Umanga Basnayake’s Post

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 Power and Impact of Remittances! Remittances continue to grow, even amid global economic challenges. According to World Bank statistics, remittances show sustained growth, proving their importance for individuals and entire countries. Osama Al Rahma, Advisor to the Board, FERG UAE, speaking at the Remitlink 2023 Conference, emphasized the significance of formal remittance channels. He explained that migrants work hard to support their families, and recent data shows remittances have even surpassed direct investment funds. Check out the full video in the comment section. Stay tuned for more insights! Subscribe to our YouTube channel for more videos. Ibrahim Amin | Tufail Ahmed Khan | Maryam Khalid | Farheen Fatima . . . #Remittances #FinancialGrowth #Sustainability #EconomicImpact #Remitlink2023 #DellsonsAssociates

According to a recent report published by the World Bank, UAE ranks second globally in remittance outflows for 2023, followed by Saudi Arabia. USA continues to lead the list, reporting a total outward remittance of USD 85.8 billion.   Regional remittance exhibited diverse patterns - Remittances to East Asia and the Pacific (excluding China) rose by 4.8% to USD 85 billion. In contrast, remittances to Europe and Central Asia declined by 10.3% to USD 71 billion. Latin America and the Caribbean experienced a slowdown in remittance growth to 7.7% in 2023, totaling USD 156 billion. The Middle East and North Africa saw a 15% plunge in remittances to USD 55 billion, while South Asia experienced a 5.2% increase, reaching USD 186 billion. Sub-Saharan Africa's remittances slightly declined by 0.3%, amounting to USD 54 billion in 2023.   India remained the top recipient of inward international remittances, with USD 119.5 billion, followed by Mexico and China, which reported USD 62.2 billion and USD 49.5 billion, respectively #WorldBankReport #ForeignRemittance

Improved cross-border payment systems support growth in Middle East Read the full article: https://bit.ly/4aewLR4 Member countries of the Arab Monetary Fund are enhancing global cross-border transactions through streamlined payments, improved compliance, and increased financial inclusion. ● Cross-border payments and remittances fuelled by regional trade growth and digitalisation ● Interoperability key to maximising full potential of digital payments ● UAE’s Buna cross-border multicurrency payment system The Middle East is seeing a transformation in cross-border payments and international remittances, driven by the surge in regional trade, rapid digitalisation, and a shift in labour and capital mobility. Migrant workers rely heavily on international remittance services within and outside the region to send funds to families in their motherland. To keep the economy humming, member countries of the Arab Monetary Fund (AMF) are enhancing intraregional cross-border payments with the goal of making services more inclusive. Subscribe to TABInsights for more research notes and relevant articles: https://bit.ly/3MYtxsp Bank for International Settlements – BIS Sana l'ouahidi, Chris Kapfer, TAB Global #crossborderpayments #regionaltradegrowth #digitaladvancements #interoperability #financialconnectivity #economicgrowth #internationalremittances #migrantworkers #policyobjectives #realtimegrosssettlement #paymentsystem #unitedarabemirates #algeria #egypt #jordan #lebanon #morocco #qatar #somalia #sudan #tunisia #bahrain #kuwait #libya #oman #saudiarabia #india #pakistan #philippines #tabinsights #theasianbanker #tabglobal

#Ethiopia- #Dahabshil targets #Ethiopia expansion after M Pesa Safaricom partnership, CEO says, welcomed the Ethiopian government’s decision to allow the birr’s value to be market-determined Abdirashid Duale sees remittances as a key driver of development in sub-Saharan Africa. Dahabshiil is keen to expand its Ethiopian presence following its remittance service partnership with M-Pesa Safaricom, CEO Abdirashid Duale tells The Africa Report. The agreement at the end of June enables the Ethiopian diaspora to send money to M-PESA Africa mobile wallets back home. In May 2023 Safaricom PLC obtained a licence to become Ethiopia’s first non-state mobile service operator. Remittance service providers have been targeting Ethiopia to take advantage of the country’s accelerating financial liberalisation. Ethiopia’s first stock exchange since the 1970s, due to be launched by the end of this year, aims to attract diaspora investment in listed companies. The central bank’s liberalisation of the country’s foreign exchange regime announced on 29 July includes a commitment to simplify the rules on foreign currency accounts held by the diaspora. Safaricom in March signed an agreement with Onafriq on remittances to the country. https://lnkd.in/e-v5qTJJ

𝗥𝗕𝗜 𝗮𝗻𝗱 𝗡𝗣𝗖𝗜 𝘁𝗼 𝗘𝘅𝗽𝗮𝗻𝗱 𝗨𝗣𝗜 𝘁𝗼 𝟮𝟬 𝗖𝗼𝘂𝗻𝘁𝗿𝗶𝗲𝘀 𝗯𝘆 𝟮𝟬𝟮𝟵 The Reserve Bank of India (RBI) and NPCI International Payments (NIPL) aim to extend the Unified Payments Interface (UPI) to 20 countries by 2029. Initiating in 2024-25, this expansion aligns with RBI’s Payments Vision 2025, emphasizing internationalization. Collaborations with EU, SAARC, and other multilateral linkages are underway. Recent agreements include UPI integration with the UAE, Mauritius, and Sri Lanka, facilitating seamless cross-border payments. #finance #news #UPIExpansion #GlobalPayments #RBI Source:- https://lnkd.in/dP4D_brM

Foreign Banks allowed to set up local subsidiaries. Foreigners will be allowed. To acquire shares in domestic Banks. Ethiopia, the country of more than 100 million people. Is one of the biggest economies in Sub-Saharan Africa. And has market long eyed by foreign investors. After being closed off for decades. A foreign bank which is well established. Reputable and financially sound. May be allowed to establish. (a) partially or fully owned foreign Bank subsidiary. Or open a foreign Bank branch or a representative office. Or acquire shares of a Bank, the bill states. Foreign Bank subsidiaries include. Local resident non-shareholder Ethiopians. On the board of directors. The aggregate shareholding. By foreign nationals. And foreign-owned Ethiopian organizations in a Bank. Will be limited to a 40% of total shares.  Direct shareholding by strategic investors. Will be limited to a 30% stake. Ethiopia's Banking industry is dominated. By state-owned Commercial Bank of Ethiopia. And the sector has 29 players, all of them locally owned. https://lnkd.in/ekAgMchk Portfolios, design and management. Jean Bedard, Global Banker Liaison (Canadian citizen). HNWI, UHNWI Envoy.

🔔 Sending money abroad couldn't be easier, with PhillIp Mobile! (https://lnkd.in/gUu5JKyS) Phillip Bank Announces $4.99 International Remittance Service Offer To 10 Popular Destinations in #Asia & #Australia Key Points: • Competitive Fee Structure: Phillip Bank introduces a $4.99 flat fee for international remittances to 10 countries in Asia and Australia, enhancing affordability. • Currency Flexibility: The service supports transactions in both Cambodian Riel (#KHR) and US Dollar (#USD), offering flexibility for diverse customer preferences. • Strategic Duration: The promotional rate is valid from April 1, 2024, to September 30, 2024, encouraging timely international fund transfers. Read full article here (https://lnkd.in/gkYBaMsC) and follow our socials (https://lnkd.in/gbRkR2FG) ✅ #SendMoney #PhillipBank #PhillipMobile #Aquarii #AquariiPartners

Africa’s payments landscape has undergone rapid transformation in recent years, but the assertion that “payments in Africa is 1% built” suggests significant untapped potential and challenges that remain unresolved. While groundbreaking innovations like mobile money have emerged, many barriers persist, especially when compared to advanced economies. This paper evaluates the state of payments in Africa by analyzing key metrics, trends, and challenges, to contextualize the progress. #payments

#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.