2.5+ billion people around the world, mainly in emerging economies, do not have a bank account. For them, home remittance is a key source of capital. The total value of remittances is now double that of direct foreign aid, and for some countries it contributes up to 42% of GDP.
Studies by the United Nations Conference on Trade and Development have shown that home remittance increases demand for other financial services, encouraging recipients to join the formal financial sector. This has knock-on benefits for the wider emerging economy, and a 10% rise in remittances has been linked to a 3.5% reduction in the share of people living in poverty.
In short, remittance is something to be encouraged, not swept under the carpet. MoneyRouter™ makes it possible for banks to provide that encouragement, by making remittance safer and more transparent than ever before.