Remittances – Copt Heath Wharf http://coptheathwharf.co.uk/ Thu, 23 Sep 2021 14:35:38 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://coptheathwharf.co.uk/wp-content/uploads/2021/03/cropped-coptheathwraf-32x32.png Remittances – Copt Heath Wharf http://coptheathwharf.co.uk/ 32 32 Representatives call for identification and release of Nigerians in foreign prisons https://coptheathwharf.co.uk/representatives-call-for-identification-and-release-of-nigerians-in-foreign-prisons/ https://coptheathwharf.co.uk/representatives-call-for-identification-and-release-of-nigerians-in-foreign-prisons/#respond Thu, 23 Sep 2021 14:04:01 +0000 https://coptheathwharf.co.uk/representatives-call-for-identification-and-release-of-nigerians-in-foreign-prisons/ Posted September 23, 2021 The House of Representatives has called for the identification and release of Nigerians imprisoned in other countries around the world. The House in particular urged the federal government to “intervene and secure the release of Nigerians illegally detained in prisons abroad”, while instructing the committees on foreign affairs, justice and interparliamentary […]]]>

The House of Representatives has called for the identification and release of Nigerians imprisoned in other countries around the world.

The House in particular urged the federal government to “intervene and secure the release of Nigerians illegally detained in prisons abroad”, while instructing the committees on foreign affairs, justice and interparliamentary relations to ensure compliance. of the resolution.

In Thursday’s plenary session, the House unanimously adopted a motion presented by Mr. Dennis Idahosa, entitled “Need to determine number of Nigerian citizens detained in foreign prisons”.

Moving the motion, Idahosa noted that Nigerians are in almost every country in the world, doing feats in sports, technology, business, education and politics and were ranked as one of the most educated in foreign countries.

According to the legislator, due to the large population of Nigerians in the Diaspora, the Nigerians in the Diaspora Commission was established to ensure the engagement and participation of Nigerians in the Diaspora in the development of Nigeria.

He also noted that international conventions and treaties prescribe that anyone accused of a criminal offense has the right to a fair trial within a reasonable time by an independent and impartial tribunal established by law.

Idahosa pointed out that the World Bank estimated remittances at around 24.3 billion naira per year and 6% of the country’s GDP, making Nigeria one of the top-ranked countries in the world for remittances.

According to him, the remittances of Nigerians living abroad have had a significant impact on the development and economic growth of the country.

However, he said, “The House is concerned about reports that many Nigerians are languishing in foreign prisons, some of which are illegally detained, while others are exposed to labor exploitation, poor living conditions, discrimination, sexual exploitation and other forms of dehumanization. treatments.

“The Chamber is concerned that from a 2019 investigation report from the Legal Defense and Assistance Project, approximately 16,500 Nigerians who are in prisons outside the country have been sentenced without legal representation. and without knowing why they are in prison.

“The Chamber believes that the federal government should use diplomatic means to help Nigerians who have been wrongly convicted and who are being held in various prisons abroad.”


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Baqir projects sustainable growth https://coptheathwharf.co.uk/baqir-projects-sustainable-growth/ https://coptheathwharf.co.uk/baqir-projects-sustainable-growth/#respond Thu, 23 Sep 2021 03:50:13 +0000 https://coptheathwharf.co.uk/baqir-projects-sustainable-growth/ KARACHI: Unlike in previous years, Pakistan’s economic growth will be sustainable this time around due to a persistent upward trend in remittances, large inflows through Roshan Digital Accounts (RDA) and an expected increase in remittances. exports through the refinancing facility, said the State Bank of Pakistan (SBP). Governor Reza Baqir. Speaking at a session titled […]]]>

KARACHI:

Unlike in previous years, Pakistan’s economic growth will be sustainable this time around due to a persistent upward trend in remittances, large inflows through Roshan Digital Accounts (RDA) and an expected increase in remittances. exports through the refinancing facility, said the State Bank of Pakistan (SBP). Governor Reza Baqir.

Speaking at a session titled “The Future of Pakistan’s Economy” at the Islamabad Leaders’ Summit on Wednesday, Baqir said the textile sector aims to boost exports by $ 5 billion after the import of modern machinery with the help of the Temporary Economic Refinancing Facility (TERF) was installed.

He added that foreign exchange reserves were increasing due to the receipt of large remittances and large inflows through the GDR. He cherished that on average 1,000 RDAs were open each day.

The governor expects economic growth to consolidate further as the capacity of the export-oriented industry expands, with businessmen upgrading their units with advanced equipment imported under TERF.

Speaking about how monetary and fiscal policies would contribute to the on-going growth momentum, the SBP Governor noted that SBP policies have started to respond immediately to the deterioration in macroeconomic indicators.

“The current account deficit has been increasing since June 2021 and the exchange rate started to adjust in May. Therefore, our policies are responding in a timely manner,” he said. “We now have a market based exchange rate and it acts as a natural shock absorber. “

He lamented that macroeconomic policies had been delayed in previous years when imports increased and the current account deficit widened and, as a result, the government had to devalue the rupee.

“When imbalances increase and corrective decisions are delayed, difficult action must be taken,” he said.

He believed that immediate and timely reactive measures would contribute to the sustainability of growth.

Speaking about the SBP’s key rate hike, he said that when the central bank observed a continued widening of the current account deficit, the monetary policy committee acted to moderate demand and raised the policy rate.

He lamented that due to the absence of structural reforms, Pakistan’s ability to produce goods and services is limited and the country has no choice but to import when demand for products has increased. more than the offer.

Dismissing claims that foreign exchange reserves were increasing due to borrowing, he said net international reserves had increased by $ 16 billion since June 2019.

He clarified that net international reserves excluded foreign loans and that the increase reflected the fact that reserves were not increasing due to foreign borrowing.

The SBP governor stressed that there had been a steady improvement in the external account over the past year despite the Covid-19 epidemic.

He said that the KSE-100 index rose 30% from June 2019 to January 2020 and that before the Covid-19 pandemic in Pakistan, Bloomberg called the Pakistan stock exchange one of the best in the world and best in Asia.

Posted in The Express Tribune, September 23e, 2021.

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The digital money transfer services market is expected to witness huge growth by 2027 https://coptheathwharf.co.uk/the-digital-money-transfer-services-market-is-expected-to-witness-huge-growth-by-2027/ https://coptheathwharf.co.uk/the-digital-money-transfer-services-market-is-expected-to-witness-huge-growth-by-2027/#respond Wed, 22 Sep 2021 14:01:37 +0000 https://coptheathwharf.co.uk/the-digital-money-transfer-services-market-is-expected-to-witness-huge-growth-by-2027/ The market for digital money transfer services is expected to grow at a steady pace in the coming years. The Digital Remittance Service Market 2021 research report presents an analysis of the market size, share and growth, trends, cost structure, statistical and comprehensive data of the global market. As analytics has become an inherent part […]]]>

The market for digital money transfer services is expected to grow at a steady pace in the coming years. The Digital Remittance Service Market 2021 research report presents an analysis of the market size, share and growth, trends, cost structure, statistical and comprehensive data of the global market.

As analytics has become an inherent part of every business activity and role, a central role in the decision-making process of businesses today is mentioned in this report. Over the next few years, the demand for the market is expected to increase dramatically globally, enabling healthy growth of the digital transfer services market is also detailed in the report. This report highlights the manufacturing cost structure which includes cost of materials, cost of labor, depreciation cost, and cost of manufacturing procedures. Price analysis and equipment supplier analysis is also performed by analysts in the report.

Get a sample report with the latest analysis of industry trends:

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Key companies in this report include:

Western Union, Ria Financial Services, Xoom, TransferWise, MoneyGram, Remitly, Azimo, TransferGo, WorldRemit, TNG Wallet, Toast Me, OrbitRemit, Smiles Mobile Remittance, Avenues India Pvt Ltd.

This research report represents a 360-degree overview of the competitive landscape of the Employee Protection Software Market. In addition, it offers massive data relating to recent trends, technological advancements, tools and methodologies. The research report analyzes the Employee Protection Software market in a detailed and concise manner for a better understanding of businesses.

The report, with the help of detailed business profiles, project feasibility analysis, SWOT review, and few different insights of the major organizations working in the Digital Transfer Service market, presents a scientific record point by point of market competition. scenario. The report also presents a review of the effect of recent market developments on the future development prospects of the market.

Global segmentation of digital money transfer services market:

Market segmentation: by type

by Digital Remittance banks
by digital money transfer operators

Market segmentation: by application

Migrant labor
Study abroad and travel
Small enterprises
Other

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Geographic analysis

The global market for digital remittance services has expanded to North America, Europe, Asia-Pacific, Middle East & Africa, and the rest of the world.

COVID-19 impact assessment

The COVID-19 pandemic has emerged in containment across regions, line limitations and the breakdown of transport organizations. In addition, the financial vulnerability of the digital remittance services market is much higher than past outbreaks such as severe extreme respiratory condition (SARS), avian flu, swine flu, avian flu and Ebola, inferred from the increasing number of infected individuals and the vulnerability on the end of the crisis. With the rapid increase in cases, the global digital transfer service refreshment market is influenced from several points of view.

Accessibility of workforce is disrupting the digital transfer service’s global beverage market inventory network in every way, as lockdown and the spread of infection cause individuals to stay indoors. The presentation of the manufacturers of the Digital Remittance Service and the transport of the products are associated. If the assembly movement is stopped, the transport as well as the warehouse network also stop. Stacking and dumping of items i.e. raw materials and results (fasteners), which require a ton of labor, are also heavily affected due to the pandemic. From the entrance of the assembly plant to the warehouse or distribution center to end customers, i.e. application companies, the entire Digital Remittance Service inventory network is seriously compromised due to the episode.

The research provides answers to the following key questions:

  • What is the projected size of the digital transfer service market by 2027?
  • What will the normal share of the industry as a whole be for the years to come?
  • What are the major components and restraints in the development of the global digital money transfer services market across varying geographies?
  • Who are the major sellers expected to dominate the market for the 2021 to 2027 evaluation period?
  • What are the moving and upcoming advancements expected to influence the advancement of the global Digital Transfer Service market?
  • What are the development techniques received by major market sellers to stay ahead of the curve?

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Remitly IPO: 5 things to know about the transfer company https://coptheathwharf.co.uk/remitly-ipo-5-things-to-know-about-the-transfer-company/ https://coptheathwharf.co.uk/remitly-ipo-5-things-to-know-about-the-transfer-company/#respond Tue, 21 Sep 2021 20:56:00 +0000 https://coptheathwharf.co.uk/remitly-ipo-5-things-to-know-about-the-transfer-company/ Remitly Global Inc. sees many opportunities to transform a huge category of money movements that still take place in expensive and low-tech ways. The fintech company is looking to simplify the process of sending money so that people can send money back more easily, securely and cheaply to loved ones. The company calculates that it […]]]>

Remitly Global Inc. sees many opportunities to transform a huge category of money movements that still take place in expensive and low-tech ways.

The fintech company is looking to simplify the process of sending money so that people can send money back more easily, securely and cheaply to loved ones. The company calculates that it currently only captures 1% of the estimated $ 1.5 trillion in migrant remittance flows that occur through formal and informal channels, and it specifically targets some roughly $ 540 billion in remittances. these flows going to low- and middle-income countries through formal means.

RELY,
,
which is becoming public, sees itself as helping to tackle a facet of global income inequality. Remittances are often a major source of income for people in developing countries who receive money from family members abroad, but it can be difficult and expensive to send and manage remittances. currency conversions.

The company is also aiming beyond the core remittance market, following the launch last year of a digital banking service called Passbook, tailored for immigrants.

Remitly plans to sell 7 million shares as part of the offering, which is expected to be priced between $ 38 and $ 42 per share. The company could raise as much as $ 217 million and reach a valuation of $ 6.8 billion at the high end of that range. The selling shareholders plan to offer an additional 5.16 million shares over and above what Remitly sells.

The company intends to trade on the Nasdaq under the symbol RELY. Here are five things to know about the upcoming IPO.

Modernize money transfers

Remitly sees himself as a disruptor in an archaic market where there has been a “lack of innovation and financial inclusiveness”.

The traditional remittance market is “dominated by banks, physical location operators and informal channels” which use existing systems, resulting in “a poor customer experience and additional operating costs which are passed on to the customer, ”Remitly says in his prospectus. The technology that major players are using in their offerings often does not scale well or may not meet the “cultural and local market demands of various immigrant communities,” Remitly explained.

A competitive market

While Remitly plans to challenge incumbent transfer operators with its offer, the company is not alone in taking on the task.

“The remittance market is global, highly competitive and fragmented, and includes a mix of traditional and digital players, including traditional banks, digitally-focused cross-border payment providers, online-only banks, and vendors. cryptocurrency, ”Remitly noted in his prospectus. . One risk is that Remitly’s competitors could bundle various services together, potentially forcing the company to change its pricing strategy.

Among Remitly’s competitors in the remittance market is Revolut, which provides the ability for users to send money to their families abroad, as well as other financial tools such as direct advance deposits. , budgeting help and shopping rewards. Revolut reached a valuation of $ 33 billion in the private market this summer.

The question of cryptos

Neobanks have grown in popularity and some of them have taken advantage of cryptocurrency-related services in order to attract customers, according to Remitly.

“The advancement of cryptocurrency development has led to new entrants into the remittance and financial services market in general, including companies that have traditionally focused on social media,” the company warns among its supporters. risk factors. “Although still in its infancy, the use of cryptocurrency is growing and, if we are not able to integrate cryptocurrency or other new financial technologies into our services, we will not may not be able to compete successfully. “

Income growth, loss reduction

The company generated $ 202.1 million in revenue in the first six months of 2021, up from $ 105.1 million in the first six months of 2020. Remitly is still not profitable, though. net losses have narrowed to $ 9.2 million in the first six months of 2021, from $ 21.1 million in 2021. the first six months of 2020.

Remitly generates transfer income from transaction fees as well as exchange differences applied to a customer’s principal.

Remitly plans to grow its business by expanding to “thousands” of additional corridors beyond the 1,700 it already supports, while also adding more financial services partners. The company intends to increase its marketing efforts to increase brand awareness. In addition, he expects that by adding new features, he can generate more frequent use among existing customers.

Beyond remittances

Remitly sees an opportunity to expand beyond the remittance industry to broader financial services for its immigrant clients. There has been “encouraging early adoption” of the Passbook digital banking service since its launch in February 2020, and Remitly expects it to be able to use “the data and insights” gleaned from the fund transfer product to shape its financial offers, in accordance with the prospectus.

“We anticipate this will expand our clients’ options to access financial services while diversifying our revenue base across multiple products serving the same primary clients,” continued Remitly.

Passbook has a deposit function and the company plans to add more functionality.

Remitly also anticipates that it will be able to recognize the marketing synergies between its transfer and financial services offering that will make the customer acquisition process more efficient.


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Bitcoin will transform the economy of El Salvador https://coptheathwharf.co.uk/bitcoin-will-transform-the-economy-of-el-salvador/ https://coptheathwharf.co.uk/bitcoin-will-transform-the-economy-of-el-salvador/#respond Tue, 21 Sep 2021 08:02:56 +0000 https://coptheathwharf.co.uk/bitcoin-will-transform-the-economy-of-el-salvador/ El Salvador’s great bitcoin experiment, embracing what is arguably the grandfather of cryptocurrencies as legal tender, is an experience that has had its share of turbulence. In the meteoric three months between announcement and nationwide rollout, there have been technical glitches, bitcoin price volatility, and even street protests. But as the CEO and Executive Director […]]]>

El Salvador’s great bitcoin experiment, embracing what is arguably the grandfather of cryptocurrencies as legal tender, is an experience that has had its share of turbulence.

In the meteoric three months between announcement and nationwide rollout, there have been technical glitches, bitcoin price volatility, and even street protests.

But as the CEO and Executive Director of the Stellar Development Foundation, Denelle Dixon, told Karen Webster, bitcoin will only be the beginning, opening the national conversation to integrate cryptos more broadly into the mix.

Blockchain adoption will intensify, she said, and a range of other currencies will be considered and used in day-to-day trading, including stablecoins.

“Any country that decides [crypto] going to be legal somehow changes the idea of ​​the digital coin from being simply something that is ‘out there’ that only a certain segment of the population focuses on, to something that everyone needs to pay attention to As they assess strengths and weaknesses, she said.

“It’s important to get it right,” she added.

After all, there will only be a short window to convince consumers and businesses to move beyond the proven money-and-dollar methods. And getting them to trust bitcoin, however volatile it may be, when a hypothetical purchase of a can of Coke costs an infinitesimal fraction of a $ 48,000 bitcoin (to date), can be difficult.

It’s not easy to think in fractions, she noted. No one really knows what the tax implications and pricing implications are when it comes to using a digital coin that can scale several percentage points in a day or even an hour.

The biggest issue at hand is trust. It is true that at least for now, many consumers do not trust bitcoin. A large majority of consumers – 70% of them – in El Salvador said they didn’t want to use bitcoin in everyday commerce.

But at a high level, she said, bitcoin is indeed a store of value, which means consumers will begin to embrace and adapt cryptos to their own level of convenience. Progress in education will be faster and greater, requiring joint efforts between the private sector and governments.

The main initial use cases

The main initial use cases will focus on remittances, she told Webster. There is indeed the possibility of streamlining cross-border payments from the start. The remittance market and how remittances work is highly fragmented and ripe for a digital overhaul.

Remittances to the country recently totaled 23% of gross domestic product (GDP), or $ 6 billion, which equates to $ 195 per household per month. But the costs are high, and the fees can represent 7-8% of transactions over and above the amount sent.

Competition among developers in the market will create new offers related to remittances, so the price of remittances themselves will drop.

Bitcoin and other cryptos can reduce these costs significantly. She specifically highlighted the use of stable coins to reduce transaction costs in order to settle faster and with greater transparency. In addition, stability is introduced in these transactions, as there is individual support with fiat.

“They are not volatile,” she said. “They don’t have the challenges associated with other cryptocurrencies – the transfer goes pretty seamlessly, and in three to five seconds it’s done.”

On the Stellar network, for example, it is possible to make 100,000 transactions for about a penny. Stablecoins also have a competitive advantage, as they are transparent about the assets that “back” them (increasingly to dollars and very liquid short-term T-bills).

Stable coins, she said, can work with the existing financial infrastructure and dollar sovereignty in El Salvador, in an interoperable fashion. This interoperability goes against criticism and concerns that President Nayib Bukele will seek to launch his own digital decree to evade sanctions and strengthen his own grip on the economy.

Read also: Transparency of circle squares on dollar reserves

As regulators continue to focus on stablecoins, the competitive situation is also expected to improve in a way that benefits consumers, she said.

Looking ahead, she said, “we’re going to see other countries that are also going to look at bitcoin and the plethora of other opportunities available to them.”

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NEW PYMNTS DATA: TODAY’S SELF-SERVICE PURCHASE JOURNEY – SEPTEMBER 2021

On: Eighty percent of consumers want to use non-traditional payment options like self-service, but only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba Collaboration, analyzes more than 2,500 responses to find out how merchants can address availability and perception issues to meet demand for self-service kiosks.


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More PH households save, not spend https://coptheathwharf.co.uk/more-ph-households-save-not-spend/ https://coptheathwharf.co.uk/more-ph-households-save-not-spend/#respond Mon, 20 Sep 2021 20:08:00 +0000 https://coptheathwharf.co.uk/more-ph-households-save-not-spend/ The tougher times caused by the protracted COVID-19 pandemic have forced more households, including those receiving Filipino Worker Overseas (OFW) remittances, to save instead of splurging, resulting in slowed the economic recovery due to weak domestic consumption, believes the UK. Pantheon reservoir Macroeconomics said. In a report released on Monday, Pantheon Macroeconomics senior economist for […]]]>

The tougher times caused by the protracted COVID-19 pandemic have forced more households, including those receiving Filipino Worker Overseas (OFW) remittances, to save instead of splurging, resulting in slowed the economic recovery due to weak domestic consumption, believes the UK. Pantheon reservoir Macroeconomics said.

In a report released on Monday, Pantheon Macroeconomics senior economist for Asia, Miguel Chanco, noted that remittances exceeded expectations in July, as they rose 2.5% to a high in July. seven months of $ 2.85 billion, defying most economists’ expectations of a year-over-year decline.

Chanco also noted that on a month-over-month basis, remittances in July were up 0.4% from those in June, when many OFWs typically send money home to be spent on the education of their children before the opening of classes.

The latest data from Bangko Sentral ng Pilipinas (BSP) showed remittances at the end of July increased 5.8% year-on-year to $ 17.77 billion.

“The recent momentum is largely due to transfers from the United States, where the job market is resisting pressure from Delta,” Chanco said.

Weaker peso

“For the first time since 2019, peso inflows are growing faster – which matters more to domestic demand – due to the currency’s recent massive sell-off,” he added, referring to the weaker peso. .

But Chanco said those remittances “are still not increasing quickly enough to provide meaningful support, and the deteriorating image of COVID-19 locally means that remittances are more likely to be saved than spent. “.

Chanco earlier highlighted the declining proportion of consumers who have refrained from buying large tickets like vehicles and goods amid the pandemic, as evidenced by the BSP’s Quarterly Consumer Expectations (CES) survey.

Chanco had also noted that while many households intended to save more money for a rainy day, some could not afford to keep savings due to high unemployment due to the extended quarantine restrictions and the economic stagnation induced by the pandemic.

It didn’t help that consumer prices were high and may even increase in the coming months.

Chanco said in a report last week that headline inflation could end 2021 above 6%, much faster than the BSP’s 2-4% target range.

He noted that the 3.9% inflation rate, the 32-month high in August, was mainly due to food inflation of 6.5%, the six-month high.

“This re-acceleration has yet to continue, as the country has yet to feel the full force of the spike in global food inflation, which is about six months ahead. Granted, international prices are now starting to cool, but this is unlikely to be felt before the start of the year, ”Chanco warned.

“Likewise, the pass-through effects of the recovery in global oil prices to date are far from over… Housing and utility inflation still has a lot of room for catching up, its increasing contribution to inflation. overall, almost doubling at the start of 2022, ”he added.

Chanco predicted that the rate of increase in commodity prices would reach 5.2% year-on-year in September and 6.5% in December. INQ

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Centbee de SA graduated from regulatory sandbox and adds new countries to money transfer service https://coptheathwharf.co.uk/centbee-de-sa-graduated-from-regulatory-sandbox-and-adds-new-countries-to-money-transfer-service/ https://coptheathwharf.co.uk/centbee-de-sa-graduated-from-regulatory-sandbox-and-adds-new-countries-to-money-transfer-service/#respond Mon, 20 Sep 2021 08:00:55 +0000 https://coptheathwharf.co.uk/centbee-de-sa-graduated-from-regulatory-sandbox-and-adds-new-countries-to-money-transfer-service/ South African fintech startup Centbee has successfully completed testing of its Minit Money money transfer service as part of the regulatory sandbox of the South African Intergovernmental Fintech Task Force. Launched in 2016 by co-CEOs Lorien Gamaroff and Angus Brown, Centbee launched its Bitcoin Cash wallet on the market end of 2018, allowing users to […]]]>

South African fintech startup Centbee has successfully completed testing of its Minit Money money transfer service as part of the regulatory sandbox of the South African Intergovernmental Fintech Task Force.

Launched in 2016 by co-CEOs Lorien Gamaroff and Angus Brown, Centbee launched its Bitcoin Cash wallet on the market end of 2018, allowing users to send bitcoin cash directly to their phone contacts.

The startup has secured funding worth over US $ 1 million, more recently last year, and saw its low-cost money transfer service Minit Money selected for the First Cohort of the Intergovernmental Financial Technology Working Group (IFWG) to test the regulatory treatment of crypto assets for low-value cross-border money transfers between South Africa and Ghana.

The IFWG is a collective of South African financial sector regulators including the National Treasury, Financial Intelligence Center, Financial Sector Conduct Authority, National Credit Regulator, South African Reserve Bank, South African Revenue Service and the Competition Commission.

Minit Money has since expanded its operations to include sending money from South Africa to Nigeria, Senegal, Benin, Cote d’Ivoire and Uganda, and plans to add Mali, Tanzania, Kenya, Mozambique and Zimbabwe in the coming months.

“We are proud to have graduated from the first IFWG regulatory sandbox and are actively developing our winning money transfer solution. We anticipate incredible growth in the money transfer application market in the coming years and are confident in our ability to deliver fast and inexpensive transactions to everyone, ”said Angus Brown, Co-Founder of Centbee.


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Which crypto remittance service is most likely to dominate the Latin American market https://coptheathwharf.co.uk/which-crypto-remittance-service-is-most-likely-to-dominate-the-latin-american-market/ https://coptheathwharf.co.uk/which-crypto-remittance-service-is-most-likely-to-dominate-the-latin-american-market/#respond Sun, 19 Sep 2021 20:31:35 +0000 https://coptheathwharf.co.uk/which-crypto-remittance-service-is-most-likely-to-dominate-the-latin-american-market/ A hatred of transfer fees unites all levels of society. Even Salvadoran President Nayib Bukele searched Western Union and other intermediaries as Bitcoin Adoption Day approaches in the country. The Central American country’s GDP was $ 26.9 billion in 2019, and remittances that year were around $ 6 billion. Bukele claimed that approximately $ 400 […]]]>

A hatred of transfer fees unites all levels of society. Even Salvadoran President Nayib Bukele searched Western Union and other intermediaries as Bitcoin Adoption Day approaches in the country. The Central American country’s GDP was $ 26.9 billion in 2019, and remittances that year were around $ 6 billion. Bukele claimed that approximately $ 400 million was going to other sources as a transfer fee.

After launch, with over a million people using the Chivo wallet and 205 Bitcoin ATMs around the country, the emergence of a new transfer corridor could threaten traditional intermediaries and payment giants.

Shed corridors

Across the world, crypto transfer corridors have sparked the interest of users who need to send money home instantly and at low cost or no cost.

Sherlock Communications Blockchain LatAm 2021 report noted,

“Remittances to and from family and friends abroad were cited as a reason for investing in digital money systems by one in five Latin Americans…”

According to the same report, Venezuelan refugees also used crypto assets to avoid fees.

Outside of this use case, global brands have started using the Lightning Network in El Salvador. Some experts have even predicted that bypassing payment giants like Visa and MasterCard could generate more profits and lower prices.

Outside of Latin America, Ripple has made efforts to use its on-demand liquidity service (ODL) to open a crypto transfer corridor between Japan and the Philippines.

Lightning Network vs Dash vs Ripple

The question arises: which crypto transfer service is most likely to dominate the Latin American market?

The penetration of the Lightning Network is increasing day by day. At the time of going to press there were 26,861 knots and the median base charge was one satoshi. The Flex digital payments network also added support for Bitcoin owners and those who use Lightning-based wallets like Strike and Chivo.

However, the Dash aftermarket also has a strong presence in Latin America. According to the Sherlock Communications report, there are over 11,000 Dash Pay ATMs in Mexico. Dash has also been accepted by several leading companies in Venezuela.

Besides these two options, Ripple has also expressed interest in reaching the Latin American market. In a statement, RippleNet Europe chief executive Sendi Young said:

“Through Paydek, Ripple is strengthening its presence in Africa and Latin America to drive innovation in digital remittances, in regions where faster payments are essential to people’s livelihoods.”

As cryptocurrency enters the Latin American economy, it looks like more money transfer corridors could open up and bring various use cases.



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BSP sees remittances increase 6% this year https://coptheathwharf.co.uk/bsp-sees-remittances-increase-6-this-year/ https://coptheathwharf.co.uk/bsp-sees-remittances-increase-6-this-year/#respond Sat, 18 Sep 2021 16:00:00 +0000 https://coptheathwharf.co.uk/bsp-sees-remittances-increase-6-this-year/ Lawrence Agcaoili – The Filipino Star September 19, 2021 | 00h00 MANILA, Philippines – Dollars sent home by expatriate Filipinos are expected to rise at a faster rate of 6%, from the initial forecast of 4% this year, as economies continue to reopen welcoming Filipino workers to the foreigner (OFW), according to the Bangko Sentral […]]]>
Lawrence Agcaoili – The Filipino Star

September 19, 2021 | 00h00

MANILA, Philippines – Dollars sent home by expatriate Filipinos are expected to rise at a faster rate of 6%, from the initial forecast of 4% this year, as economies continue to reopen welcoming Filipino workers to the foreigner (OFW), according to the Bangko Sentral ng Philippines (BSP).

Zeno Ronald Abenoja, director general of BSP’s economic research department, said the Monetary Board has taken into consideration the robust growth in remittances with the redeployment of more OFWs as the global economy recovers. was recovering from the impact of the pandemic.

“Now, several factors are supporting this upward revision. First of all, the sustained recovery of OFW transfers in the first half of the year. Second, we have seen an increase in global demand for foreign workers as host economies start to restart their economies, ”said Abenoja.

The latest data released by the central bank showed that personal remittances rose 6% to $ 19.78 billion from January to July from $ 18.66 billion last year.

Personal remittances include all current cash or in-kind transfers made by OFWs as well as other household-to-household transfers between Filipinos who have migrated overseas and their families in the Philippines.

Likewise, remittances from banks rose 5.8% to $ 17.77 billion in the first seven months, from $ 16.8 billion a year ago.

Personal and cash remittances grew after contracting 1.7% in January. The 2.6% growth in personal remittances in July was the slowest this year as it peaked at 13.3% in May, while the 2.5% increase in remittances also increased. was the weakest of the year as it peaked at 13.1% also in May.

Abenoja also said that improved access to digital financial services also makes it easier to transfer funds.

PASB Economic Statistics Department Senior Director Redentor Paolo Alegre said the last time full-year remittances increased by more than 6% was in 2014, when personal remittances jumped. increased 7.5%, while cash remittances increased 7.2%.

For 2022, BSP sees OFW remittances grow slower by 4% as overseas labor markets gradually recover as economies reopen and supported by usage massive COVID vaccine.

“Certainly, remittances appear to have rebounded from the small contraction we saw at the height of the pandemic,” Abenoja said.


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Low fundraising should stimulate diversification https://coptheathwharf.co.uk/low-fundraising-should-stimulate-diversification/ https://coptheathwharf.co.uk/low-fundraising-should-stimulate-diversification/#respond Sat, 18 Sep 2021 10:48:29 +0000 https://coptheathwharf.co.uk/low-fundraising-should-stimulate-diversification/ Leslie Chimbama Harare – Indications that diaspora remittances to Africa will decrease by 5.4% this year due to the COVID-19 pandemic gives credence to calls on the continent to find ways to attract foreign exchange earnings foreigners. Findings from the Continental Migration Report 2021 show that remittances to Africa will increase from US $ 44 […]]]>

Leslie Chimbama

Harare – Indications that diaspora remittances to Africa will decrease by 5.4% this year due to the COVID-19 pandemic gives credence to calls on the continent to find ways to attract foreign exchange earnings foreigners.

Findings from the Continental Migration Report 2021 show that remittances to Africa will increase from US $ 44 billion in 2020 to US $ 41 billion projected in 2021. Africa is already reeling from the pandemic. , with the IMF saying the continent needs US $ 425 billion between 2021 and 2025 to cover losses due to the economic impact of COVID-19.

The Continental Migration Report 2021 (“African Regional Review of the Implementation of the Global Compact for Safe, Orderly and Regular Migration”) was produced by the Economic Commission for Africa in partnership with the Commission of the Union African.

“Although the COVID-19 pandemic was expected to lead to a decrease in remittances to Africa in 2020, the findings of the reports show that by October 2020, remittances to Africa had reached an estimated 78.4 billion. of US dollars, or 11.7% of global remittances, “one reads in part. of the report.

“He recommends that governments around the world take effective action to facilitate and increase remittances to support the fight against COVID-19 and ultimately build a more sustainable post-pandemic world. “

Diaspora remittances have been a more reliable source of capital in Africa than FDI, according to a Foresight Africa 2021 report, which states that “Flows to low and middle income countries reached $ 550 billion in 2019 , going beyond direct foreign investment and official development assistance ”. .

The report further indicates that the number of remittances may be higher, as many people send money home through informal channels.

This echoes the Continental Migration Report which highlights the high costs associated with sending money to Africa through formal channels.

“According to the report, the costs associated with sending remittances to Africa are among the highest in the world. Until recently, average transaction costs were equivalent to 8.9% of the amount sent for a payment of $ 200, ”says the Continental Migration Report.

“When it comes to the cost of sending money, the report says Africa is still a long way from meeting the three percent target set in Sustainable Development Goal 10. It is estimated that remittances funds make up about 65% of some host country revenues and which senders spend. about 15 percent of their income from remittances.

“For 25 African countries, all of which have large diaspora populations, remittances are the main source of national income. “

Such statistics lend weight to the imperative of diversifying economies and unlocking new sources of income in a continent heavily dependent on raw material exports from the extractive sector.

African economies can be classified into four categories:

Diversified – Such as Côte d’Ivoire, Ghana, Kenya, Senegal, South Africa, Tanzania and Uganda.

Oil and Minerals – Like much of SADC, Nigeria and North Africa.

Tourism dependent – Like much of Mauritius, Morocco, Tunisia and the Seychelles.

“The crisis (COVID-19) confirmed the differences between diversified countries and exporters of industrial raw materials but also impacted North African countries which had rebounded in growth thanks to tourism since 2016”, noted Clément. Gillet, economist at Société Générale. .


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