Migrant Remittances Newsletter Vol. 5 No. 1
Worldwide, remittances grew between 6 and 20 percent year-on-year in 2007, with the exception of Mexico, where growth was only 3 percent. These numbers may indicate that more mature markets have reached a point of stability. Meanwhile, large and small companies are introducing mobile devices as money transfer mechanisms. This move reflects a money transfer industry exploring technology applications as a means to expand their revenues while coping with challenges within their institutions. Moreover, this issue highlights how financial institutions are increasingly catering to migrants or remittance recipients with different financial products. We also include a guest note discussing the concept and practice of the productizing of remittances, and a research note on the role of exclusive agreements and how competing money transfer operators are dealing with these contractual clauses.