Dellsons Associates’ Post

The Middle East; A Hub for Global Remittances The Middle East stands as one of the most dynamic regions for remittance flows. With a diverse workforce and strong economic ties to countries worldwide, the remittance industry here is essential not only for regional economies but also for countless families across Asia, Africa, and beyond. Countries like the UAE, Saudi Arabia, and Qatar are some of the top remittance-sending countries globally. Their robust economies enable millions of expatriates to send funds home, often supporting essential needs and investments. With digital transformation, the way money moves across borders has shifted. Today, faster, safer, and more affordable options are available, aligning with the needs of an increasingly tech-savvy population. Compliance requirements, currency fluctuations, and regulatory changes are some challenges. Yet, these open the door to innovative solutions tailored to meet the unique demands of this diverse region. At the heart of it all, remittances remain a lifeline and a testament to the resilience of the global workforce. Here’s to building a more connected world, one transaction at a time. #Remittances #MiddleEast #CrossBorderPayments #DigitalTransformation #FinancialInclusion

The parties aim to explore solutions that will provide a remittance corridor between East and West Africa, connecting some of the continent’s largest economies. https://lnkd.in/d3s7mvg6

#Ethiopia already has a robust strategy for #financialinclusion that is proving itself year over year, with quality initiatives focused especially on #women and #youth. This partnership between Safaricom Telecommunications Ethiopia PLC and Onafriq represents a leap forward in that strategy, to providing a stable, transparent and hopefully cost effective pathway for remittances to easily flow into the country. With over $5 billion USD annually flowing into #Ethiopia one wonders what making the process easier will do over the coming few years to these numbers. This is a great example of the impact of collaboration between #digital and #financial #inclusion in #Africa. These digital payment gateways break down barriers on both sides of the transaction and ease the flow of money globally.

IAMTN - Payments Network is honoured to welcome Dilip Ratha, Economic Adviser to the Vice President of Operations, Multilateral Investment Guarantee Agency (MIGA), The World Bank as a speaker at the IAMTN Summit 2024 taking place on Oct 9-10 in Dubai. Join us to learn about MIGA's strategies for encouraging foreign investments in emerging markets. MIGA, a part of The World Bank Group, provides political risk guarantees and has launched the Remittances Lab to mobilise private investment, support money transfer operators, and ensure working capital for remittance service providers. The session will include the launch of the Remittances Lab initiative, discussing non-commercial risks and strategies to mitigate risks and boost investment confidence. Dilip Ratha is the Founder of Knomad, the Migrating out of Poverty Research Program Consortium, and the African Institute of Remittances. Considered a global expert on remittances and innovative financing, he has published pioneering papers on migration, diaspora bonds, future-flow securitization, predicting sovereign ratings, and South-South FDI.P Grab your tickets👉https://lnkd.in/g7fUwEXn Veronica Studsgaard Yves Doho Nikila Punnoose Claudia Avila Maribel Sayago Sayago #IAMTNSUMMIT2024 #iamtnspeaker #crossborderremittances #payments #regulatory #futuretrends #finance #trends #innovation #liquidity #digital #channels #financing #diaspora #migration #migration #financialinclusion #investments

Algeria is gradually moving towards a digital payments system. The country saw a 71% increase in digital financial transactions in the first quarter of 2024. The government’s push for a modernised financial infrastructure aims to improve efficiency and transparency. However, concerns over data security and public trust remain critical. Algeria’s evolving payments landscape represents an important step towards a more connected, cashless economy. #powerofafrica #africa

There's a very interesting article by Khaleej Times giving insights on Global Remittance Trends: UAE's Outflow Dynamics and Projections 🌐 The latest data from the World Bank highlights noteworthy shifts in global remittance patterns, with specific focus on the UAE and GCC countries. Here are some key takeaways: 📉 UAE Remittance Outflows: A Gradual Decline ⏺ 2023: $38.5 billion (Dh141.3 billion), down nearly 3% from 2022. ⏺ 2022: $39.67 billion (Dh145.5 billion). ⏺ Peak in 2019: $52.88 billion (Dh194 billion). The UAE's consistent decline in outward remittances over the past 4 years mirrors broader trends across the GCC, with a 13% drop in 2023 compared to 2022. This decrease is attributed to post-pandemic adjustments and policy changes in Saudi Arabia allowing migrant workers to bring their families, reducing the need for remittances. 🌍 Global Context: Top Remittance Recipients ➡ India: $120 billion. ➡ Mexico: $66 billion. ➡ China: $50 billion. ➡ Philippines: $39 billion. ➡ Pakistan: $27 billion. 📊 Future Projections: ▶ India: Expected growth of 3.7% to $124 billion in 2024 and 4% to $129 billion in 2025. ▶ Pakistan: Projected recovery with a 7% increase to $28 billion in 2024 and 4% to $30 billion in 2025. Hence, the decline in remittances from the UAE and other GCC countries can significantly impact economies reliant on these funds, particularly in regions like South Asia and North Africa. However, India's diverse migrant workforce across high-income OECD and GCC markets offers a buffer against economic shocks, maintaining remittance stability. Going forward, understanding these dynamics is crucial for policymakers and businesses operating in both the sending and receiving countries. Enhanced regulation of informal channels and adapting to changing migration policies will be key to managing remittance flows effectively. #Remittances #UAE #GCC #GlobalEconomy #WorldBank #EconomicTrends #GlobalFinance

The Central Bank of the United Arab Emirates (CBUAE) has launched its “Zero Bureaucracy” initiative in the financial sector, aligning with the UAE Government’s wider “Zero Government Bureaucracy” program. This initiative aims to streamline government procedures, simplifying lives and reducing unnecessary burdens on businesses and individuals in terms of time, effort, and resources. In cooperation with the Prime Minister’s Office, the CBUAE organised a workshop to discuss the mechanisms for implementing the Zero Government Bureaucracy program. The goal is to eliminate at least 2,000 government procedures, cut procedure times by at least 50%, and remove all unnecessary processes and requirements. During the workshop, participants discussed initiatives to eliminate bureaucracy by simplifying and reducing procedures, expediting service delivery, and innovating new government procedure patterns. These efforts aim to enhance operational efficiency and improve the quality of services provided to customers and partners in the financial sector. Additionally, the CBUAE Youth Council and Happiness Committee are actively facilitating dialogue between CBUAE employees and various departments to share viable ideas and proposals with the internal committee overseeing the Zero Government Bureaucracy program, in line with the CBUAE's vision and organizational values. The CBUAE also issued a notice to all licensed financial institutions, encouraging their participation in the program. They will discuss and take steps in an upcoming workshop organized by the CBUAE to simplify and expedite procedures related to services provided to customers and the business sector in the financial industry. (Image by TheNational) #CBUAE #UAEGovernment #FinancialSector #FinancialInnovation #UAEVision2030 #MiddleEastBusiness

🌍 Breaking: Strategic Alliance Boosts Remittances and Financial Inclusion in Africa 📈 A transformative partnership between Coronation Group, Access Holdings, Safaricom, and M-PESA Africa is set to revolutionize remittances across Africa, fostering financial inclusion and economic prosperity. This collaboration aims to create a remittance corridor between East and West Africa, connecting some of the continent's largest economies. With Access Holdings' extensive Pan-African banking infrastructure, Coronation Group's tech-driven financial services, and Safaricom's leading ICT solutions, the potential for impact is immense. According to M-PESA Africa's Managing Director, this partnership aligns with initiatives like the African Continental Free Trade Area (AfCFTA), aiming to enhance intra-continental trade. By focusing on pivotal markets like Nigeria, Kenya, Ghana, and Tanzania, the initial phase of collaboration promises to address underserved regions and bridge the gap in remittance services within Africa. Stay tuned for more updates as this partnership unfolds, shaping the future of finance and empowerment in Africa. 🚀🌍👌🏽 #FinancialInclusion #AfricanProsperity #Empowerment #FutureOfFinance #InnovationInAction #PositivePartnerships #WealthGeneration #ImpactInvesting #BusinessCollaboration #afcfta #FinancialServices #AfricanEconomy #FintechInnovation #DigitalTransformation #EconomicEmpowerment #SustainableDevelopment 🌟

I am often asked about the size of yearly remittances to Somaliland. Here is a brief on the matter, which we recently published: COVID-19 has transformed Somaliland’s remittance lifeline Remittances were projected to crash at the start of the pandemic, but in Somaliland, COVID-19 created an opportunity for digital disruption instead! Read further: https://lnkd.in/gTNMtKhm

💡 The rise of #mobilemoney has cut remittance costs, but Africa remains the most expensive region. Learn how digital channels can make a difference and help achieve the #SDG10c target. 🌍💸 Check out our blog for more insights: https://lnkd.in/dfs7z7yM #FinancialInclusion