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Western Union: Emerging Market GDP, Innovation Depend On Remittances
In the payments industry, they’re known as remittances. But for the recipients of the cross-border money transfers and peer-to-peer (P2P) payments usually associated with developing economies, they are lifelines.
- Categories
- Finance, Technology
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Malaysia’s Mobile Money, Bangladesh’s Bkash Team With Ripple on eWallet Remittances
Blockchain-based global payments provider Ripple announced it has entered into an arrangement under which Malaysian mobile wallet provider Mobile Money, and bKash, a provider of mobile financial services to more than 45 million people in Bangladesh, will conduct transactions through the RippleNet network.
- Categories
- Finance
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Nigeria’s Apex Bank Bans Mobile Money Operators From Receiving Remittances
The Central Bank of Nigeria (CBN) has suspended Mobile Money Operators, Payment Switch providers from receiving remittances or integrating their systems with International Money Transfer Operators (IMTOs).
- Categories
- Finance
- Region
- Sub-Saharan Africa
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Analysis: Remittances Show Promise in the Face of the Ongoing Global COVID-19 Pandemic
The COVID-19 pandemic has imposed catastrophic consequences across the world, with a disproportionate effect on Latin America and the Caribbean. With a projected 9 percent contraction in regional gross domestic product (GDP) for this year, experts fear that the heightened economic uncertainty and lower foreign demand brought on by the health crisis might signify yet another lost decade for Latin America. There is one factor, however, that paints a particularly promising picture for the outlook of the region: remittances.
- Categories
- Finance, Technology
- Region
- Latin America
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WorldRemit Lowers Transaction Cost for Remittances to Africa
The new lowered prices, allows customers to send more to family and friends via the mobile app or website to the various African corridors, where Kenya remains a key destination for remittances.
- Categories
- Coronavirus, Finance
- Region
- Sub-Saharan Africa
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Digitisation of Remittances Can Support Africa’s Economic Recovery
Across the continent, where tourism and hospitality have come to a grinding halt, thousands of jobs have been lost in both the formal and informal sectors. Amidst this gloomy narrative, a shining light has been the formidable resilience of remittance flows into African markets after the initial shock of the pandemic and national lockdowns.
- Categories
- Coronavirus, Finance
- Region
- Sub-Saharan Africa
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Press Release: Covid-19: Remittance Flows To Shrink 14% by 2021
International migration to fall in 2020 for the first time in recent decades
- Categories
- Coronavirus, Finance, Technology