Today, the transfer of remittances is often inefficient, costly and intransparent. Inadequate legal and regulatory frameworks are at the heart of many of these problems. Also inefficient payments systems infrastructures often cause excessive costs. This program provides technical assistance to SECO partner countries in order to deal with these issues and to promote private sector solutions and new products for remittances transfers. Remittances are also used as a vector for extending basic financial services to populations that were formerly “unbanked”.
The program aims to reduce the cost of sending remittances as well as to increase the percentage of remittances that is operated through formal channels and to extend basic financial services to formerly “unbanked” populations.
- Increased soundness and proportionality of the legal and regulatory framework
- Increased level of competition in the remittances market
- Increased efficiency of clearing and settlement systems among operators in the country
- Increased usage of electronic payment systems
- Introduction of new products for payment and remittances services
- Improvement in knowledge of remittances mechanisms among migrants and recipients of remittances
- Increased level of financial inclusion
- Technical assistance delivered to relevant authorities to bring the legal framework and regulation of remittances payments into alignment with the General Principles for International Remittances Services
- Technical assistance provided to ensure that public policies regarding payment systems infrastructure are aligned with the General Principles for International Remittances Services
- Support for awareness raising campaigns on costs and opportunities of remittances targeting families of migrants receiving funds from abroad