The Biggest Issue with Remittance: Ken Research
Market Scenario: On the whole, the cost of remittances has remained stable in most regions. At an average of 5.31%, Southeast Asia was the cheapest region to send money to, whereas Sub-Saharan Africa was quite a bit more expensive at 9.48%. Eastern Europe and Central Asia has also stayed fairly constant at 6.3%. The one region which recorded an increase is the Middle East and North Africa, jumping to 7.63% in the fourth quarter of 2016 from just over 7% in the previous quarter. The Global Average remained stable at 7.45 percent in 2017, compared to the 7.40 percent recorded in 2016. This is the same figure recorded for this Index in 2016. Banks still remain the most expensive Remittance Service Provider. Although there is not much of an issue for outbound remittance in the G20 countries, with the majority of the countries having a rate of less than 10%, excluding China, inbound remittance charges are significantly high and are the highest in the African regions. The average cost of outbound remittance as a % of the amount transferred for the major G20 countries is given below:
Brazil -6.98%,India-6.14%China -10.26%,Indonesia -7.84%,Mexico-4.85%,Turkey -7.62%,South Africa – 7.56%.
While the cost for outbound remittance is not high in any of the above countries, the cost of sending to developing countries in Africa is extremely high with highest inbound remittance rates: South Africa-17.70%, Ghana -16.65%, Tanzania-18.41%, Nigeria -21.39%, Angola -23.02% with key players in the remittance market being PayPal Holdings Inc., Western Union, MoneyGram International and Euronet.
Conclusion: remittance based money transfer works for the developing nations as there is a steady source of foreign income. The increased strength of the foreign currency usually allows for an adequate amount of local currency to be withdrawn but the global foreign exchange volatility combined with the number of intermediaries have led to costs for money transfer staying consistently high. There is an emerging need for low cost money transfer services which minimize the cut taken away by intermediaries thereby lowering the cost of remittance to developing economies as much as possible. The high rates of inbound remittance in African and the few vulnerable Asian nations is skewing the global average and is the major cause for the lack of reduction of remittance rates globally. Understanding how to address this issue could help in increasing the value of the remittance market, saving money and boost the economy for low income nations
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Ankur Gupta, Head Marketing & Communications
Ken Research is a Global aggregator and publisher of Market intelligence research reports, equity reports, data base directories and economy reports. Our market research reports provides market sizing analysis, insights on promising industry segments, competition, future outlook and growth drivers in the space. The company is engaged in data analytics and aids clients in due-diligence, product expansion, plant setup, acquisition intelligence to all the other gamut of objectives through our research focus.
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