A new study commissioned by CGAP examines the landscape for international remittances through branchless banking and finds growth from 11 live deployments in 2010 to 41 in 2013. Partnerships with established Mobile Network Operators (MNOs) or Money Transfer Operators (MTOs) are driving the rapid increase in mobile-based deployments because such arrangements facilitate interoperability, offer support in regulatory compliance and provide access to a broad sender network.
The 2013 study, the third in a series, found that recent trends in international remittances centered on the introduction of new and creative models – such as conducting online transfers through social media channels. These new models have potential to increase the access, affordability and transparency of remittances, but it is not yet clear whether they could and should serve as a bridge to greater financial inclusion or expanded access to other financial products for the unbanked. At the same time, transaction volumes and revenues for most existing mobile wallet models remain low.
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