Remittances: Lessons Learned and Private Sector Opportunities
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Remittances: Lessons Learned and Private Sector Opportunities

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My presentation at Money Transfers Dubai (http://mtd2010.iamtn.org/) on 22nd March 2010.

My presentation at Money Transfers Dubai (http://mtd2010.iamtn.org/) on 22nd March 2010.

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Remittances: Lessons Learned and Private Sector Opportunities Remittances: Lessons Learned and Private Sector Opportunities Presentation Transcript

  • Remittances: Lessons learned & Private sector opportunitiesMoney transfers Dubai 2010
    Robert W. Meins
    Remittances Specialist
    Financing Facility for Remittances
    International Fund for Agricultural Development
  • The challenge:Remittances to rural areas
  • Kayunga
    A transfer of $200 is sent from the UK to Kuyunga, Uganda, 50 kilometers from the capital Kampala.
    The sender has two options:
    Send directly to Kuyunga using Western Union.
    Send to a competing firm in Kampala.
    Kampala
  • Picking up remittances in rural areas:
    Kayunga
    Kampala
  • The financial crisis &Remittances in 2010
  • Source: Most recent reporting from Central Banks
  • Source: Most recent reporting from Central Banks
  • Tunis recommendations
    Increase competition
    Empower market actors
    Achieve effective and efficient regulation
    Adopt new technologies
    Expand access to financial services
    Make more financial services available in rural areas
  • Financing Facility for Remittances
    $18 million dollar multi-donor fund
    Consultative Group for Assistance to the Poor
    European Commission
    Government Luxembourg
    Government Spain
    Inter-American Development Bank
    UN Capital Development Fund, and
    Housed at the International Fund for Agricultural Development
    FFR manages 40 projects in 38 countries around the globe
    Open to private, public and civil society organizations
  • What we do…
    Annual Calls for Proposals
    Global Forum on Remittances
    “Sending Money Home” series of studies
    RemittancesGateway.org portal
    Dissemination
    European Parliament
    G8 Working group on remittances
    Global Forum on Migration & Development
    Conferences
  • Why we do it…
    Lower the cost of remittances through competition
    Improve capillarity, service rural areas
    Broaden the scope of financial services
    Bank the unbanked
    … to empower migrant workers and their families to advance on the road to financial independence.
  • Projects
    FONKOZE
    Microfinance (Haiti)
    Solutions to rural challenges helped after earthquake
    Universal Postal Union
    Postal networks (Senegal)
    HIRDA (Netherlands-Somalia)
    Migrant organization
  • 2010 Call for proposals
    Grant financing for projects related to maximizing the development impact of remittances
    up to $250,000 for projects
    up to $500,000 for mobile financial services
  • Topic areas
  • Basic information
    Who can apply?
    Private sector
    Public sector
    Civil society
    Cross-sector partnerships encouraged
    Execution period: 2 years
    Deadline (short) concept proposals: June 7th 2010
  • Must have
    Legal status in country where you operate
    Audited financial statements
    Act on behalf of themselves (not as an intermediary)
    Provide counterpart
    10-30% non-profit
    50% for for-profit (minimum half of which in cash)
    Project must be in IFAD member count
  • RemittancesGateway.org
    Institutionally neutral platform
    Documents
    News
    Discussion
    Agenda
    Profiles
    All are welcome to contribute
  • Questions & answers
  • Contact information…
    Robert W. Meins
    R.Meins@ifad.org
    +39 06 5459 2059
    www.ifad.org/remittances
    www.remittancesgateway.org