More on remittances

I mentioned a dinner which I chaired about remittances the other day, and the firm that organised the dinner sent me a white paper as a follow-up.

As a taster, read the previous blog entry or this paragraph gives a good indication of the content:

"Remittances are no longer solely about supporting people in the developing world. in many cases today, remittances are also made for charitable and trade reasons and can therefore have a very powerful impact, especially if directed for maximum benefit. findings of a recent World Bank report indicate that the rate of return to each dollar of aid directed toward promoting trade is nearly $700 in additional trade.

"This discussion covered pertinent industry issues including how the global uptake of mobile, internet and social network communications is dramatically changing the landscape.

"Interestingly, participants’ perspectives also suggested that, in spite of technology being more affordable and accessible, the old world of payments – face-to-face contact and cash-based transaction – continues to command a foothold, albeit a weaker one.

"The debate turned to the roles that financial institutions and regulatory bodies are currently playing, as well as their future potential impact. this led to dialogue about the ongoing problem of the unbanked and financial exclusion in the latter part of the discussion.

"Participants offered some sound suggestions of how this can be tackled, including how transferred monies can be used for trade reform."

There's quite a nice 12-page summary, a bit more comprehensive than my few paragraphs, and this can be downloaded here if you're interested: Download Remittances White Paper