Migrant Remittances - Unlocking Hidden Potential
This paper discusses the increasing prominence of migrant remittances, and focuses on services that the European Savings Banks Group (ESBG) offers to governments, regulators and banks in effectively utilizing remittances. Migration is a major policy concern and migrant remittances have increased every year. Governments and regulators seek to bring migrant remittances into the formal financial market in order to prevent money laundering and to support inclusive financial services. ESBG enables authorities to formulate and implement policies that optimize effectiveness of remittances in line with World Bank principles. It aids retail banks in developing and implementing services for migrants so as to leverage the remittance opportunity in a cost effective manner. Its services to receiving banks include product and service evaluation, staff training and channel maximization. Its services to remitting banks include:
- Business case development;
- Service specification and support;
- Setting up of support and call centers;
- Staff training;
- Balance sheet implications and opportunities.