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Improving Access to Remittances: the Role of MFIs in the “Last Mile”

Improving Access to Remittances: the Role of MFIs in the “Last Mile”. Rani Deshpande September 22, 2004. Shortcomings of current remittance delivery channels from pro-poor perspective. . . . . . . Comparative advantages of specialized pro-poor FSPs in remittance delivery.

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Improving Access to Remittances: the Role of MFIs in the “Last Mile”

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  1. Improving Access to Remittances: the Role of MFIs in the “Last Mile” Rani Deshpande September 22, 2004

  2. Shortcomings of current remittance delivery channels from pro-poor perspective      

  3. Comparative advantages of specialized pro-poor FSPs in remittance delivery • Includes variety of institutional types • Strengths often complementary to the weaknesses of conventional remittance delivery channels • Wider distribution networks where poor recipient clients are located • Appropriate financial products linked to remittances

  4. Money transfers: a market opportunity for FSPs serving the poor • A sample of pro-poor FSPs entering the money transfers business: • WOCCU (various countries) • Fonkoze (Haiti) • Banco Solidario (Ecuador) • Adhikar (India) • Apex Bank (Ghana)

  5. Market development is uneven globally • International transfers: • many markets still characterized by limited options for formal sector money transfers • Domestic transfers: • formal sector options can be limited and of low quality • Lack of data/information about many corridors inhibits market entry by more players

  6. CGAP priority: spurring market development • Workplan in this area focuses on releasing informational bottlenecks, increasing transparency • Country-based market studies • Pilots of new money transfer delivery channels • Paper on strategic & operational considerations in entering money transfers business • Online database of money transfer companies • Guidance on negotiating partnerships with MTOs

  7. Questions/comments/ideas for collaboration? Jennifer Isern: jisern@worldbank.org Rani Deshpande: gdeshpande@worldbank.org Other obstacles to market development remain • Advocating for appropriate regulations • Improving data quality and availability • Developing and harmonizing payment systems

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