Remittances power progress towards Sustainable Development Goals

~Remittances to developing markets to hit USD 6.5 trillion in the 2015-2030 period~

A rise in remittances to developing markets is becoming a powerful force in lifting people out of poverty, says Xpress Money’s COO, Sudhesh Giriyan.

Giriyan’ statement comes after a report released by the International Fund for Agricultural Development (IFAD) shows that regular remittances to families in developing markets helps lift them above the poverty line and helps them avoid falling back into poverty traps.

Developing markets will receive around USD 6.5 trillion between the 2015-2030 time period, and have benefitted from a 51% increase in remittances between 2007-2016. During this time period, growth in remittance flows to the Asia-Pacific region (87%), Africa (36%), Latin America and the Caribbean (18%), and the Near East and Caucasus (37%), has spurred long-term economic development and asset building.

These remittances are powerful because remittance-receiving families use them to reach individual goals such as better health and nutrition, educational opportunities, improved housing and better sanitation. Reduced financial uncertainty also kickstarts entrepreneurial activities and sparks micro-businesses that deliver a long-term economic boost.

“Remittances play a very important role in linking economies outside standard aid and trade flows. They promote income equality, benefit all economies in the sending and receiving value chain, and lead to new micro-businesses and SMEs being developed. Remittance flows aren’t just used for daily consumption, but also for long-term asset building. Research shows that families save about 25% of remittances received globally “ which translates to USD 100 million sunk into improving health and education, and investing in assets, said Giriyan.

The report also highlights a drop in average remittance fees, which has dropped to 7.45% from 9.8% in 2008. The report notes that remittance houses and international MTOs offer far better fees to customers compared to banks. The findings are in direct support of the UN Sustainable Development Goal of creating lower cost remittance channels, and also dovetails with Xpress Money’s aim of delivering superior service with competitive fees.

Despite falling fees, MTOs have continued investing heavily in expanding their physical network across new markets. Payout locations have increased over 400% in the top 23 recipient markets, rising to 1.5 million from an initial 350,000. This has extended financial inclusion to new audiences, leading to more transparent financial transactions and revenue generation opportunities for all economies involved in the financial value chain.

“As the remittance industry continues to evolve, it has taken up the baton for creating financial inclusion and extending secure and legally licensed money transfer channels to global audiences. Apart from benefitting customer audiences, a denser network of accessible outlets encourages safe and legal transfers that facilitate AML, counter-terrorism and anti-counterfeiting efforts, said Giriyan.

About ‘Xpress Money’:

Incorporated in 1999, 'Xpress Money' is a global money transfer brand with a thriving presence in more than 170 countries across the globe through partnerships that have a network of over 200,000 locations. It is one of the most dependable and renowned international money transfer brands across the globe. 'Xpress Money' provides customers convenient, simple and secure ways to transfer money across geographies. Its widespread network is strengthened by collaborations with renowned organizations that include international money transfer operators (IMTOs), banking as well as non-banking institutions, retail chains, online remittance players and fintech companies. Xpress Money's state of the art compliance and security policies ensure customers a secure and hassle-free money transfer process.

Xpress Money is part of Finablr, a global platform for Payments and Foreign Exchange solutions. With deep regulatory know-how, technology expertise and industry leading partnerships, Finablr companies provide a broad array of tailored and trusted financial solutions for consumers and businesses. With a global reach spanning 170+ countries, Finablr companies processed over 150 million transactions in 2018, managing nearly USD 115 billion for customers.

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