Agreement between Arab States for E-Money Transfers using UPU's International Financial System (IFS)

Egypt, Jordan, Morocco, Qatar, Syria, Tunisia, UAE and Yemen signed an agreement to start electronic money transfers using technology that has been developed by the Universal Postal Union (UPU).

According to the Universal Postal Union (UPU), the agreement will now allow the eight countries to exchange money orders on a multilateral basis. This is particularly valuable in countries such as the United Arab Emirates, where more than 80% of the population are foreigners, and millions of dollars are sent to home countries through remittances. 

For more information:

• http://www.ptc.upu.int/ps/ifs.shtml
• Briefing note: http://www.poea.gov.ph/laborinfo/updates/2008/mu_19_2008.pdf

GFMD 2008 - Roundtable 1.2 "Empowering Migrants and Diasporas to Contribute to Development"

UPU