The goal of this project is to improve financial services, including remittance delivery capacity, of 10 selected micro- finance institutions (MFIs) targeting the rural poor and migrant worker families. The project promotes migrant’s savings and investment through community-based MFIs in the migrant workers’ home villages.
Mandiri Bank sealed an agreement with Dairy Farm Company, that manages 7-Eleven retails, to provide money transfer service for Indonesian citizens who currently work in Hong Kong. Through this cooperation, Indonesian citizens who want to send their money back home can simply use their payment card, which they can get from Mandiri Bank, in all of the 900 7-Eleven retail shops in Hong Kong.
The project seeks to increase the number of remittance recipients with access to financial services and promote small and medium sized businesses. The project is focused on the extension of the Universal Postal Union (UPU) international electronic remittance service to rural postal offices and on the establishment of a link between remittances and postal account-based services. It also fosters support postal offices to develop partnerships with non-postal financial service providers such as banks and credit unions.
The African Postal Financial Services initiative is a joint regional programme launched by the International Fund for Agricultural Development (IFAD) and the European Commission in collaboration with the World Bank, the Universal Postal Union (UPU) – a specialized United Nations agency for the postal sector, the World Savings Banks Institute/European Savings Banks Group (WSBI/ESBG) and the United Nations Capital Development Fund (UNCDF).
The integrated project is a tripartite Agreement signed in September 2015 between the International Organization for Migration (IOM), the Universal Postal Union (UPU) and Burundi Post. It seeks to utilize different components of the postal sector in Burundi to achieve lasting socio-economic development for the rural population as well as for the Burundian diaspora.
The service contributes to enhancing the capacities of the national Moldovan money transfer services providers in order to diversify the existent transfer channels and ensure their transparency and costs reduction, through establishing an efficient and sustainable international money transfers system between Italy, Spain, Portugal and the Republic of Moldova.
The Economic and Financial Learning Program is a pioneer multi-partner initiative for Filipino migrant workers and remittance-receiving family members. It is among the Bangko Sentral ng Pilipinas (BSP)’s efforts to promote financial inclusion by educating the public in basic financial matters. The program aims at helping Filipinos understand important economic and financial issues in order for them to develop the “skills needed to make well-informed” decisions and choices.
Global Forum on Remittances and Development (GFRD) 2015
The Swedish government finances a national price comparison on line service “Money from Sweden” (www.moneyfromsweden.se) with a view to increase transparency and lower the transfer costs for remittances sent from Sweden. The online service is totally independent of all market players and is run by the Swedish Consumer Agency. Money from Sweden is certified by the World Bank to meet the mandatory requirements of a national price database for remittance services.
The Bangko Sentral in Philippines (formerly know as Central Bank of the Philippines) created an interactive portal that will link users to information on the different banks on non-bank remittance companies in the Philippines, including locations of their branches abroad, remittance center, foreign banks/correspondents, products and services, and charges fees for remittance services to any part of the Philippines. The establishment of the OFW Portal is part of its efforts to improve the environment for OFW remittance flows, and to assist overseas Filipinos on their remittances concerns.