!! January! 2014! Remittances!market!in!the!Netherlands! Daniëlle!de!Winter!!Laudra!Archangel!!Gerd!Junne!!Jane!Martie

Size: px
Start display at page:

Download "!! January! 2014! Remittances!market!in!the!Netherlands! Daniëlle!de!Winter!!Laudra!Archangel!!Gerd!Junne!!Jane!Martie

Transcription

1 January 2014 RemittancesmarketintheNetherlands DaniëlledeWinter LaudraArchangel GerdJunne JaneMartie<Chatlein

2 2 REMITTANCESMARKETINTHENETHERLANDS Preface ThepresentstudyhasbeeninitiatedbytheMinistryofForeignAffairsoftheNetherlands and has been financed by the Ministry and by contributions from the Dutch Banking Association (NVB) and from the Dutch Central Bank (DNB). It has been carried out in the period between September and December The research team was supported by a steering committee, which assisted with the gathering of information, interview contacts, andcriticalcomments.membersofthesteeringcommitteewerelidynavis,jaapsmit,and RichardDonsfromtheMinistryofForeignAffairs,MeikeKramerfromtheDutchMinistryof Finance,AyseZoodsma<Sungur(DNB),MarcvanderMaarel(NVB),andVyashMisierfrom the Dutch Association of Money Transfer Institutions (NVGTK). In addition, we received valuable advice and contributions from Nanette Farwerck<Bergwerf (INTL Global CurrenciesLtd).Wethankthemembersofthesteeringcommitteeandouradvisorsfortheir active support and contribution. The authors, however, are solely responsible for any mistakeormisunderstanding,whichthestudymaycontain. Amsterdam,January TheNetworkUniversity(TNU),Amsterdam,TheNetherlands,January2014

3 REMITTANCESMARKETINTHENETHERLANDS 3 ExecutiveSummary 1. ThisstudyhasbeeninitiatedandpartlyfinancedbytheMinistryofForeignAffairs ofthenetherlandstocontributetothe 5x5 initiativeoftheg20toreducethe costs of remittances to an average of not more than 5 percent of the transfer amount within five years. The study has been copfinanced by the Dutch Central Bank and the Dutch Banking Association. Both organizations have also been supportiveinaccessinginformation. 2. ThefocusofthestudyisonremittancestofourAfricancountries,sincecostsof remittances to SubPSahara African countries are still the most expensive due to issues related to efficiency, competition, innovation and compliance in both sending and receiving countries. The four countries selected show very different characteristics:ethiopiadoesnothaveaconvertiblecurrency,ghanatookstepsto introducemobilepayments,nigeriawillsupplyeverynewcitizenwithamastercard, andsomalialacksafullyfunctioningbankingsystem. 3. Dutch banks play a limited role in the remittances market. Money Transfer Organizations are the main players with regard to money transfers by migrants throughformalchannels.averylargepartofremittances,however,issentthrough informal (not necessarily illegal) channels, which are seen as speedy, reliable, and nottooexpensivebyremittancesenders. 4. Technologiesfornewformsofinternationalmoneytransferdevelopataveryhigh speed, and many new players build up positions, not only telecommunication companies,butalsothe bigpowers inmobilecommunications,includinggoogle, FacebookandApple.IntheNetherlandsonlyfewalternativeserviceprovidersoffer theirservicestothedutchmarket. 5. TheNetherlandsformaclassicalexampleofthe handicapofaheadstart :The very fact that the Netherlands are relatively advanced in cashless (electronic) payments,comparedtomanyothereuropeancountries,hasreducedtheurgencyto agree on common standards for mobile payments and to actively support

4 4 REMITTANCESMARKETINTHENETHERLANDS innovations in the sector. The Netherlands therefore run the risk to become a countrywithcomparativelyhighremittancespricesinthefuture. 6. Money transfer operators are under pressure from many sides to reduce their tariffs. They will still hold a strong position in the future, because of their widespread networks of agents in the Netherlands and in receiving countries, the stillgeneralpreferenceofclientsforcash<basedtransactions,andbecauseoftheir willingness to engage in new forms of cooperation with telecommunication operators. 7. Theinformalsectorprobablystillplaysaverylargeroleandwillprobablyprofit fromstricterregulationsofinternationalpaymentsatglobalandeuropeanlevel. Theinformalsectorisbynomeansa traditional sector;ithasquicklyadoptednew means of communication and transfers ( e<hawala ). Formal channels could probablylearnfrominnovativeinitiativestakenbyactorsinthissector. 8. Migrants apply many other criteria than price alone in their selection of remittances channels. Lower prices by some players on the remittances market wouldthereforenotleadtoquickshiftsandafastreductionofremittancescosts. Linkagesofremittancestootherfinancialproducts(insurance,pensions,mortgages, direct payment of bills in the country of origin) could make specific remittances channelsmoreattractive.thesevalue<addedservicesseemespeciallyattractiveto highlyeducatedand/orsecond<generationmigrants. 9. The everpstricter regulation of international money transfers is regarded as no longer proportionate to the risks of money laundering and the financing of terrorist organizations, by many professionals in the market, and as not very effective to mitigate these risks. It threatens to become counterproductive in postponing the introduction of mobile money with an easy to follow trail of information on sender and receiver, pushing remittances flows into informal channels, and unnecessarily increasing the costs of formal remittances service providers.

5 REMITTANCES*MARKET*IN*THE*NETHERLANDS* 5 Summary*Recommendations* * * * * Dutch*government* Financial*institutions* Migrant*organizations* * Better*information*on*market*and* better*market*research* Supporttofinancialliteracyprogrammes 2.0 Knowyourcustomerforproduct development renewedinvestigationof marketdynamics Financialliteracyprogrammes2.0 * Continuingcross>sectoraldiscussions More*transparency* Supporttoprice>comparisonwebsite IncludemigrantsintoMOB (MaatschappelijkOverleg Betalingsverkeer) Preparation*of*transfer,*easier*access* Reductionofperceivedthresholdsfor migrants Aggregationofremittancestoassure lowertransfercosts * 1%developmentfund Reduction*of*transfer*costs* Supporttoinnovativetransferschemes Negotiatereductionof OUR costs * Encouragingmobilemoneytransfer Strengthening*of*financial*system*in* receiving*countries* SupporttoFinancialServicesDeepening inreceivingcountries Supporttopartnerbanksinintroducing mobileaccounts Supportforopeningbankaccountsby familymember Reduction*of*costs*at*the*receiving*side** Supporttomicro>financeinstitutionsas remittancespaymentagents Linkremittancestootherfinancial services Influenceonfinancialsystemsin receivingcountry * Engagemorewithrecipientsof remittances Development*of*new*financial*services* for*migrants** Cooperationininternationalorganisations Developinnovativefinancialservicesfor circularmigrants Marketmigrantcommunitiesas specificmarketsegment

6 6" REMITTANCES"MARKET"IN"THE"NETHERLANDS Table"of"Contents" " Preface"..."2 Executive"Summary"..."3 Summary"Recommendations"..."5 Table"of"Contents"..."6 Abbreviations"..."7 I."Introduction"..."8 II."Remittance"market"in"the"Netherlands"..."11 II.1 Sizeofremittancescorridors...11 II.2 Remittanceservicesproviders...14 II.3Comparisonofprices...25 II.4 Regulatoryframework...37 III."Migrants "preferences"..."42 III.1Frequencyoftransfers...42 III.2Amountssent...43 III.3Receiversofremittancesincountryoforigin...44 III.4Preferenceforremittanceschannels...46 III.5Needsforadditionalfinancialproducts...50 IV."Cost"reduction"of"remittances"..."52 IV.1 Elementsoftheremittancetransfer...53 IV.2 Structureofcostsofremittancetransfers...55 IV.3Internationalagreementsoncostreduction...57 IV.4Opportunitiesforcostreduction...60 V."Recommendations"..."83 V.1RecommendationsfortheDutchgovernment...84 V.2Recommendationsforregulators...87 V.3Recommendationsforfinancialinstitutions...89 V.4.Recommendationsformigrantorganizations...91 References"..."93 Annex" "Table"of"Contents"..."96 Annex1:Listofinterviewees...97 Annex2:SettlementofRemittanceTransfer...99 Annex3:ToolboxforGeneralPrinciples " "

7 REMITTANCES"MARKET"IN"THE"NETHERLANDS" 7 Abbreviations" " AFM AutoriteitFinanciëleMarkten AML/CFT AntiYmoneylaundering/CombattingFinancingofTerrorism ATM AutomaticTellerMachine CGAP ConsultativeGrouptoAssistthePoor DMA DevelopingMarketsAssociation DNB DeNederlandscheBank EMA ElectronicMoneyAuthority EU EuropeanUnion FATF FinancialActionTaskForce FIU FinancialIntelligenceUnit G20 GroupofTwenty G8 GroupofEight GMTS GlobalMoneyTransferSummit GP GeneralPrinciple GSMA GroupeSpécialeMobileAssociation IBRD InternationalBankofReconstructionandDevelopment IFAD InternationalFundforAgriculturalDevelopment LDC LeastDevelopedCountries MFI MicroFinanceInstitute MLD4 MoneyLaunderingDirective4 MTO MoneyTransferOperator NVB DutchBankingAssociation NVGTK DutchMoneyTransferAssociation P2P PeopletoPeople PSD PaymentServicesDirective RSP RemittanceServicesProvider UNCTAD UnitedNationsConferenceonTradeandDevelopment WU WesternUnion "

8 8" REMITTANCES"MARKET"IN"THE"NETHERLANDS I."Introduction" Withtheincreaseininternationallabourmobility 1,andincreasingeasewithwhichmoney can be sent around the globe, the worldwide volume 2 of remittances 3 has grown tremendouslyinthepasttwodecades.thevolumeofremittancesin2012reachedusy$529 billionaccordingtotheworldbank 4 (havingquadrupledfromusy$132intheyear2000), which is more than four times the total volume of official development aid. 5 Remittances keepmillionsofpeopleoutofpoverty,stimulatedemandinlocalmarketsinthereceiving countries,andfinancethecreationofcompanies. 6 Someevensay, Remittancesmaywell bethebestsinglewaytofomentdevelopment. 7 However,notallthemoneymigrantsspendonremittancesreachesthereceivers.Sending moneycostsmoney.theaveragecostofsendingmoneyhomeisactuallyabout10percent of the amount sent by migrants. 8 If these costs could be halved, an additional amount of roughlyusy$20billionwouldreachthereceivers,ywhichismorethanthreetimesthetotal Dutchdevelopmentaidbudget. 9 Reducingthepriceofmoneytransfersisthereforeapolicypriorityofmanygovernments. AttheirJulymeetingin2009,theHeadsofStatesG8haveproclaimedthe 5x5objective : The global average costs of transferring remittances should decline from 10 percent to 5 1 AccordingtotheUNDepartmentofEconomicandSocialAffairs(UNYDESA)232millionpeople,or3.2percentof theworld spopulation,liveabroadworldwide,comparedwith175millionin2000and154millionin1990. (FiguresreleasedaheadofthehighYlevelglobalsummitonmigrationanddevelopmenttobeheldbytheGeneral AssemblyinNewYorkon3and4October2013,see ). 2 Thepublishedfiguresdonotonlyreflecttheincreaseoftransfers,butprobablyalsoanincreasingpercentageof paymentsthatflowsthroughformalchannels,andthusahigherpercentageoftransfersthatareincorporated intoofficialstatistics. 3 Remittancesareforthepurposeofthisreportperceivedasprivatecapitalflowsmadebymigrantstotheir familyandfriendsinthecountryoforigin. 4 WorldBankPressreleaseof19April2013,seehttp://www.worldbank.org/en/news/pressY release/2013/04/19/worldybankylaunchesyinitiativeyonymigrationyreleasesynewyprojectionsyonyremittanceyflows. 5 MembercountriesoftheDevelopmentAssistanceCommittee(DAC)oftheOECDprovidedUSY$125.6billionin netofficialdevelopmentassistance(oda)in2012.see 6 Thisstudywillnotdiscusstheimpactofremittances.Forliteratureonthattopic,seeNijkampetal.(eds.), NancyBirdsall,President,CenterforGlobalDevelopment,citedinKitroeff Averagepercentwasestimatedtobe9.3%in2011,Yactuallyhigherthanin2010,YseeDiaKamgnia& Murinde2012,Table1:Evolutionofremittancecostsworldwide. 9 PresentationWorldBankEUDEVCOmeeting15November2013

9 REMITTANCES"MARKET"IN"THE"NETHERLANDS" 9 percentin5years. 10 In2010,theG20committedtoa significantreductioninthecostsof remittanceservices andestablishedadevelopmentactionforremittances. 11 TheWorldBankhasbeenmonitoringthelatesttrendsintheaveragetotalcostofmigrant remittance services worldwide since the adoption of the 5x5 initiative. For the second quarter of 2013, it reported that the global average total cost for sending remittances continued to decline and now stands at 8,85 percent. The Dutch average was measured slightly lower than the global average at 8,51% in 2012 based on the World Bank s RemittancesPricesWorldwideindex(Isaacs,2012).However,theWorldBankstatisticsalso showthatstillgreateffortisneededtoreachtheexpectedgoalof5percentagepointsin5 yearstime. It is in line with this objective that Minister Lilianne Ploumen promised the Dutch parliament 12 tostudywaysandmeanstoreducethetransfercostsandtoengagewiththe relevantstakeholdersinthenetherlandstobringthecostsdown.thepresentstudyispart of this endeavour. It has been initiated by the Dutch Ministry of Foreign Affairs and is supportedbythedutchcentralbankandthedutchbankingassociation. The objective of this study is to identify steps that can be taken to reduce the costs of transferringremittances.several(groupsof)actorssharetheresponsibilityforreachingthis ambitiousgoal:theremittancesservicesproviders(rsps),thegovernmentsofthesending and of the receiving countries, and the migrant communities themselves. The study will thereforepresentarangeofrecommendationsforeachofthem. The Migration and Remittances Factbook published by the World Bank (2011) defines remittancesasthesumofworkers remittances,compensationofemployees,andmigrants transfers. 13 Basedonthisdefinition,theWorldBankhascompileddataonremittancesfor thepastdecades.yet,inpractice,manycountriesgathertheirdataindifferentways,which SeetheletterofMinisterLiliannePloumenandSecretaryofStateFredTeeventotheDutchParliament (TweedeKamer)of3July2013on VoortgangsrapportageMigratieenOntwikkeling.Seealsothe Besluitvan deministervoorbuitenlandsehandelenontwikkelingssamenwerkingvan9november2012,nr.dcm/may 154/2012,totvaststellingvanbeleidsregelsensubsidieplafondMigratieenOntwikkelingsprogramma Workers remittancesarecurrentprivatetransfersfrommigrantworkerswhoareconsideredresidentsofthe hostcountrytorecipientsintheworkers countryoforigin.ifthemigranthaslivedinthehostcountryforless thanoneyear,theirentireincomeinthehostcountryshouldbeclassifiedascompensationofemployees. Migrants transfersarethenetworthofmigrants assetsthataretransferredfromonecountrytoanotheratthe timeofmigration(foraperiodofatleastoneyear).(frommigrationandremittancesfactbook2011,xviyxvii)

10 10" REMITTANCES"MARKET"IN"THE"NETHERLANDS leadstodifferingresultsandinterpretationsofremittancesdata.thedutchcentralbankfor example does not have a specific definition for remittances, but refers to Eurostat s interpretation,whichissimilartobutnotthesameastheworldbank s.thefiguresonthe averagepriceofsendingremittancesgivealsorisetoconceptualconcerns.theworldbank calculates these prices on the basis of an unweighted average of the prices quoted by differentremittanceserviceproviders,irrespectiveofthevolumeoftheirtransactions.this canprovideadistortedpictureofthepricethatmigrantspayonaverage,e.g.ifespecially highorlowpricesareincludedofproviderswhoareonlyresponsibleforaverythinflowof remittances.suchconsiderationsneedtobetakenintoaccountwhenreadingthroughthe report,andhavebeentakenintoconsiderationwherepossible. Thefocusofthisstudyisonfourremittancescorridors,linkingtheNetherlandswithEthiopia, Ghana,NigeriaandSomalia.Reasonsforthisselectionarethat (a) thetransfercostsforremittancestoafricaarethehighest,comparedtootherworld regions 14, (b) a number of recent studies 15 have covered other corridors that are important for remittancessentfromthenetherlands. ThisstudywillprovideanoverviewoftheremittancesmarketintheNetherlandsinpartII. PartIIIpresentstheresultsofinterviewswithmigrantsfromthefourchosencountriesand of the main issues discussed during a number of focus group meetings. Against this background,partivwillanalysethedifferentmeasuresthatcouldbetakentoreducethe costsofremittances.finally,partvwillpresentrecommendationsforthedutchgovernment, forfinancialinstitutionsinthenetherlands,andformigrants. 14 KamerbriefVoortgangsrapportageMigratieenOntwikkeling,3July RecentstudiesonotherimportantcorridorsincludethestudiesontheNetherlandsYMorocco(vanWaes,2009), thenetherlandsysurinam(ungerandsiegel,2006)andthenetherlandsyafghanistan(evtimova&koekoek,2013).

11 REMITTANCES"MARKET"IN"THE"NETHERLANDS" 11 "II."Remittance"market"in"the"Netherlands" Each day 440 immigrants are registered in the Netherlands. They make up approximately 21% of the total population in the Netherlands (CBS reports a little over 3,5 million immigrants living in the Netherlands in May 2013). Many migrants from developing countriesremainconnectedtotheircountriesoforigin,andoftenareexpectedtofinancially supportthoseleftbehind.tofacilitatethetransnationalfinancialneedsofforeignresidents in the Netherlands, a market has developed that meets their requirements: offering remittancesservicesthatallowmigrantstotransfertheirfundstofamilyandfriendsintheir countriesoforigin. However,thereislittlerecentdataavailableonthedifferentremittancecorridors,onthe typesofservicesonoffer,orontheregulationsthatensuresoundbusinesspracticeinthe remittancesmarketinthenetherlands 16.Thischapterwillthereforezoominonthesethree factorsthatmakeuptheindustry:(i)sizeofcorridors,(ii)remittanceserviceproviders,and (iii)regulations. II.1" Size"of"remittances"corridors" ThetotalvolumeofremittancesflowingoutoftheNetherlandsin2012hasbeenestimated to amount to US million 17. In the most recent World Bank Factbook (2011), the Netherlands was ranked 10 th out of the global top remittanceysending countries. The ten most important remittance corridors served by the Dutch market (in the first quarter of 2013)werethefollowing 18 : 16 PreviousstudiesontheremittancemarketintheNetherlandsareMohogu(2006) AfricanRemittanceMarket inthenetherlands,ncdo(2009) HetGeefgedragvannietYwesterseallochtonen,Kosse(2013) Migrants choice ofremittancechannel:dogeneralpaymenthabitsplayarole?,andthecorridorstudiesreferredtoinfootnote ~piPK: ~theSitePK:476883,00.htmlY>annualremittancesdata(outflows) 18 DataprovidedbyDeNederlandscheBank.

12 12" REMITTANCES"MARKET"IN"THE"NETHERLANDS Top"10"send"countries"Q1V2013" Corridor" Total"volume"in"EUR" 1 Morocco ,69 2 Surinam ,47 3 China ,08 4 Philippines ,07 5 Turkey ,05 6 DominicanRepublic ,90 7 Bulgaria ,73 8 Colombia ,70 9 Ghana ,35 10 Brazil ,52 Source:DNBstatistics Three of the corridors in the top ten represent the biggest migrant populations in the Netherlands,namelyTurkey,SurinamandMorocco,asshownbelowinthetable. Top"3"migrant"populations"Q1V2013" Population" Total"#"in"the"Netherlands"" Turkey Morocco Surinam Source:CBSdata In this study, specific attention goes out to four corridors in SubYSaharan Africa, namely Ghana, Nigeria, Somalia and Ethiopia. CBS statistics show that Somalis form the largest groupresidinginthenetherlands,andthenigerianpopulationisthesmallestoutofthefour corridorsunderstudy.

13 REMITTANCES"MARKET"IN"THE"NETHERLANDS" 13 " Population"statistics"for"SubVSaharan"Africa"corridors"Q4V2013" Population" Nigeria" Somalia" Ethiopia" Ghana" TotallivingintheNetherlands Male Female st"generation"immigrants" 1stgenerationimmigrant nd"generation"immigrants" Total2ndgeneration Oneparentbornabroad Bothparentsbornabroad Place"of"residence" North East South West Source:CBSdata Thesentamountinthefirstquarterof2013forthefourcorridorsunderstudyamountto thefollowingnetvolumeineuro: Four"SubVSaharan"Africa"corridors"Q1V2013 Corridor" Total"volume"in"EUR" 1 Ghana Nigeria Somalia Ethiopia Source:DNBstatistics TheDutchCentralBankdidcommentthatthesevolumesincludepotentialtransfersthatfall outside of the official definition of workers remittances. 19 This could include business investmentsandentrepreneurialfinancialactivities. 19 TheIMFandWorldBankhavedefinedworkers remittances,asdefinedbytheimfinthebalanceofpayments Manual,arecurrentprivatetransfersfrommigrantworkerswhoareconsideredresidentsofthehostcountryto recipientsintheworkers countryoforigin.often,thedistinctionbetweenthetwocategories compensationof employees or workerremittances appearstobeentirelyarbitrary,dependingoncountrypreference, convenience,andtaxlawsordataavailability(migrationandremittancesfactbook2011).

14 14" REMITTANCES"MARKET"IN"THE"NETHERLANDS II.2" Remittance"services"providers" Migrants in the Netherlands have full access to the financial system and have various optionsforsendingmoneytotheirhomecountries.first,theycansendremittancesusing standardinternationalmoneytransfersofferedbybanks,althoughnoneofthedutchbanks offersdedicatedremittanceservices.however,therearevariousforeignbanksactiveinthe Netherlandsthatprovidearangeofremittanceservices. Second, remittances may be sent through Money Transfer Operators (MTOs) that are officiallyregisteredunderthefinancialsupervisionact(wetophetfinancieeltoezicht)and subjecttothemonitoringbythedutchcentralbank,dnb.mostcommonlyusedmtosin thenetherlandsarewesternunionandmoneygram.inadditiontothesetwolargeplayers, somefifteenotherofficiallyregisteredmtoswereactiveinthemarketatthebeginningof Inaddition,newplayersareaccessingthemarketplaceandofferingtheirmoneytransfer servicesvianewtechnologies.however,eyserviceprovidersandmobilemoneytechnologies havenotyetpenetratedthedutchmarketsignificantly.industryplayerssuchasazimoand Xoom,whicharepromisingintheUKandUS,forexample,currentlydonot(yet)servethe market in the Netherlands. Still, as eyservices are expanding their reach over the coming years,theirservicesareworthinvestigatingtounderstandbetteritspotentialandexpected trends. And lastly, several informal organizations offer remittances services in the Dutch market (Kosseetal2013:9).Offeringservicesthatrequirefewidentificationrequirementsandlittle costs,informalchannelsarestillwidelyusedbymigrantstotransfermoneyacrossborders. These types of service providers are categorized as Remittances Services Providers (RSP), whicharedefinedasanybusinessthattransfersmoneyacrossbordersforanindividual.the descriptionincludesmtos,banksandalternativeserviceproviders(suchaseyservicesormy services).inthefollowingsectionswewillgointoeachtypeofserviceprovider.

15 REMITTANCES"MARKET"IN"THE"NETHERLANDS" 15 II.2.1MoneyTransferOrganizations MTOsontheDutchremittancemarketarethoseofDutchoriginandforeignMTOs,which haveenteredthedutchmarketviathepassportingregime(forfurtherdetailsonregulatory requirements please refer to II.4). There are approximately 900 registered payment institutions throughout the Netherlands. Most of them are agencies from Western Union andmoneygram.inadditiontothesetwolargeplayers,some15otherofficiallyregistered MTOswereactiveinthemarketatthebeginningof Thepiechartbelowshowsthe fivemostpresentmtosinthedutchmarket. Main"players"remi[ances"market"in"the"Netherlands" WesternUnion MoneyGram 330 SURIYCHANGE MoneyTrans 200 KaahYExpress ThethreeMTOsthatholdthelargestmarketshareintheNetherlandsareWesternUnion, MoneyGram,andSuriYchange 21.Thesethreemarketleadersallhavetheirownspecialization, offertheirservicesworldwideandarefocusedonspecificcountries. ImportantcorridorsforthefivemostwellknownMTOsofferingservicesintheNetherlands are 22 : Marketshareinformationisnoteasilyobtainedduetothecompetitivenatureofthedata.Thereforethe InformationhereisobtainedfromseveralinterviewsconductedbymarketplayersintheNetherlands. 22 Informationobtainedfrominterviews

16 16" REMITTANCES"MARKET"IN"THE"NETHERLANDS Important"corridors"for"MTOs"in"the"Netherlands MTO" Western"Union" Money"Gram" SuriVChange" Moneytrans" KaahVExpress" Important"corridors" Morocco Turkey Surinam Morocco Ghana Nigeria Surinam Surinam Morocco Turkey ThePhilippines Somalia TheseMTOsalsoprovideremittancestothefourcorridorsofspecificinteresttothisstudy, namelysomalia(exceptformoneytrans),ethiopia,ghanaandnigeria.moneytransexpects tooffertransactionstosomaliafrom2014onwards. Difference(across(MTOs(( The MTOs argue their strengths are: reliability, accessibility, targeted service, simplicity, speedandlowfeerates.theseareelementswithwhichtheytrytodistinguishthemselves fromtheircompetitors.however,frominterviewswelearnthatinpracticethereisactually littledifferencebetweenthedistinguishingstrengthsprovidedbythedifferentmtos,asis showninthefollowingtable.

17 REMITTANCES"MARKET"IN"THE"NETHERLANDS" 17 Strengths"of"MTOs"in"the"Netherlands MTO" Corridor" Strength" Western"Union" Money"Gram" SuriVChange" Moneytrans" KaahVExpress" Somalia,Ethiopia, Ghana,Nigeria Ethiopia,Ghana, Nigeria Somalia,Ethiopia, Ghana,Nigeria Ethiopia,Ghana, Nigeria Somalia,Ethiopia, Ghana,Nigeria Speed,pricing,reliability,physical accessibility,lowfeerates,simplicity Speed,pricing,physicalaccessibility,lowfee rates Speed,pricing,transparency,lowfeerates, simplicity Speed,pricing,reliability,lowfeerates, targetedservices Speed,pricing,physicalaccessibility,lowfee rates MTOsarguethatthecurrentmodelforremittanceserviceshasprovenmosteffective,and thusadoptedacrossthesector. Serving(the(Dutch(market TheMTOsaimpredominantlyatmigrants,whosendmoneytosupportfriendsandfamily, and/or(international)studentswhocometowithdrawmoneythathasbeensentbyfamily. Furthermore,MTOsreportthatentrepreneursalsomakeuseoftheirservices.Theseclients makeuseoftheirservicesforbusinesstransactions.migrantsarespecificallyapproachedin theirrespectivelanguagesorin Dutch. MTOsmarkettheirservicesthroughthe media,at churchesormosques,oratfestivalsandconcerts.clientsarealsoreferredtomtosbyword ofmouth. ( ClientscanvisitanaffiliateoranagentofaMTOorcanmakeuseoftheInternet.MTOstry to expand their accessibility for their target groups by joining in partnerships in both the Netherlands and abroad. Accessibility is important because MTOs realize that travelling coststimeandmoneyfortheirclients.onaverage,peoplecancollectthereceivedsumafter 10Y20minutes. NoneoftheMTOsintheNetherlandscollaborateswithbanks,whilethisdoesappeartobe thecaseinothercountries.however,inthebeginningof2014,westernunionwillstarta pilotprojectincollaborationwiththeroyalbankofscotland/abnamro.thenatureofthe

18 18" REMITTANCES"MARKET"IN"THE"NETHERLANDS pilot will be revealed in the first quarter of And, Moneytrans does promote banky relatedservices,suchastherecentofferoffreeservicesforbankytoybankdepositswithin24 hours to the Philippines. Recently other types of partnerships have emerged such as the cooperationbetweenmoneygramandpostnl,allowingthedutchpostalnetworktooffer remittanceservicesthroughtheirnetwork. 23 The MTOs have reported to be satisfied with the workings of the Dutch market. Factors attributed to their satisfaction are (i) space to grow, (ii) a healthy competition and (iii) enoughroomforthesmallermtos. 24 MTOsstatethattheyfeelitisimportanttostickto laws and regulations. The laws and regulations such as the European Payment Services Directive(PSD)andtheDutchFinancialSupervisionAct(Wft),towhichMTOsmustabide, havepositiveyetalsonegativeeffects.inpartii.4wewillturntotheregulatoryframework inmoredetail. " Effects"of"laws"and"regulations" Positive"effects" Servicesarewellstructured Offerspossibilitiestocurbillegalservices Negative"effects" Clientsareunawareoftheprescribed documentstheyneedtobring Additionaladministrativecosts OfferspossibilitiestoutilisetheDutch licenseinothereuropeancountries (EuropeanPassport) [reference:informationobtainedfrominterviewswithmtos] ( Additional(services( Y Y Implementationandexecutioncosttime andeffort Executingcontrolslowsdownthe process Becausealargeportionofthereceiversabroaddoesnothaveabankaccount,theMTOs handleanimportantshareoftheremittancesmarket.thisoffersopportunitiestoexpand the services with additional services such as insurance and savings possibilities. Western 23 Moreinformationonthenewlyestablishedpartnershipcanberetrievedhere 24 InformationiscompiledfrominterviewswithseveralMTOsofferingtheirservicesontheDutchmarket betweenoctoberandnovember2013.

19 REMITTANCES"MARKET"IN"THE"NETHERLANDS" 19 Union for example now offers Mobile Payment online 25, provided this is offered in the receiving country, which could imply a plethora of additional service possibilities such as mobilebillpayments. Current additional services offered by the MTOs, which are offered besidesremittances,are: " Additional"services"offered"by"MTOs" MTO" Western"Union" SuriVChange" Moneytrans" KaahVExpress" Services" DeliveryinmYwallets(receivingmoneyinamobile(oronline) wallet) Orderingofforeigncurrencies,paymentofacceptgiro,Home deliveryofmoneyfreeofcharge,sendmoneytomobile (serviceofferedtoghana) VIPYServiceforinvestors(documentsdonothavetobe shownduringeachtransaction),andpilotcashytoyhealth (clientcansendmoneydirectlytoahospital) PaymentofacceptYgiros From the aboveymentioned services, it follows that there are currently no insurance or savingspossibilitiesbeingofferedbythelargemtos.though,duetothepartnershipwith SurichangeBank(SCB)inSurinam,transferredfundscanbeutilizedforloanstotheSurinam communityconcerninginvestmentcredits,studentloans,personalloans,carfinances,and deposit credits. This approach shows that remittances can prove valuable in confirming credityworthinessofcustomersandhaveleadtocrosssellingofotherfinancialservices. II.3.2Banks ThethreemajorDutchbanks ABNAMRO,ING,andtheRabobankYplayalimitedrolein the remittances market. Their precise market share is difficult to assess, because the absolute size of the remittances market is not really known, and because the banks themselves do not always distinguish between remittances and other international payments by private customers in their internal statistics. Migrants are not targeted as a 25 TheserviceofferedbyWesternUnionprovidesconsumerswiththeoptiontosendandreceivefundsinthree ways:(i)cashtomobile,(ii)mobiletocash,and(iii)mobiletomobile(ifthemobileoperatorcooperateswith WesternUnion)..Formoreinformationontheircorporatestrategy,referto

20 20" REMITTANCES"MARKET"IN"THE"NETHERLANDS distinct group of customers. 26 They are welcome as everybody else to open a payment accountandmakeuseoftheservicesofthebanks,buttherearehardlyanyspecificservices thatmeetthespecialneedsofmigrants.giventhelimitednumberofpotentialcustomers from certain African countries such as Nigeria and Somalia within the Netherlands, this marketsegmentisperceivedasnotverycommerciallyattractiveforbanks. Banks only play a role in remittances sent from bank account to bank account. Since relatively few people in the countries of origin of migrants possess a bank account, their market share is inherently limited. Orozco underlines the importance of having a bank account and argues that banks show a lack of understanding of the financial behavior amongremittancesendersandrecipients,unwillingnesstoworkwithlowyincomeorrural customers,limitedcoverageinruralareas,highcostsofformalbankingservices,orfinancial illiteracyamongremittancereceiversandsenders. (Orozco2013,103)Thisstatementdoes notnecessarilyapplytobanksinthenetherlands,butalsofordutchbanks,thereiscertainly roomforimprovement. Internationalpayments,furthermore,arenotaverylucrativebusiness.Bankdepartments responsibleforinternationalpaymentsareactuallyfullyabsorbedbytheintricaciesofthe introduction of SEPA, the Single Euro Payments Area (on the 1 st of February 2014); the remittances market and the limited business opportunities in this field do not get much attention. In comparison to the speedy delivery of funds by money transfer operators, transfers through banks outside the EU can take several days, depending on factors such as the transfer mechanism used and the procedures of the receiving bank (Mohogu 2006: 23). However,insomecasestransferringremittancesthroughbanksischeaperthanusingthe services of MTOs, which could counterbalance the delay in delivery of the funds for remittersandreceivers.aswillbeshowninpartiii,thespeedofserviceismentionedasone oftheinfluentialfactorsdeterminingthechoiceofchannelbymigrantremitters. Globally, banks seem however to become more wary to offer remittance services. Only recently,barclayshaswithdrawnfromofferingremittanceservicesinsomalia.thecountry is now left with no banks that offer remittance services. Barclays presumably fears its 26 WiththeexceptionthattheRabobankappliesalowertransactionprovisiontotransferstothosecountries wherelargenumbersofimmigrantscomefrom(seetablebelow),andingbankappliesespeciallylow OUR coststoalmostthesamerangeofcountries.inthatway,theydoofferspecialconditionstoremittances.

Send Money Africa sendmoneyafrica.worldbank.org

Send Money Africa sendmoneyafrica.worldbank.org Send Money Africa sendmoneyafrica.worldbank.org The World Bank I ll January 2013 SMA is funded by AIR Project This report 1 identifies and analyzes trends in the cost of sending money to Africa. The Send

More information

Send Money Africa sendmoneyafrica.worldbank.org

Send Money Africa sendmoneyafrica.worldbank.org Send Money Africa sendmoneyafrica.worldbank.org October 2013 1I ll The World Bank SMA is funded by the AIR Project This report 1 identifies and analyzes trends in the cost of sending money to and within

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

Sending Money Home to Africa

Sending Money Home to Africa Enabling poor rural people to overcome poverty Sending Money Home to Africa Remittance markets, enabling environment and prospects Introduction For centuries people have crossed borders seeking better

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

West African Institute for Financial and Economic Management (WAIFEM) Inherent Risk in Global Remittances. Presented by Mike Ogbalu III

West African Institute for Financial and Economic Management (WAIFEM) Inherent Risk in Global Remittances. Presented by Mike Ogbalu III West African Institute for Financial and Economic Management (WAIFEM) Inherent Risk in Global Remittances Presented by Mike Ogbalu III Fraud and losses due to fraud is an acceptable cost of doing business?

More information

Emerging markets for Rwanda: remittance transfers, its marketplace and financial intermediation

Emerging markets for Rwanda: remittance transfers, its marketplace and financial intermediation Emerging markets for Rwanda: remittance transfers, its marketplace and financial intermediation FINAL DRAFT REPORT Manuel Orozco February 21, 2009 Introduction This report presents the results of fieldwork

More information

Assessment of Remittance Fee Pricing

Assessment of Remittance Fee Pricing Assessment of Remittance Fee Pricing George R. Kalan (Orien Ventures) Dilek Aykut (The World Bank) July 2005 Objectives Determine if remittance fees are excessive, either on an industry wide basis, in

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

AFRICAN INSTITUTE FOR REMITTANCES (AIR)

AFRICAN INSTITUTE FOR REMITTANCES (AIR) AFRICAN INSTITUTE FOR REMITTANCES (AIR) Send Money Africa www.sendmoneyafrica- au- air.org 1I ll December 2015 The Send Money Africa (SMA) remittance prices database provides data on the cost of sending

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

IMPLICATIONS OF OVERLAPPING MEMBERSHIP ON THE EXPECTED GAINS FROM ACCELERATED PROGRAM FOR ECONOMIC INTEGRATION (APEI)

IMPLICATIONS OF OVERLAPPING MEMBERSHIP ON THE EXPECTED GAINS FROM ACCELERATED PROGRAM FOR ECONOMIC INTEGRATION (APEI) IMPLICATIONS OF OVERLAPPING MEMBERSHIP ON THE EXPECTED GAINS FROM ACCELERATED PROGRAM FOR ECONOMIC INTEGRATION (APEI) ABSTRACT In September 2012, five like-minded and reform oriented countries namely Malawi,

More information

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

Global Remittances Working Group. Remittance Price. Guidance and Special-Purpose Note

Global Remittances Working Group. Remittance Price. Guidance and Special-Purpose Note Global Remittances Working Group IMPLEMENTING THE CPSS World Bank GENERAL PRINCIPLES FOR INTERNATIONAL REMITTANCE SERVICES THE WORLD BANK GROUP Remittance Price Comparison Databases Minimum Requirements

More information

Mobile Money Transfer. International Remittance Service Providers. Author: Neil Daly May 2010

Mobile Money Transfer. International Remittance Service Providers. Author: Neil Daly May 2010 Mobile Money Transfer International Remittance Service Providers An overview of mobile International Remittance Service Provider service offerings Author: Neil Daly May 2010 Table of contents 1 An Introduction

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

opinion piece IT Security and Compliance: They can Live Happily Ever After

opinion piece IT Security and Compliance: They can Live Happily Ever After opinion piece IT Security and Compliance: They can Live Happily Ever After Contents Pitfalls, misconceptions and mistakes 01 It s not all doom and gloom 01 Take the right steps towards compliance and IT

More information

THE HAWALA SYSTEM. Éva Ladányi, Ph.D., 1 István Kobolka, Ph.D. 2 1. Chief Advisor at Ministry of Human Resources, Hungary, eva.ladanyi@nefmi.gov.

THE HAWALA SYSTEM. Éva Ladányi, Ph.D., 1 István Kobolka, Ph.D. 2 1. Chief Advisor at Ministry of Human Resources, Hungary, eva.ladanyi@nefmi.gov. THE HAWALA SYSTEM 413 THE HAWALA SYSTEM Éva Ladányi, Ph.D., 1 István Kobolka, Ph.D. 2 1 Chief Advisor at Ministry of Human Resources, Hungary, eva.ladanyi@nefmi.gov.hu 2 Head of Department for the Institute

More information

Theme II: CREATING, PROMOTING AND SUSTAINING AN INNOVATIVE ENVIRONMENT: Funding, Tax and Other Incentives for Promoting Innovation

Theme II: CREATING, PROMOTING AND SUSTAINING AN INNOVATIVE ENVIRONMENT: Funding, Tax and Other Incentives for Promoting Innovation Theme II: CREATING, PROMOTING AND SUSTAINING AN INNOVATIVE ENVIRONMENT: Funding, Tax and Other Incentives for Promoting Innovation African Conference on the Strategic Importance of Intellectual Property

More information

Barriers to Access to Payment Systems in Sending Countries and Proposed Solutions

Barriers to Access to Payment Systems in Sending Countries and Proposed Solutions Global Remittances Working Group IMPLEMENTING THE CPSS World Bank GENERAL PRINCIPLES FOR INTERNATIONAL REMITTANCE SERVICES THE WORLD BANK GROUP Barriers to Access to Payment Systems in Sending Countries

More information

Cross-Border Payment Systems and International Remittances

Cross-Border Payment Systems and International Remittances Cross-Border Payment Systems and International Remittances Seminar Improving Central Bank Reporting and Procedures on Remittances Mexico City, Mexico, July 11-14, 2006 José Antonio García The World Bank

More information

1 Manuel Orozco, October 7 th 2013.

1 Manuel Orozco, October 7 th 2013. Family remittances and business intermediation: the challenge in account closures 1 Each month, money transfer companies perform more than thirty million financial transfers 2 originated by US citizens

More information

Mobile Money Transfer Services. Deepankar Roy, Ph.D. National Institute of Bank Management, Pune, India

Mobile Money Transfer Services. Deepankar Roy, Ph.D. National Institute of Bank Management, Pune, India Mobile Money Transfer Services Deepankar Roy, Ph.D. National Institute of Bank Management, Pune, India Outline Overview of Mobile Money Transfers Who are the Key mobile wallet vendors? Successful examples

More information

West African Institute for Financial and Economic Management (WAIFEM) Money Transfers: Experience of a Practitioner. Presented by Mike Ogbalu III

West African Institute for Financial and Economic Management (WAIFEM) Money Transfers: Experience of a Practitioner. Presented by Mike Ogbalu III West African Institute for Financial and Economic Management (WAIFEM) Money Transfers: Experience of a Practitioner Presented by Mike Ogbalu III The Nigerian Experience Nigeria is one of the largest recipient

More information

Sending Money Home: European flows and markets

Sending Money Home: European flows and markets Sending Money Home: European flows and markets The opinions expressed in this report are those of the authors and do not necessarily represent those of IFAD and its Board Members, or the governments it

More information

A Country Profile on the Gambia: The Marketplace & Financial Access Prepared for Women s World Banking

A Country Profile on the Gambia: The Marketplace & Financial Access Prepared for Women s World Banking A Country Profile on the Gambia: The Marketplace & Financial Access Prepared for Women s World Banking Manuel Orozco, Inter-American Dialogue Anjali Banthia, Women s World Banking Mariama Ashcroft, Consultant

More information

best practice guide The Three Pillars of a Secure Hybrid Cloud Environment

best practice guide The Three Pillars of a Secure Hybrid Cloud Environment best practice guide The Three Pillars of a Secure Hybrid Cloud Environment best practice guide The Three Pillars of a Secure Hybrid Cloud Environment Introduction How sound risk management, transparency

More information

The Quest to Lower High Remittance Costs to Africa: A Brief Review of the Use of Mobile Banking and Bitcoins

The Quest to Lower High Remittance Costs to Africa: A Brief Review of the Use of Mobile Banking and Bitcoins The Quest to Lower High Remittance Costs to Africa: A Brief Review of the Use of Mobile Banking and Bitcoins Ralph C. Maloumby-Baka Christian Kingombe Working Paper 10 2015 Centre for Finance and Development,

More information

Briefing Paper. Remittances: Travails of the Migrants

Briefing Paper. Remittances: Travails of the Migrants Briefing Paper CUTS CART GRANIRCA 3/2011 Remittances: Travails of the Migrants Thousands of migrants across the world transfer money to their families abroad. The World Bank estimates that a total of US$483bn

More information

www.mandasoldiacasa.it The Italian remittance costs database

www.mandasoldiacasa.it The Italian remittance costs database CeSPI Centro Studi di Politica Internazionale (International Policy Studies Center) www.mandasoldiacasa.it The Italian remittance costs database Data Analysis Edited by: D. Frigeri 15 November 2011 Methodology

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

Security Council. I l1111111111 lhl111111111111111111 I111. United Nations

Security Council. I l1111111111 lhl111111111111111111 I111. United Nations United Nations Security Council Distr.: General 23 December 2005 Original: English s/2005/822 Letter dated 19 December 2005 from the Chairman of the Security Council Committee established pursuant to resolution

More information

AIO Life Seminar Abidjan - Côte d Ivoire

AIO Life Seminar Abidjan - Côte d Ivoire AIO Life Seminar Abidjan - Côte d Ivoire Life Insurance Market Survey of Selected African Countries Bertus Thomas Africa Committee of the Actuarial Society of South Africa Agenda SECTION 1 SURVEY OBJECTIVE

More information

Governance, Risk and Compliance Assessment

Governance, Risk and Compliance Assessment Governance, Risk and Compliance Assessment Information security is a pervasive business requirement and one that no organisation can afford to get wrong. If it s not handled properly, your business could

More information

Mobile money in Africa: Bridging the financial gap and unlocking entrepreneurial potential. Dr. Christoph Stork

Mobile money in Africa: Bridging the financial gap and unlocking entrepreneurial potential. Dr. Christoph Stork Mobile money in Africa: Bridging the financial gap and unlocking entrepreneurial potential Dr. Christoph Stork Informal Sector GDP contribution, link to formal sector, contribution to job generation vastly

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

Cloud Computing Survey Perception of the companies. DPDP - Macedonia

Cloud Computing Survey Perception of the companies. DPDP - Macedonia Cloud Computing Survey Perception of the companies DPDP - Macedonia Survey regarding the awareness of the companies in relation to Cloud computing in Macedonia Executive summary The survey was conducted

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

ADVOC. the international network of independent law firms

ADVOC. the international network of independent law firms ADVOC the international network of independent law firms About ADVOC ADVOC is an international network of independent law firms, sharing international expertise in jurisdictions across the globe Our member

More information

International Bandwidth

International Bandwidth AGENDA Definition Implementation Usage of international bandwidth Definition We mean by International Bandwidth the maximum quantity of data transmission (Rate) from a country to the rest of the world.

More information

G20 PLAN TO FACILITATE REMITTANCE FLOWS

G20 PLAN TO FACILITATE REMITTANCE FLOWS G20 PLAN TO FACILITATE REMITTANCE FLOWS G20 plan to facilitate remittance flows 2 G20 plan to facilitate remittance flows INTRODUCTION The Group of Twenty (G20) recognises the value of remittance flows

More information

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

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

More information

eservglobal Investor Roadshow January, 2014

eservglobal Investor Roadshow January, 2014 eservglobal Investor Roadshow January, 2014 eservglobal is an internationally recognised, leading provider of solutions that bridge the telco and financial worlds eservglobal: at a glance Comprehensive

More information

Norwegian Climate Finance 2010.

Norwegian Climate Finance 2010. Norwegian Climate Finance 2010. In Decision 1/CP.16 (Cancun Agreements AWGLCA outcome), relevant parties were invited to submit information on the resources provided for the fast start period (2010 2012).

More information

Monthly Report on Asylum Applications in The Netherlands and Europe

Monthly Report on Asylum Applications in The Netherlands and Europe Asylum Trends Monthly Report on Asylum Applications in The Netherlands and Europe November 2013 2014 November 2014 Colophon Title Subtitle Author Asylum Trends Monthly Report on Asylum Applications in

More information

CONTENTS: bul BULGARIAN LABOUR MIGRATION, DESK RESEARCH, 2015

CONTENTS: bul BULGARIAN LABOUR MIGRATION, DESK RESEARCH, 2015 215 2 CONTENTS: 1. METHODOLOGY... 3 a. Survey characteristics... 3 b. Purpose of the study... 3 c. Methodological notes... 3 2. DESK RESEARCH... 4 A. Bulgarian emigration tendencies and destinations...

More information

Western Union. Khalid Fellahi, SVP & GM WU Digital. March 20,, 2013

Western Union. Khalid Fellahi, SVP & GM WU Digital. March 20,, 2013 Western Union Khalid Fellahi, SVP & GM WU Digital March 20,, 2013 SAFE HARBOR This presentation contains certain statements that are forward looking within the meaning of the Private Securities Litigation

More information

GSMA MOBILE MONEY CROSSES BORDERS: NEW REMITTANCE MODELS IN WEST AFRICA. Mobile money crosses borders: New remittance models in West Africa

GSMA MOBILE MONEY CROSSES BORDERS: NEW REMITTANCE MODELS IN WEST AFRICA. Mobile money crosses borders: New remittance models in West Africa Mobile money crosses borders: New remittance models in West Africa CLAIRE SCHARWATT AND CHRIS WILLIAMSON MARCH 2015 The GSMA s Mobile Money for the Unbanked (MMU) programme works to accelerate the growth

More information

best practice guide BYO-What? 6 Lessons Learnt in Making Mobility Work

best practice guide BYO-What? 6 Lessons Learnt in Making Mobility Work best practice guide BYO-What? 6 Lessons Learnt in Making Mobility Work Businesses are immersed in an era of mobility. Whether it s connecting workers on the road, developing work-from-home policies, or

More information

Investor Presentation H1 FY2014. 30 June 2014

Investor Presentation H1 FY2014. 30 June 2014 Investor Presentation H1 FY2014 30 June 2014 eservglobal is an internationally recognised, leading provider of mobile financial solutions to emerging markets Established end-to-end technology: Distinct

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

Migration and Development in Africa: Implications for Data Collection and Research

Migration and Development in Africa: Implications for Data Collection and Research Migration and Development in Africa: Implications for Data Collection and Research Marzia Rango Migration Research Division IOM UN DESA workshop on strengthening the collection and use of migration data

More information

best practice guide Moving Exchange to the Cloud: 5 Really Practical Best Practices

best practice guide Moving Exchange to the Cloud: 5 Really Practical Best Practices best practice guide Moving Exchange to the Cloud: 5 Really Practical Best Practices To successfully replicate your environment, you need a thorough understanding of what it comprises and how it s used.

More information

The Impact of Remittances: Observations in Remitting and Receiving Countries

The Impact of Remittances: Observations in Remitting and Receiving Countries The Impact of Remittances: Observations in Remitting and Receiving Countries Raul Hernandez-Coss 1 Discussion Paper prepared for the G24 XXIII Technical Group Meeting Singapore, September 13-14, 2006 1

More information

Presentation to 38th General Assembly of FANAF Ouagadougou, 17-21 February 2014. Thierry Tanoh- Group CEO

Presentation to 38th General Assembly of FANAF Ouagadougou, 17-21 February 2014. Thierry Tanoh- Group CEO Presentation to 38th General Assembly of FANAF Ouagadougou, 17-21 February 2014 Thierry Tanoh- Group CEO Contents Global Demographics Africa Market Size & Growth Drivers Key players & Competitive Landscape

More information

Committee on Payment and Settlement Systems. The World Bank. General principles for international remittance services THE WORLD BANK.

Committee on Payment and Settlement Systems. The World Bank. General principles for international remittance services THE WORLD BANK. Committee on Payment and Settlement Systems The World Bank General principles for international remittance services January 2007 THE WORLD BANK Copies of publications are available from: Bank for International

More information

Cloud Services for Microsoft

Cloud Services for Microsoft The success of your business depends on your ability to adapt to a dynamic market environment, where globalisation and economic pressures are reshaping the landscape. To remain competitive, your organisation

More information

Progressive Thinking for a Global Age

Progressive Thinking for a Global Age SUMMARY REPORT THE FINANCIAL REVOLUTION IN AFRICA: MOBILE PAYMENTS SERVICES IN A NEW GLOBAL AGE increasing access to financial services is fundamental to promoting equitable and sustainable economic growth

More information

Appendix A. Crisis Indicators and Infrastructure Lending

Appendix A. Crisis Indicators and Infrastructure Lending Appendix A. Crisis Indicators and Infrastructure Lending APPENDIX A Table A.1. Crisis Indicators (Case Study Countries) Country % as Share of GDP Share of in Bank Crisis Severity Score (principal factor

More information

Website Evaluation Geld Naar Huis :

Website Evaluation Geld Naar Huis : Website Evaluation Geld Naar Huis : User-Friendliness, Effectiveness, and Financial Sustainability Final Report Melissa Siegel, Sonja Fransen & Michaella Vanore Maastricht Graduate School of Governance,

More information

OVERCOMING BARRIERS TO GOING GLOBAL

OVERCOMING BARRIERS TO GOING GLOBAL EXPORTING IS GOOD FOR BRITAIN OVERCOMING BARRIERS TO GOING GLOBAL Despite the barriers to business growth present here in the UK, domestic business is deemed far simpler than international business. Competition

More information

Big Gets Bigger, Smaller Gets Smaller

Big Gets Bigger, Smaller Gets Smaller latest thinking Big Gets Bigger, Smaller Gets Smaller The data centre market is entering a period of unprecedented transition. With this shift comes a number of significant and perhaps surprising changes.

More information

XENDIT. the smart way to move money

XENDIT. the smart way to move money XENDIT the smart way to move money $200 $180? Nuneng $6 transfer fee $10 forex spread $4 in country fees Family in Indonesia Problems with current money transfer 50+ interviews to date 1 Experience Inconvenient

More information

Moldovan Migrants in Italy: Remittances and the Role of the Labour Market Partners

Moldovan Migrants in Italy: Remittances and the Role of the Labour Market Partners Moldovan Migrants in Italy: Remittances and the Role of the Labour Market Partners November 2007 Dr. Thomas Kring Copyright International Labour Organization 2008 First published 2008 The opinions expressed

More information

opinion piece Meeting the Challenges of Supplier Relations in a Multisourcing Environment

opinion piece Meeting the Challenges of Supplier Relations in a Multisourcing Environment opinion piece Meeting the Challenges of Supplier Relations in a Multisourcing Environment New approaches and skills are required to effectively manage the increased volume and complexity of relationships

More information

Contact Centre Integration Assessment

Contact Centre Integration Assessment Contact Centre Integration Assessment How well are your business objectives aligned with the right contact centre technologies? Knowing how the technology in your contact centre supports service delivery

More information

Chart 1: Zambia's Major Trading Partners (Exports + Imports) Q4 2008 - Q4 2009. Switzernd RSA Congo DR China UAE Kuwait UK Zimbabwe India Egypt Other

Chart 1: Zambia's Major Trading Partners (Exports + Imports) Q4 2008 - Q4 2009. Switzernd RSA Congo DR China UAE Kuwait UK Zimbabwe India Egypt Other Bank of Zambia us $ Million 1. INTRODUCTION This report shows Zambia s direction of merchandise trade for the fourth quarter of 2009 compared with the corresponding quarter in 2008. Revised 1 statistics,

More information

Burning Dollars Top Five Trends in US Telecom Spend

Burning Dollars Top Five Trends in US Telecom Spend white paper Burning Dollars Top Five Trends in US Telecom Spend Telecom costs are among the largest operating expenses for organizations worldwide. Yet, they re often the most inconsistently managed. So

More information

¾ =ƒäåá. Directive No. FXD/30/2006 Provisions for International Remittance Services

¾ =ƒäåá. Directive No. FXD/30/2006 Provisions for International Remittance Services ¾ =ƒäåá wn?^ v N A TIO N A L BA N K O F ETH IO PIA ADDIS ABABA TELAG RAPH IC ADDRESS PLEASE AD DRESS ANY REPLY TO N A T I O N B A N K P. O. Box 5550 TELEX 21020 ADDIS ABABA CODES USE D PETERSO N 3 rd &

More information

FINDINGS FROM AFROBAROMETER ROUND 5 SURVEY DEMOCRATIC ATTITUDES/BELIEFS, CITIZENSHIP & CIVIC RESPONSIBILITIES

FINDINGS FROM AFROBAROMETER ROUND 5 SURVEY DEMOCRATIC ATTITUDES/BELIEFS, CITIZENSHIP & CIVIC RESPONSIBILITIES FINDINGS FROM AFROBAROMETER ROUND 5 SURVEY DEMOCRATIC ATTITUDES/BELIEFS, CITIZENSHIP & CIVIC RESPONSIBILITIES th JULY, 13 What is the Afrobarometer? The Afrobarometer (AB) is a comparative series of public

More information

eservglobal Investor Presentation FY2012A

eservglobal Investor Presentation FY2012A March 2012 eservglobal Investor Presentation FY2012A Agenda Introduction The business & achievements to date Operations and finances Summary 2 eservglobal A provider of premium software & services in high-growth

More information

Private Cloud for Every Organization

Private Cloud for Every Organization white paper Private Cloud for Every Organization Leveraging the community cloud As more organizations today seek to gain benefit from the flexibility and scalability of cloud environments, many struggle

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

Wolfsberg Statement Guidance on a Risk Based Approach for Managing Money Laundering Risks

Wolfsberg Statement Guidance on a Risk Based Approach for Managing Money Laundering Risks Wolfsberg Statement Guidance on a Risk Based Approach for Managing Money Laundering Risks Preamble The continuing threat of money laundering through financial institutions is most effectively managed by

More information

Distance to frontier

Distance to frontier Doing Business 2013 Fact Sheet: Sub-Saharan Africa Of the 50 economies making the most improvement in business regulation for domestic firms since 2005, 17 are in Sub-Saharan Africa. From June 2011 to

More information

The New Zealand Pacific Remittance Corridor: Lowering Remittance Costs

The New Zealand Pacific Remittance Corridor: Lowering Remittance Costs Chapter 26 The New Zealand Pacific Remittance Corridor: Lowering Remittance Costs Don Abel and Kim Hailwood Remittances are a key factor in Pacific island countries, representing 12 percent of gross domestic

More information

NATIONAL REMITTANCE PLAN 2015 INDONESIA

NATIONAL REMITTANCE PLAN 2015 INDONESIA NATIONAL REMITTANCE PLAN 2015 INDONESIA G20 National Remittance Plans 1 NATIONAL REMITTANCE PLAN 2015 INDONESIA Background Based on data from the National Agency for the Placement and Protection of Indonesian

More information

Wolfsberg Statement Guidance on a Risk Based Approach for Managing Money Laundering Risks

Wolfsberg Statement Guidance on a Risk Based Approach for Managing Money Laundering Risks Wolfsberg Statement Guidance on a Risk Based Approach for Managing Money Laundering Risks Preamble The continuing threat of money laundering through financial institutions is most effectively managed by

More information

INTERNATIONAL ENERGY CHARTER MINISTERIAL CONFERENCE & HIGH-LEVEL BUSINESS EVENT 20-21 MAY 2015 THE HAGUE, THE NETHERLANDS Investing in Energy

INTERNATIONAL ENERGY CHARTER MINISTERIAL CONFERENCE & HIGH-LEVEL BUSINESS EVENT 20-21 MAY 2015 THE HAGUE, THE NETHERLANDS Investing in Energy INTERNATIONAL ENERGY CHARTER MINISTERIAL CONFERENCE & HIGH-LEVEL BUSINESS EVENT 20-21 MAY 2015 THE HAGUE, THE NETHERLANDS Investing in Energy CHAIR S SUMMARY 1 Introduction On 20 and 21 May 2015 the Ministerial

More information

Nipping African Clothing in a Post-MFA Bud?

Nipping African Clothing in a Post-MFA Bud? Nipping African Clothing in a Post-MFA Bud? Nicolas Pinaud, OECD Development Centre 经 合 组 织 发 展 中 心 Standard Chartered & the OECD Development Centre AFRICA AND CHINA: ECONOMIC AND BUSINESS PERSPECTIVES

More information

Software-as-a-service Delivery: The Build vs. Buy Decision

Software-as-a-service Delivery: The Build vs. Buy Decision white paper Software-as-a-service Delivery: The Build vs. Buy Decision Introduction In order to deliver software on-demand, companies must either build and manage an infrastructure capable of supporting

More information

MADISON GENERAL INSURANCE COMPANY (Z) LIMITED (MGen) EXPORTING INSURANCE SERVICES TO TANZANIA: EXPERIENCE AND CHALLENGES

MADISON GENERAL INSURANCE COMPANY (Z) LIMITED (MGen) EXPORTING INSURANCE SERVICES TO TANZANIA: EXPERIENCE AND CHALLENGES MADISON GENERAL INSURANCE COMPANY (Z) LIMITED (MGen) EXPORTING INSURANCE SERVICES TO TANZANIA: EXPERIENCE AND CHALLENGES INTRODUCTION Zambia is a landlocked country in Southern Africa. The neighboring

More information

GLOBAL ONLINE PAYMENT METHODS: FIRST HALF 2015

GLOBAL ONLINE PAYMENT METHODS: FIRST HALF 2015 PUBLICATION DATE: JULY 2015 PAGE 2 GENERAL INFORMATION I PAGE 3 KEY FINDINGS I PAGE 4-9 TABLE OF CONTENTS I PAGE 10 REPORT-SPECIFIC SAMPLE CHARTS I PAGE 11 METHODOLOGY I PAGE 12 RELATED REPORTS I PAGE

More information

Alumni Forum 2013. Sydney, Australia 22 May EVENT SUMMARY

Alumni Forum 2013. Sydney, Australia 22 May EVENT SUMMARY Alumni Forum 2013 Sydney, Australia 22 May EVENT SUMMARY The University of Western Australia and The University of Queensland are proud to be partners in the International Mining for Development Centre

More information

Flexible Cloud Services to Compete

Flexible Cloud Services to Compete white paper Service Providers Need Flexible Cloud Services to Compete Enterprise Customers Demand Flexible Cloud Solutions When the concept of cloud services first came about, there was a great deal of

More information

States Parties to the 1951 Convention relating to the Status of Refugees and the 1967 Protocol

States Parties to the 1951 Convention relating to the Status of Refugees and the 1967 Protocol States Parties to the 1951 Convention relating to the Status of Refugees and the 1967 Protocol Date of entry into force: 22 April 1954 (Convention) 4 October 1967 (Protocol) As of 1 October 2008 Total

More information

New Services for International Transfers

New Services for International Transfers New Services for International Transfers International money transfers enable migrant workers to support their families, especially to pay for education and major household expenses. International Airtime

More information

DSV Air & Sea, Inc. Aerospace Sector. DSV Air & Sea, Inc. Aerospace

DSV Air & Sea, Inc. Aerospace Sector. DSV Air & Sea, Inc. Aerospace DSV Air & Sea, Inc. Aerospace Sector DSV Air & Sea, Inc. Aerospace Introduction to DSV DSV is a global supplier of transport and logistics services. We have offices in more than 70 countries and an international

More information

We d Like That on Our Laptops, Notebooks, Tablets and Smartphones, Please

We d Like That on Our Laptops, Notebooks, Tablets and Smartphones, Please latest thinking We d Like That on Our Laptops, Notebooks, Tablets and Smartphones, Please Enabling enterprise mobility with Microsoft System Center and cloud Enterprise mobility is no longer the domain

More information

Four steps to improving cloud security and compliance

Four steps to improving cloud security and compliance white paper Four steps to improving cloud security and compliance Despite the widespread proliferation of cloud computing, IT decision makers still express major concerns about security, compliance, and

More information

consulting Company Profile Immigration, Relocation and Expat Support Services

consulting Company Profile Immigration, Relocation and Expat Support Services consulting Company Profile Immigration, Relocation and Expat Support Services Who are we? Expats On The Globe (EOG) is servicing beyond borders with a particular focus on Africa. Based in South Africa,

More information

Remittance Service Providers in the United States: How remittance firms operate and how they perceive their business environment

Remittance Service Providers in the United States: How remittance firms operate and how they perceive their business environment FINANCIAL SECTOR DISCUSSION SERIES Payment Systems & Remittances Remittance Service Providers in the United States: How remittance firms operate and how they perceive their business environment Ole E.

More information

I. World trade developments

I. World trade developments I. World trade developments World merchandise exports grew by 2 per cent in value terms in 2013 while exports of commercial services increased by per cent. Key developments in 2013: a snapshot Trade data

More information

UNHCR, United Nations High Commissioner for Refugees

UNHCR, United Nations High Commissioner for Refugees Belgium 22 Jul 1953 r 08 Apr 1969 a Belize 27 Jun 1990 a 27 Jun 1990 a Benin 04 Apr 1962 s 06 Jul 1970 a Bolivia 09 Feb 1982 a 09 Feb 1982 a Bosnia and Herzegovina 01 Sep 1993 s 01 Sep 1993 s Botswana

More information

International Remittances

International Remittances Universal Banking Solution System Integration Consulting Business Process Outsourcing Remittance is the act of transmitting money to a distant location to fulfill an obligation This Knowledge Paper makes

More information

The U.K. Nigeria Remittance Corridor

The U.K. Nigeria Remittance Corridor The U.K. Nigeria Remittance Corridor Challenges of Embracing Formal Transfer Systems in a Dual Financial Environment Excerpts from the forthcoming publication to be presented at the Second International

More information

SUPPLY SIDE CONSTRAINTS for REMITTANCE SERVICE PROVIDERS in the UK

SUPPLY SIDE CONSTRAINTS for REMITTANCE SERVICE PROVIDERS in the UK SUPPLY SIDE CONSTRAINTS for REMITTANCE SERVICE PROVIDERS in the UK Developing Markets Associates March 2010 The copyright ( ) and all other intellectual property rights of the material contained in this

More information

Dimension Data s Uptime Maintenance Service

Dimension Data s Uptime Maintenance Service Dimension Data s Uptime Maintenance Service The pace of business today simply doesn t allow for downtime. When systems go off-line, productivity drops, time and money go to waste and opportunities are

More information

Higher Education Financing

Higher Education Financing Higher Education Financing Trends and Possibilities in SADC Outline The HE Financing Context Note on HE and Development HE Funding Key Questions Common Funding Themes Good Practices Possible Lessons Way

More information