other premium services such as express (urgent) wire transfers. Furthermore, postal services central location and trusted third party status as a hub of three critical business flows (cash, goods, and information) opens up a new world of small business and consumer possibilities. There is also a move to strengthen postal financial services where they already operate and to initiate new services where they have not previously existed (e.g., Brazil and New Zealand). This provides an excellent platform for strengthening funds transfer capabilities and strengthens the post s ability to connect remittance users to comprehensive financial systems. Partnerships with private service providers are a particularly useful strategy here since they allow postal services to provide access to their retail networks in exchange for the capital, expertise, systems, and equipment needed to initiate modern money transfer systems. Finally, there is a global postal drive to respond to emerging customer demands for new services such as expanded money transfer systems while simultaneously improving access to and delivery of core postal products. Conclusion Remittance flows will continue to grow and will continue to provide positive support for economic growth in developing countries. The challenge for institutions seeking to increase both the size and impact of these flows will be to make them easier and less expensive to use while increasingly incorporating the remittance process into formal and comprehensive financial systems. Utilizing and strengthening existing communications systems that provide such benefits is a good strategy for achieving these goals. -7-

Leading with Remittances: a New Retail Banking Segment

Leading with Remittances: a New Retail Banking Segment In Conversation With Leading with Remittances: a New Retail Banking Segment Gareth Lodge, Celent Neil Burton, Earthport CELENT In Conversation With Do banks really know all about remittances - or are they

More information

Facilitating Remittances to Help Families and Small Businesses

Facilitating Remittances to Help Families and Small Businesses G8 ACTION PLAN: APPLYING THE POWER OF ENTREPRENEURSHIP TO THE ERADICATION OF POVERTY The UN Commission on the Private Sector and Development has stressed that poverty alleviation requires a strong private

More information

Overview. Remittances to the Dominican Republic

Overview. Remittances to the Dominican Republic MULTILATERAL INVESTMENT FUND INTER-AMERICAN DEVELOPMENT BANK SENDING MONEY HOME REMITTANCE RECIPIENTS IN THE DOMINICAN REPUBLIC AND REMITTANCE SENDERS FROM THE US Columbia University New York City November

More information

MANY HAPPY RETURNS: REMITTANCES AND THEIR IMPACT

MANY HAPPY RETURNS: REMITTANCES AND THEIR IMPACT IMMIGRATION POLICY CENTER A M E R I C A N I M M I G R AT I O N CO U N C I L SPECIAL REPORT MANY HAPPY RETURNS: REMITTANCES AND THEIR IMPACT HOW MONEY SENT HOME BY MIGRANT WORKERS HELPS THE AMERICAN ECONOMY

More information

Latin American Competition Forum Fourth Annual Meeting -- SESSION IV --

Latin American Competition Forum Fourth Annual Meeting -- SESSION IV -- Latin American Competition Forum Fourth Annual Meeting -- SESSION IV -- Remittances: Some Observations from the United States 1. The Antitrust Division of the Department of Justice has conducted three

More information

Financial inclusion and poverty reduction: the role of financial inclusion in achieving the Millennium Development Goals.

Financial inclusion and poverty reduction: the role of financial inclusion in achieving the Millennium Development Goals. Financial inclusion and poverty reduction: the role of financial inclusion in achieving the Millennium Development Goals. 1. It is indeed a source of deep concern that the number of people living in extreme

More information

Euronet USA, Inc. 17300 Chenal Parkway, Suite 200 Little Rock, AR, 72223. Tel: 1-501-218-7300 Fax: 1-501-218-7302

Euronet USA, Inc. 17300 Chenal Parkway, Suite 200 Little Rock, AR, 72223. Tel: 1-501-218-7300 Fax: 1-501-218-7302 Euronet USA, Inc. 17300 Chenal Parkway, Suite 200 Little Rock, AR, 72223 Tel: 1-501-218-7300 Fax: 1-501-218-7302 E-mail us at: mail@euronetworldwide.com Visit our Web site at www.euronetworldwide.com.

More information

Mobile Financial services Real cases from around the world

Mobile Financial services Real cases from around the world Mobile Financial services Real cases from around the world 1 # It s time for money to change We believe that as money goes mobile, network operators will play a significant role in the m-commerce value

More information

a GAO-06-204 GAO INTERNATIONAL REMITTANCES Information on Products, Costs, and Consumer Disclosures

a GAO-06-204 GAO INTERNATIONAL REMITTANCES Information on Products, Costs, and Consumer Disclosures GAO United States Government Accountability Office Report to the Committee on Banking, Housing, and Urban Affairs, U.S. Senate November 2005 INTERNATIONAL REMITTANCES Information on Products, Costs, and

More information

Overview. Main Findings

Overview. Main Findings This Report reflects the latest trends observed in the data published in March 2014. Remittance Prices Worldwide is available at http://remittanceprices.worldbank.org Overview The Remittance Prices Worldwide*

More information

Testimony of. Mr. Mark Thompson. On Behalf of. The Western Union Company. To The

Testimony of. Mr. Mark Thompson. On Behalf of. The Western Union Company. To The Testimony of Mr. Mark Thompson On Behalf of The Western Union Company To The House Financial Services Committee Subcommittee on Domestic and International Monetary Policy, Trade and Technology Hearing

More information

USPS Money Transfer Services for the Unbanked. March, 2011 Joy Leong Consulting, LLC

USPS Money Transfer Services for the Unbanked. March, 2011 Joy Leong Consulting, LLC USPS Money Transfer Services for the Unbanked March, 2011 Joy Leong Consulting, LLC 1 Overview Government concern for the needs of the unbanked Social Benefit provided by existing USPS products Description

More information

Reducing the costs of migrants remittances and optimising their impact on development

Reducing the costs of migrants remittances and optimising their impact on development Reducing the costs of migrants remittances and optimising their impact on development Financial products and tools for North Africa and the franc zone EXECUTIVE SUMMARY Naceur Bourenane Saïd Bourjij Laurent

More information

Capturing an Elusive Market

Capturing an Elusive Market Capturing an Elusive Market The World of Global Remittances Payments 2010 April 28, 2010 Meet the speakers Ernest Gregg, Treasurer, Ria Financial Wendy Miller, Global Payments Manager, BNY Mellon Steve

More information

Remittances: strategic and operational considerations. Annex to IFAD Decision Tools for Rural Finance

Remittances: strategic and operational considerations. Annex to IFAD Decision Tools for Rural Finance Remittances: strategic and operational considerations Annex to IFAD Decision Tools for Rural Finance Remittances: strategic and operational considerations Annex to IFAD Decision Tools for Rural Finance

More information

Role Of Private Channel Members As Alternative Means Of Payment Within The Common Framework Of Retail Payments System Regulation

Role Of Private Channel Members As Alternative Means Of Payment Within The Common Framework Of Retail Payments System Regulation Role Of Private Channel Members As Alternative Means Of Payment Within The Common Framework Of Retail Payments System Regulation Prof. Ajit Kumar Borde Email. ab@asmedu.org Asst. Prof. ASM s IBMR,. Chinchwad,

More information

Remittance services: the case of Italy

Remittance services: the case of Italy Remittance services: the case of Italy Pierfrancesco Gaggi Head of Payment Systems Department Associazione Bancaria Italiana Tel. +39 06 6767349 e-mail: p.gaggi@abi.it CPSS-WB General Principles for International

More information

Technical Innovation for Expanding Outreach: Mobile Phone Banking in the Philippines

Technical Innovation for Expanding Outreach: Mobile Phone Banking in the Philippines Technical Innovation for Expanding Outreach: Mobile Phone Banking in the Philippines MELIZA H. AGABIN Deputy Chief of Party, MABS Program Presented at the 3 rd African Microfinance Conference Kampala,

More information

Economic Overview. East Asia managed to weather the global recession by relying on export-oriented

Economic Overview. East Asia managed to weather the global recession by relying on export-oriented Economic Overview Economic growth remains strong in East Asia and retains healthy momentum thanks to strong commodity prices and increases in exports. leads the region in growth and its GDP is expected

More information

Overview. Main Findings

Overview. Main Findings This Report reflects the latest trends observed in the data published in June. Remittance Prices Worldwide is available at http://remittanceprices.worldbank.org Overview The Remittance Prices Worldwide*

More information

Remittances, Microfinance and Technology

Remittances, Microfinance and Technology Remittances, Microfinance and Technology C P Abeywickrema, Deputy General Manager Hatton National Bank, Sri Lanka This paper discusses migrant remittances in the Sri Lankan context, specifically in relation

More information

International Remittances

International Remittances December 2008 International Remittances by Terri Bradford, Payments System Research Specialist oney may or may not make the world go around, but it certainly makes its way around the world. The World Bank

More information

TAZEEM PASHA MANAGER, BUSINESS RETENTION AND EXPANSION SELECTUSA U.S. DEPARTMENT OF COMMERCE

TAZEEM PASHA MANAGER, BUSINESS RETENTION AND EXPANSION SELECTUSA U.S. DEPARTMENT OF COMMERCE TAZEEM PASHA MANAGER, BUSINESS RETENTION AND EXPANSION SELECTUSA U.S. DEPARTMENT OF COMMERCE Tazeem Pasha serves as Manager, Business Retention and Expansion at SelectUSA. Established by Executive Order

More information

Zamani Abdul Ghani: Scaling up financial inclusion through branchless banking

Zamani Abdul Ghani: Scaling up financial inclusion through branchless banking Zamani Abdul Ghani: Scaling up financial inclusion through branchless banking Remarks by Mr Zamani Abdul Ghani, Deputy Governor of the Central Bank of Malaysia, at the Microfinance Policymakers Forum Scaling

More information

SECTOR ASSESSMENT (SUMMARY): MICRO, SMALL AND MEDIUM-SIZED ENTERPRISE DEVELOPMENT 1 Sector Road Map 1. Sector Performance, Problems, and Opportunities

SECTOR ASSESSMENT (SUMMARY): MICRO, SMALL AND MEDIUM-SIZED ENTERPRISE DEVELOPMENT 1 Sector Road Map 1. Sector Performance, Problems, and Opportunities Small Business and Entrepreneurship Development Project (RRP UZB 42007-014) SECTOR ASSESSMENT (SUMMARY): MICRO, SMALL AND MEDIUM-SIZED ENTERPRISE DEVELOPMENT 1 Sector Road Map 1. Sector Performance, Problems,

More information

BEST FORMS OF MONEY TRANSFER AND PAYMENT CONDITIONS

BEST FORMS OF MONEY TRANSFER AND PAYMENT CONDITIONS BEST FORMS OF MONEY TRANSFER AND PAYMENT CONDITIONS BEST FORM FOR MONEY TRANSFER FORMS OF MONEY TRANSFER INTRODUCTION: Sending or receiving money for either payment of salaries, settlement of business

More information

The Effective Use of Remittances in Promoting Economic Development. by Gloria Moreno-Fontes Chammartin mfontes@ilo.org

The Effective Use of Remittances in Promoting Economic Development. by Gloria Moreno-Fontes Chammartin mfontes@ilo.org The Effective Use of Remittances in Promoting Economic Development by Gloria Moreno-Fontes Chammartin mfontes@ilo.org Positive Effect on the Economies and Development Prospects of Countries of Origin 1.

More information

Remittances: A Canadian Perspective

Remittances: A Canadian Perspective Remittances: A Canadian Perspective Written by Luis Monzon and Emina Tudakovic International Policy Coordination Citizenship and Immigration (CIC) With Research from Barnabé Ndarishikanye Analysis and

More information

Comprise resident commercial banks and other banks functioning as commercial banks that meet the definition of ODCs.

Comprise resident commercial banks and other banks functioning as commercial banks that meet the definition of ODCs. Other depository corporations (ODCs) Comprise commercial banks, credit unions and financial cooperatives, deposit taking microfinance institutions, and other deposit takers. These include all resident

More information

We Shall Travel On : Quality of Care, Economic Development, and the International Migration of Long-Term Care Workers

We Shall Travel On : Quality of Care, Economic Development, and the International Migration of Long-Term Care Workers We Shall Travel On : Quality of Care, Economic Development, and the International Migration of Long-Term Care Workers by Donald L. Redfoot Ari N. Houser AARP Public Policy Institute October 20, 2005 The

More information

A full report of our recent meeting will be distributed to all the delegations. Let me briefly summarize some of the most salient conclusions.

A full report of our recent meeting will be distributed to all the delegations. Let me briefly summarize some of the most salient conclusions. Statement by the Executive Secretary of the Economic Commission for Latin America and the Caribbean, ECLAC, Dr. José Antonio Ocampo, in the name of Regional Commissions of the United Nations It is a great

More information

European Payment Card Systems for the 21 st Century. A paper from MasterCard Europe

European Payment Card Systems for the 21 st Century. A paper from MasterCard Europe U European Payment Card Systems for the 21 st Century A paper from MasterCard Europe For four decades, MasterCard Europe 1 has been working successfully with European banks to deliver secure, efficient

More information

THE PAYMENT SYSTEM IN ZAMBIA

THE PAYMENT SYSTEM IN ZAMBIA THE PAYMENT SYSTEM IN ZAMBIA Table of Contents OVERVIEW OF THE NATIONAL PAYMENT SYSTEM IN ZAMBIA... 225 1. INSTITUTIONAL ASPECTS... 225 1.1 General legal aspects... 225 1.2 Role of financial intermediaries

More information

1st Session 109 38 EXPANDED ACCESS TO FINANCIAL SERVICES ACT OF 2005

1st Session 109 38 EXPANDED ACCESS TO FINANCIAL SERVICES ACT OF 2005 109TH CONGRESS REPORT " HOUSE OF REPRESENTATIVES! 1st Session 109 38 EXPANDED ACCESS TO FINANCIAL SERVICES ACT OF 2005 APRIL 12, 2005. Committed to the Committee of the Whole House on the State of the

More information

Mobile Money Transfer & Remittances

Mobile Money Transfer & Remittances Mobile Money Transfer & Remittances 2 June 2010, Moscow - Mirpal Conference Mehdi Elhaoussine, Consultant, World Bank Expert Mobile Financial Services 1 Market figures Introduction 200 million people around

More information

La Banque Postale and the remittance market. Marie Cheval -Marketing Director

La Banque Postale and the remittance market. Marie Cheval -Marketing Director La Banque Postale and the remittance market Marie Cheval -Marketing Director 10 June 2008 1 Summary Overview of La Banque Postale The remittance market in France Our remittance solutions 2 Overview of

More information

THROUGHTS ON ROLE OF NON-GOVERNMENTAL GROUPS (NGO) and OVERSEAS DEVELOPMENT ASSISTANCE (ODA) IN INCREMENTAL HOUSING IN FIJI

THROUGHTS ON ROLE OF NON-GOVERNMENTAL GROUPS (NGO) and OVERSEAS DEVELOPMENT ASSISTANCE (ODA) IN INCREMENTAL HOUSING IN FIJI THROUGHTS ON ROLE OF NON-GOVERNMENTAL GROUPS (NGO) and OVERSEAS DEVELOPMENT ASSISTANCE (ODA) IN INCREMENTAL HOUSING IN FIJI Junghwa Kim Informal Settlement in Fiji With rapid urbanization, Fiji s population

More information

Following decades of instability and several natural disasters,

Following decades of instability and several natural disasters, IDA at Work Nicaragua: Innovative Approaches Reach the Poor in Remote Rural Areas IDA is helping Nicaragua to scale-up its model interventions for tacking rural poverty Following decades of instability

More information

Chapter II. Coverage and Type of Health Insurance

Chapter II. Coverage and Type of Health Insurance Chapter II. Coverage and Type of Health Insurance Although various factors condition regular health service use, health service coverage is undoubtedly the main means of periodically accessing medical

More information

EXECUTIVE OFFICE OF THE PRESIDENT COUNCIL OF ECONOMIC ADVISERS U.S. INBOUND FOREIGN DIRECT INVESTMENT

EXECUTIVE OFFICE OF THE PRESIDENT COUNCIL OF ECONOMIC ADVISERS U.S. INBOUND FOREIGN DIRECT INVESTMENT EXECUTIVE OFFICE OF THE PRESIDENT COUNCIL OF ECONOMIC ADVISERS U.S. INBOUND FOREIGN DIRECT INVESTMENT JUNE 211 EXECUTIVE SUMMARY The United States welcomes the investment and the jobs supported by the

More information

Facts and Figures on the Middle-Class Squeeze in Idaho

Facts and Figures on the Middle-Class Squeeze in Idaho Facts and Figures on the Middle-Class Squeeze in Idaho For hard-working, middle-class families all over the country, life during the Bush presidency has grown less affordable and less secure. President

More information

Philippines Logistics Market Outlook to 2019 - Growth Driven by Express Delivery, 3PL and E-commerce Logistics Services

Philippines Logistics Market Outlook to 2019 - Growth Driven by Express Delivery, 3PL and E-commerce Logistics Services Philippines Logistics Market Outlook to 2019 - Growth Driven by Express Delivery, 3PL and E-commerce Logistics Services Phone: +44 20 8123 2220 Fax: +44 207 900 3970 office@marketpublishers.com Philippines

More information

Current trends in migrants remittances in Latin America and the Caribbean: An evaluation of their social and economic importance

Current trends in migrants remittances in Latin America and the Caribbean: An evaluation of their social and economic importance Sistema Económico Latinoamericano Latin American Economic System Sistema Econômico Latino-Americano Système Economique Latinoaméricain Current trends in migrants remittances in Latin America and the Caribbean:

More information

Throughout the world, labour migration

Throughout the world, labour migration Global perspective Migration, remittances and development The money that migrants send back home is an important source of revenue for families, but also for developing economies. How can the productive

More information

Chapter 43 Ministry of Post and Telecommunication

Chapter 43 Ministry of Post and Telecommunication 309 1.0 Introduction Chapter 43 Ministry of Post and Telecommunication 1.1 Free flow of information is one of the important prerequisites for economic growth in this era of globalization. National information

More information

Evolution of informal employment in the Dominican Republic

Evolution of informal employment in the Dominican Republic NOTES O N FORMALIZATION Evolution of informal employment in the Dominican Republic According to official estimates, between 2005 and 2010, informal employment fell from 58,6% to 47,9% as a proportion of

More information

Locked Out of Retirement. The Threat to Small Business Retirement Savings

Locked Out of Retirement. The Threat to Small Business Retirement Savings Locked Out of Retirement The Threat to Small Business Retirement Savings The U.S. Chamber of Commerce is the world s largest business federation representing the interests of more than 3 million businesses

More information

Rupay - The Future Payment Gateway Of India

Rupay - The Future Payment Gateway Of India Rupay - The Future Payment Gateway Of India Moinak Maiti MBA Banking Technology, PondicherryCentral University, India E-mail:- maitisoft@gmail.com Abstract This era is known to be the era of E-payment.

More information

White Paper: Mobile Money Transfer

White Paper: Mobile Money Transfer White Paper: Mobile Money Transfer International Remittance Considerations for Mobile Network Operators February 2013 Mobile Money Transfer GSMA White Paper Summary Mobile network operators (MNOs) are

More information

Banking the Unbanked. The Wells Fargo Approach. Susan Rico Senior Vice President Global Correspondent Banking Wells Fargo Bank, N.A.

Banking the Unbanked. The Wells Fargo Approach. Susan Rico Senior Vice President Global Correspondent Banking Wells Fargo Bank, N.A. Banking the Unbanked The Wells Fargo Approach Susan Rico Senior Vice President Global Correspondent Banking Wells Fargo Bank, N.A. March 18, 2009 The Unbanked Market Overview According to Federal Reserve

More information

EU-CELAC Business Summit eucelac-bizsummit2015.eu. Wednesday 10 th June 2015, 14:30-16:30 Concept Note for Workshop 3

EU-CELAC Business Summit eucelac-bizsummit2015.eu. Wednesday 10 th June 2015, 14:30-16:30 Concept Note for Workshop 3 EU-CELAC Business Summit eucelac-bizsummit2015.eu Wednesday 10 th June 2015, 14:30-16:30 Concept Note for Workshop 3 Access to finance and financial instruments The important role of Small and Medium-sized

More information

NBP's remittance portfolio currently stands at over Rupees 160 Billion per annum.

NBP's remittance portfolio currently stands at over Rupees 160 Billion per annum. ISLAMABAD: The National Bank of Pakistan (NBP) has signed home remittance agreement with US-based Transfast Remittance LLC, Belhasa Global Exchange UAE& Al-Muzaini Exchange Company Kuwait bringing the

More information

EU-CELAC Business Summit eucelac-bizsummit2015.eu. Wednesday 10 th June 2015, 14:30-16:30 Concept Note for Workshop 3

EU-CELAC Business Summit eucelac-bizsummit2015.eu. Wednesday 10 th June 2015, 14:30-16:30 Concept Note for Workshop 3 Working Party on Latin America and the Caribbean (COLAC) m.d. : 90/15 source : EEAS for : Information date : 29-04 - 2015 EU-CELAC Business Summit eucelac-bizsummit2015.eu Wednesday 10 th June 2015, 14:30-16:30

More information

The Return of Saving

The Return of Saving Martin Feldstein the u.s. savings rate and the global economy The savings rate of American households has been declining for more than a decade and recently turned negative. This decrease has dramatically

More information

CHAPTER V. OTHER ACTIVITIES OF THE BANK OF ALBANIA

CHAPTER V. OTHER ACTIVITIES OF THE BANK OF ALBANIA CHAPTER V. OTHER ACTIVITIES OF THE BANK OF ALBANIA V.1 PAYMENT SYSTEM Objectives of the system One of the main tasks of the Bank of Albania (pursuant to the Law On the Bank of Albania ) is the encouragement

More information

Workers Remittances to Developing Countries: A Survey with Central Banks on Selected Public Policy Issues

Workers Remittances to Developing Countries: A Survey with Central Banks on Selected Public Policy Issues Public Disclosure Authorized WPS3638 Workers Remittances to Developing Countries: A Survey with Central Banks on Selected Public Policy Issues Public Disclosure Authorized Public Disclosure Authorized

More information

The Association of Registered Agents and the National Public Records Research Association

The Association of Registered Agents and the National Public Records Research Association The Association of Registered Agents and the National Public Records Research Association Best Practices Recommendations to Prevent the Exploitation of the Company Formation Agent Industry for Criminal

More information

Complex Payments. By Bob Murphy

Complex Payments. By Bob Murphy Complex Payments Financial institutions and businesses are faced with a complex world when it comes to managing payments. To thrive, each entity must manage a multitude of variables, as we will operate

More information

Allow me to point out ten ways this can be done.

Allow me to point out ten ways this can be done. How Developing Countries can take Control of their own Tax Destinies By Krishen Mehta* July, 2014 Introduction: The question of how developing countries get a fair deal on tax justice is an important and

More information

Financial Inclusion: Why is it important and how do we achieve it?

Financial Inclusion: Why is it important and how do we achieve it? Financial Inclusion: Why is it important and how do we achieve it? Pia Bernadette Roman Tayag Head, Inclusive Finance Advocacy Staff Bangko Sentral ng Pilipinas GDN Conference Asian Development Bank 21

More information

Executive Summary. Traffic Trends

Executive Summary. Traffic Trends Executive Summary Few industries have experienced more wrenching changes than the international longdistance telecommunications market. Over the past 20 years, service providers have weathered market liberalization,

More information

Financing Sainarayan A Environment Branch. Assistance and Financing for International Aviation Emissions Reductions

Financing Sainarayan A Environment Branch. Assistance and Financing for International Aviation Emissions Reductions Financing Sainarayan A Environment Branch Assistance and Financing for International Aviation Emissions Reductions OVERVIEW Assembly Resolution A38-18 required ICAO Council Facilitate access to existing

More information

TASK FORCE ON SUSTAINABLE FUNDING OF BALTIMORE CITY S FIRE AND POLICE PENSION SYSTEM

TASK FORCE ON SUSTAINABLE FUNDING OF BALTIMORE CITY S FIRE AND POLICE PENSION SYSTEM TASK FORCE ON SUSTAINABLE FUNDING OF BALTIMORE CITY S FIRE AND POLICE PENSION SYSTEM By THE GREATER BALTIMORE COMMITTEE The City of Baltimore is facing a serious fiscal challenge. Current contributions

More information

FROM BILLIONS TO TRILLIONS:

FROM BILLIONS TO TRILLIONS: FROM BILLIONS TO TRILLIONS: MDB Contributions to Financing for Development In 2015, the international community is due to agree on a new set of comprehensive and universal sustainable development goals

More information

Traditional versus Innovative G2P Payment Solutions. Hemant Baijal Payment Systems Development Group The World Bank

Traditional versus Innovative G2P Payment Solutions. Hemant Baijal Payment Systems Development Group The World Bank Traditional versus Innovative G2P Payment Solutions Hemant Baijal Payment Systems Development Group The World Bank Discussion Points Importance of G2P payments to national economy A framework for G2P payments

More information

Esteban Pérez Caldentey Development Studies Section Economic Commission for Latin America and the Caribbean (ECLAC)

Esteban Pérez Caldentey Development Studies Section Economic Commission for Latin America and the Caribbean (ECLAC) The Challenge of Financing Business in Latin America and the Caribbean The Future of the Financial Services Industry after the Crisis 14th Caribbean Business Executive Seminar Port-of of-spain, Trinidad

More information

TERMS OF SERVICE FOR WESTERN UNION MONEY TRANSFER

TERMS OF SERVICE FOR WESTERN UNION MONEY TRANSFER TERMS OF SERVICE FOR WESTERN UNION MONEY TRANSFER The Western Union money transfer service (henceforth the Service ) is represented by Money Transfer Service Providers in the territory of the Russian Federation,

More information

Major Economies Business Forum: Expectations for the Green Climate Fund

Major Economies Business Forum: Expectations for the Green Climate Fund Major Economies Business Forum: Expectations for the Green Climate Fund KEY MESSAGES To mobilize private investments at scale, financial support from the Green Climate Fund (GCF) should crowd-in private

More information

Regulatory Practice Letter February 2014 RPL 14-05

Regulatory Practice Letter February 2014 RPL 14-05 Regulatory Practice Letter February 2014 RPL 14-05 CFPB Nonbank Supervision of International Money Transfer Providers Proposed Rule Executive Summary The Consumer Financial Protection Bureau (CFPB or Bureau)

More information

The impact of global financial crisis on employment and poverty in the MENA region

The impact of global financial crisis on employment and poverty in the MENA region The impact of global financial crisis on employment and poverty in the MENA region To be presented at the UN-ESCWA expert meeting on the global financial and economic crisis: The Social Impact and Responses

More information

Conferences AFRICA REMITTANCES & MONEY TRANSFER MARKETS FORUM. 6-7 June 2013 Palace of the National Assembly Praia, Cape Verde

Conferences AFRICA REMITTANCES & MONEY TRANSFER MARKETS FORUM. 6-7 June 2013 Palace of the National Assembly Praia, Cape Verde Conferences 6-7 June 2013 Palace of the National Assembly Praia, Cape Verde AFRICA MARKETS FORUM Conference Host Ministry of Communities, Cape Verde Institutional Partner African Union Commission Supporting

More information

Chapter 14 How Economies Grow and Develop Macroeconomics In Context (Goodwin, et al.)

Chapter 14 How Economies Grow and Develop Macroeconomics In Context (Goodwin, et al.) Chapter 14 How Economies Grow and Develop Macroeconomics In Context (Goodwin, et al.) Chapter Overview This chapter discusses theories of economic growth, highlighting the Solow growth model and the importance

More information

Research Insight Private Equity and Financial Sector Development in Emerging Markets. Executive Summery

Research Insight Private Equity and Financial Sector Development in Emerging Markets. Executive Summery Research Insight Private Equity and Financial Sector Development in Emerging Markets Executive Summery March 213 Key findings The rising demand for resources by financial institutions serving micro-, small-,

More information

Sustainable city development through smart urban planning

Sustainable city development through smart urban planning Sustainable city development through smart urban planning Agenda Summary Points Urban Planning Overview Urbanization in India Objectives of Smart Urban planning Key Focus Areas in Smart Urban Planning

More information

Sergio Silva Alcalde Beachhead Advisor South America. Presentation to Latin America New Zealand Business Council

Sergio Silva Alcalde Beachhead Advisor South America. Presentation to Latin America New Zealand Business Council Sergio Silva Alcalde Beachhead Advisor South America Presentation to Latin America New Zealand Business Council Stable economy: The good performance of the Chilean economy is one of the major qualities

More information

MIGRATION, ECONOMIC DEVELOPMENT AND POVERTY

MIGRATION, ECONOMIC DEVELOPMENT AND POVERTY MIGRATION, ECONOMIC DEVELOPMENT AND POVERTY Professionally my life as a Jesuit has moved back and forth from policy and direct service work in the area of migration refugees and immigration to academic

More information

Research. What Impact Will Ballooning Government Debt Levels Have on Government Bond Yields?

Research. What Impact Will Ballooning Government Debt Levels Have on Government Bond Yields? Research What Impact Will Ballooning Government Debt Levels Have on Government Bond Yields? The global economy appears to be on the road to recovery and the risk of a double dip recession is receding.

More information

Investing in the United States

Investing in the United States Investing in the United States 13 May 2015 ehealth Week 2015 Global Markets: Tools for Transatlantic Trade Kim Tuminaro Senior Trade Officer U.S. Department of State SelectUSA.gov U.S. Investment and Business

More information

How many students study abroad and where do they go?

How many students study abroad and where do they go? From: Education at a Glance 2012 Highlights Access the complete publication at: http://dx.doi.org/10.1787/eag_highlights-2012-en How many students study abroad and where do they go? Please cite this chapter

More information

Expanding the Financial Services Frontier: Lessons From Mobile Phone Banking in Kenya

Expanding the Financial Services Frontier: Lessons From Mobile Phone Banking in Kenya Expanding the Financial Services Frontier: Lessons From Mobile Phone Banking in Kenya Mwangi S. Kimenyi Senior Fellow, Africa Growth Initiative at Brookings Njuguna S. Ndung u Governor, Central Bank of

More information

Protecting the working Poor

Protecting the working Poor New Channels to Get Insurance to the Poor By Abby Gray & Sarah Bel Microinsurance Innovation Facility Microinsurance needs scale and efficiency in order to be sustainable. Insurers may be efficient, but

More information

Attracting remittances: practices to reduce costs and enable a money transfer environment 1

Attracting remittances: practices to reduce costs and enable a money transfer environment 1 Attracting remittances: practices to reduce costs and enable a money transfer environment 1 1 Manuel Orozco, Inter-American Dialogue. Report presented to the Multilateral Investment Fund of the Inter-American

More information

5 Remittances. A. Economic Concept of Remittances and Why They Are Important

5 Remittances. A. Economic Concept of Remittances and Why They Are Important APPENDIX 5 Remittances A. Economic Concept of Remittances and Why They Are Important A5.1 Remittances represent household income from foreign economies arising mainly from the temporary or permanent movement

More information

Global Exhibition on Services

Global Exhibition on Services Ministry of Commerce & Industry Global Exhibition on Services Concept Note 1 GES Concept Note Global Exhibition on Services (GES) - Concept Note The Government of India, Ministry of Commerce and Industry

More information

Country Profile Nepal

Country Profile Nepal Country Profile Nepal 1. Key Findings Migrants: 1.7 million approximately, mostly based in India, Gulf countries and Malaysia. Annual Remittances: 5.1 billion in 2012 as reported by the World Bank, and

More information

PAYMENTS TO THE PEOPLE! Real-time, financial institution-centric, fully integrated P2P payments.

PAYMENTS TO THE PEOPLE! Real-time, financial institution-centric, fully integrated P2P payments. PEOPLE PAY PAYMENTS TO THE PEOPLE! Real-time, financial institution-centric, fully integrated P2P payments. FIS People Pay frees the people and moves the money. PAYMENTS GET PERSONAL Beyond online bill

More information

Car Property & Liability Life & Health Specialty & High Risk Insurance. international Personal insurance

Car Property & Liability Life & Health Specialty & High Risk Insurance. international Personal insurance Car Property & Liability Life & Health Specialty & High Risk Insurance international Personal insurance take clements with you. As an expatriate, your life takes you beyond borders to new and unfamiliar

More information

The Costs of Sending Money to Latin America and the Caribbean

The Costs of Sending Money to Latin America and the Caribbean The Costs of Sending Money to Latin America and the Caribbean FEBRUARY 2016 Manuel Orozco Laura Porras Julia Yansura Inter-American Dialogue TABLE OF CONTENTS The Costs of Sending Money to Latin America

More information

perspective Key Trends in the Money Transfer Industry for 2016 Abstract

perspective Key Trends in the Money Transfer Industry for 2016 Abstract perspective Key Trends in the Money Transfer Industry for 2016 Abstract 2016 promises to be an exciting year for the money transfer industry, with the possibility of new opportunities in terms of newer

More information

1. TOURIST ARRIVALS AND EARNINGS. Higher arrivals and tourism earnings in June 2013.

1. TOURIST ARRIVALS AND EARNINGS. Higher arrivals and tourism earnings in June 2013. This report is a monthly release of the latest available indicators on the tourism sector and private remittances, with information sourced from the Central Bank, Samoa Bureau of Statistics and the Ministry

More information

ACCESS TO FINANCIAL SERVICES IN MALAWI: POLICIES AND CHALLENGES

ACCESS TO FINANCIAL SERVICES IN MALAWI: POLICIES AND CHALLENGES UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT Expert Meeting on THE IMPACT OF ACCESS TO FINANCIAL SERVICES, INCLUDING BY HIGHLIGHTING THE IMPACT ON REMITTANCES ON DEVELOPMENT: ECONOMIC EMPOWERMENT

More information

Universal Health Coverage: Concepts and Principles. David B Evans, Director Health Systems Financing

Universal Health Coverage: Concepts and Principles. David B Evans, Director Health Systems Financing Universal Health Coverage: Concepts and Principles David B Evans, Director Health Systems Financing Outline Universal Coverage: definitions and the state of the world Health financing systems for Universal

More information

FINANCIAL INFORMATION FORUM 5 Hanover Square New York, New York 10004

FINANCIAL INFORMATION FORUM 5 Hanover Square New York, New York 10004 FINANCIAL INFORMATION FORUM 5 Hanover Square New York, New York 10004 212 422 8568 June 26, 2012 David Silberman Associate Director Division of Research, Markets, and Regulations Consumer Financial Protection

More information

Executive Summary The Macroeconomic Effects of an Add-on Value Added Tax

Executive Summary The Macroeconomic Effects of an Add-on Value Added Tax The Macroeconomic Effects of an Add-on Value Added Tax Prepared for the National Retail Federation Prepared by Drs. Robert Carroll, Robert Cline, and Tom Neubig Ernst & Young LLP and Drs. John Diamond

More information

Appendix D Fundamentals of the

Appendix D Fundamentals of the Appendix D Fundamentals of the Funds Transfer Process Essentially, an electronic funds transfer is a transaction by which funds move from one institution to another or one account to another at the direction

More information

Sector Focus June 2013

Sector Focus June 2013 Sector Focus June 2013 The underbanked: an appealing banking opportunity in emerging nations T A close look by Turner's analysts at the market sectors they cover urkey, Mexico, and the Philippines may

More information

E-commerce and Development Key Trends and Issues

E-commerce and Development Key Trends and Issues E-commerce and Development Key Trends and Issues Torbjörn Fredriksson Chief, ICT Analysis Section UNCTAD, Division on Technology and Logistics (torbjorn.fredriksson@unctad.org) Workshop on E-Commerce,

More information

Committee on Payment and Settlement Systems. The World Bank. General principles for international remittance services. Consultative report

Committee on Payment and Settlement Systems. The World Bank. General principles for international remittance services. Consultative report Committee on Payment and Settlement Systems The World Bank General principles for international remittance services Consultative report March 2006 THE WORLD BANK Copies of publications are available from:

More information

To be The Most Convenient and Trustworthy Bank in Japan

To be The Most Convenient and Trustworthy Bank in Japan 24,185 OUTLETS The number of JApAN post BANk outlets in Japan special Feature To be The Most Convenient and Trustworthy Bank in Japan JApAN post BANk has continued to make consistent efforts to fulfill

More information

Current challenges in delivering social security health insurance

Current challenges in delivering social security health insurance International Social Security Association Afric ISSA Meeting of Directors of Social Security Organizations in Asia and the Pacific Seoul, Republic of Korea, 9-11 November 2005 Current challenges in delivering

More information