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The Missing Piece of the Fintech Puzzle: How Local, Informal Networks Play a Crucial Role in Remittances
The spread of fintech is bringing millions of emerging markets customers – and their relations – into the realm of formal finance. But though they're powered by futuristic technologies, fintech initiatives are often built on complex community networks and informal methods of transacting that have existed for centuries. Researchers Daivi Rodima Taylor and Bill Maurer explore the implications of these roles, relationships and social intermediaries for financial service design.
- Categories
- Finance
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Survey: Cash Payment Still ‘King’ in Kenya, Despite Digital Money Growth
According to the report, just under half of domestic remittances and 30 per cent of bill payments are now made via mobile money.
- Categories
- Finance
- Region
- Sub-Saharan Africa
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National Bank of Pakistan Partners With WorldRemit for Digital Money Transfers
The Pakistani diaspora living in over 50 countries, including the USA, UK, Canada and Australia, can now send money to NBP cash pickup locations using their smartphone.
- Categories
- Finance
- Region
- South Asia
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Viewpoint: Facebook’s Foray Into the World of Banking and Finance Is an Ethical and Regulatory Minefield
In particular, Libra is likely to flourish in highly remittance-dependent economies, like those of the Philippines, Bangladesh, Nepal, and the Pacific Island nations, because high remittance inflows will inject Libra into the local financial ecosystem. The average cost of remittances, globally, is 7 percent, which is scandalous.
- Categories
- Finance
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New Mobile-To-Mobile Digital Payment Service Launched in Africa
WorldRemit’s mobile-first digital model is said to save customers time and money as they don’t need to visit a money transfer agent to send funds home to their loved ones.
- Categories
- Finance
- Region
- Sub-Saharan Africa
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Viewpoint: Immigrants Should Do More Than Just Send Money Home
Remittances are OK, but there’s no substitute for investment, growth and economic development.
- Categories
- Finance
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Remitly Raises $220M to Expand From Money Transfers to Financial Services, Now at ~$1B Valuation
CEO and founder Matt Oppenheimer said in an interview that the startup will use the money both to help it continue to keep growing that money transfer business and to catch new opportunities as they appear, in the form of new financial services for the immigrants and migrants that make up the majority of its customer base.
- Categories
- Finance
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How Amazon and Google Are Helping Western Union Fight the Multibillion-Dollar Fintech Threat
The 168-year-old Western Union is the leader in international money transfers, generating revenue of $5.5 billion in 2018 and doing business with Amazon and Google.
- Categories
- Finance
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