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 The increased strength of the foreign currency usually allows for an adequate amount of local currency to be withdrawn but the global foreign exchange volatility combined with the number of intermediaries have led to costs for money transfer staying consistently high.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
For more information, click on the link below:
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.
Ken Research Pvt. Ltd. Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, Sector 49 Gurgaon, Haryana - 122001, India
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release The Biggest Issue with Remittance: Ken Research here
News-ID: 1055247 • Views: 428
More Releases from Ken Research Pvt Ltd
Global Chest Drainage Catheters Market Report 2020 by Key Players, Types, Applic …
The Global Chest Drainage Catheters Market has grown at a significant growth rate in the past few decades. The report insights into the market shares, revenues, and trends. It discusses the data assessments and specifics of the market size and the industry. The report signifies the trending branding assessments of the top grooming companies of the world. The report gives a bright light to the regional and volumetric analysis of
Market Research in United States : Ken Research
Everyone internationally believe that United States is one of the world's strongest economies led by the policies which allow the freedom to private segments to underwrite to economic decisions made by the government and set different directions for the optimum utilization of the resources. A strength of the United States lies in its rich mineral resources and fertile farm soil and coastlines on both Atlantic and Pacific Oceans makes it
Online Advertising Market
Digital marketing is the digital promotion of the products or services, mostly through the internet, but also counting mobile phones, advertisement displays, and any other new digital medium. Digital marketing methods such as search engine optimization (SEO), search engine marketing (SEM), content marketing, content management, campaign marketing, display advertising, data-driven marketing, e-commerce marketing, social media marketing, social media optimization, e-mail direct marketing, e-books, and optical disks and games are becoming
Global Liver Function Tests Market Is Predicted to Propel Due to Increase In Use …
Liver functions tests (LFT) are blood tests that are used to analyze the condition of liver and biliary framework. The liver processes and channels the blood as it flows through the body. It functions numerous indispensable capacities that incorporate planning blood coagulating proteins, employment of supplements, and detoxification of destructive substances. The cells in the liver entail compounds that are liable for completing the synthetic rejoinders. At the point when
More Releases for Africa
Frenchie Africa Introduction
Johannessburg, Gauteng, South Africa, 17 February 2021 – Frenchie Africa has announced the initiation of their website and Social Media channels to the public. Frenchie Africa will follow the journey of two French Bulldogs, Bakari and Jamani as they grow up in Africa. From their homebase, a small but cozy, custom-built log cabin in South Africa, Frenchie Africa will chronicle the lives of Bakari and Jamani and their owners Ross and
Baby Food in South Africa
Summary Although many consumers have been hard pressed over the last two years or so, as levels of consumer debt have mounted, the market for baby food has so far been fairly resilient, as purchases are predominantly still made by the upper income groups, who have suffered less than others from the difficult economic situation. Research published by Analytics Business Intelligence indicates that in 2011 some 41% of users of baby
14th Africa Independents Forum
The 14th Africa Independents Forum 2016, 25-26th May, gathers together leading independents and corporate players worldwide and from across Africa, both listed and unlisted, large and small, established and new entrants, and provides enhanced exposure to the wider Africa-wide upstream industry in oil, and gas, exploration and development, including issues in crude oil and financial markets, engaging equity financiers, banks, private equity and investors found on the AIM and LSE,
Vizocom Selects iSAT Africa as Its Africa C-band Partner
Vizocom, a leading global provider of satellite services, announced today that it has signed a partnership agreement with iSAT Africa to cooperate in providing satellite services and solutions. Sharjah, UAE, March 02, 2016 -- Vizocom, a leading global provider of satellite services, announced today that it has signed a partnership agreement with iSAT Africa to cooperate in providing satellite services and solutions such as data solutions including C-band VSAT services and
23rd Africa Oil Week
While the African Continent continues to attract a steady stream of oil and gas commitments in its fast-growing oil, gas-LNG and energy industry, our landmark Africa Oil Week 2016 event will again showcase Africa’s Governments, National Oil Companies, Licensing Agencies and corporate players shaping the continent’s future – in exploration and production/development, across new frontiers and established basins; onshore in the Rifts and offshore in the shelf and deep-water, providing
Vizocom Selects iSAT Africa as its Africa C-band Partner
Vizocom, a leading global provider of satellite services, announced today that it has signed a partnership agreement with iSAT Africa to cooperate in providing satellite services and solutions. Sharjah, UAE, February 29, 2016 -- Vizocom, a leading global provider of satellite services, announced today that it has signed a partnership agreement with iSAT Africa to cooperate in providing satellite services and solutions such as data solutions including C-band VSAT services and