My new e-mail address
Hello, I have a new e-mail address
posted by Tango Blues at
10:13 AM
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0 comments
Wednesday, March 02, 2011
Friday, March 31, 2006
Big players on the move
Its seems that all major banks will make an extra effort on the high profitable segment of money transfers , including world leader Citigroup
posted by Tango Blues at
12:05 PM
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2 comments
WorldChanging: Another World Is Here: Remittance - New Ways to Send Money Home
Remittance - New Ways to Send Money Home
Emeka Okafor, of Timbuktu Chronicles fame, highlights a paper about the Nigerian diaspora on his new blog, Africa Unchained. The paper, by Nigerian scholar Uche Nworah, is about the role of the Nigerian diaspora in nation building, and focuses in part on remittance - the money Nigerians living and working abroad send to family and friends at home.
It's difficult to overstate the importance of remittance income to most African nations and many developing nations. Nworah cites a figure of $300 billion dollars sent from diasporas to developing nations via remittance. In Africa, the amount of money remitted by diaspora workers - $17 billion per year - is larger than the amount of foreign direct investment in Africa, and rivals official development assistance grants or loans ($25 billion per year). In some African nations, remittance represent as much as 27% of the gross domestic product of some nations. According to the UN's Office of the Special Advisor on Africa, the average African migrant living in a developed nation is sending $200 per month home to his or her family.
While remittance income is incredibly important for the developing world, there are at least four major problems with the remittance system as it currently exists: cost, safety, potential for misuse, and scale issues:
Cost - It costs a lot of money to send money overseas. If you're lucky enough to be sending money from your bank account to a bank account in another country, the process is somewhat complex, but not very costly - I routinely send money overseas for $5 per transfer. But use a service like Western Union and you'll pay at least 6% of your money in fees - more, if you're sending small amounts of money. (According to the calculator on Western Unio"
Emeka Okafor, of Timbuktu Chronicles fame, highlights a paper about the Nigerian diaspora on his new blog, Africa Unchained. The paper, by Nigerian scholar Uche Nworah, is about the role of the Nigerian diaspora in nation building, and focuses in part on remittance - the money Nigerians living and working abroad send to family and friends at home.
It's difficult to overstate the importance of remittance income to most African nations and many developing nations. Nworah cites a figure of $300 billion dollars sent from diasporas to developing nations via remittance. In Africa, the amount of money remitted by diaspora workers - $17 billion per year - is larger than the amount of foreign direct investment in Africa, and rivals official development assistance grants or loans ($25 billion per year). In some African nations, remittance represent as much as 27% of the gross domestic product of some nations. According to the UN's Office of the Special Advisor on Africa, the average African migrant living in a developed nation is sending $200 per month home to his or her family.
While remittance income is incredibly important for the developing world, there are at least four major problems with the remittance system as it currently exists: cost, safety, potential for misuse, and scale issues:
Cost - It costs a lot of money to send money overseas. If you're lucky enough to be sending money from your bank account to a bank account in another country, the process is somewhat complex, but not very costly - I routinely send money overseas for $5 per transfer. But use a service like Western Union and you'll pay at least 6% of your money in fees - more, if you're sending small amounts of money. (According to the calculator on Western Unio"
posted by Tango Blues at
9:22 AM
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3 comments
Sunday, March 19, 2006
Excellent comment from Consumer Action
Consumer Action
posted by Tango Blues at
12:13 PM
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0 comments
Friday, March 17, 2006
Wednesday, March 15, 2006
Resources
General principles for international remittance services - BIS consultative report
See this draft report with general principles for international remittance services. It's a consultative report of the Bank for International Settlement.
posted by Tango Blues at
4:29 AM
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0 comments
Tuesday, March 14, 2006
Fewer Players to choose from
Capital One to buy North Fork for $14.6bn
Credit card issuer Capital One Financial Corp. said it will acquire North Fork Bancorp for about $14.6bn in stock and cash as it moves move further into banking and strengthens its presence in the New York area.
Credit card issuer Capital One Financial Corp. said it will acquire North Fork Bancorp for about $14.6bn in stock and cash as it moves move further into banking and strengthens its presence in the New York area.
posted by Tango Blues at
7:16 AM
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0 comments
