Remittance


MoneyGram International has announced the expansion of its mobile money transfer service to approximately 40,000 agent locations in the United States. The expansion follows its pilot program offered from select California and Hong Kong agent locations to 40 million Philippines SMART phone users. It has recently expanded its network in Vietnam 30 Percent as two major banks began mobile remittance services at nearly 400 locations. MoneyGram joined forces with SMART Communications in December and began the pilot phase of its MoneyGram mobile money transfer services to deliver funds from a MoneyGram agent location direct to any SMART Money account. Mozido, a mobile technology provider, supplies the transaction services to link MoneyGram’s services to SMART mobile phones.
Sending money home has become easier and faster as two banks and a mobile operator yesterday launched a cellphone-based remittance transfer system. The joint move by Eastern Bank, Dhaka Bank and mobile operator Banglalink will allow the remittance receivers to cash in a day instead of three days to one month through different existing channels.  The new service styled ‘Mobile Wallet’, which will also serve the unbanked population at no cost, got a shape after Bangladesh Bank (The central bank) gave a go-ahead to the move a few months ago. Presently more than 90 percent of the population in Bangladesh does not have access to regular banking facilities. Read more.
Bangladesh exported 50 percent less manpower in 2009. Thousands of jobless workers also returned home as their employers went broke after the Wall Street collapsed. Yet inward remittance grew by 20 percent ($10.72 billion) in 2009. How could fewer workers send the highest-ever remittance?
The Sunday Times (English) and Ravaya (Sinhala) carried the results of the migrant component of the teleuse research, making direct reference to the need to set the rules in place, a topic that was addressed in a previous issue of the Times by M. Aslam Hayat. “The challenge for mobile operators is to make a remittance service as simple as handing over the money and a slip, with hand-written transfer details, to a bank clerk,” said the study. On average, a Sri Lankan migrant sends home US $ 137 per month. The most common method of remittance is through the banking system.