Published by: GSM Association
The flow of funds from migrant workers back to their families in their home country is an important source of income in many developing economies. The recipients often depend on remittances to cover day-to-day living expenses, to provide a cushion against emergencies or, in some cases, as funds for making small investments. Mobile financial services.
With its ubiquity and high penetration in nations around the world, mobile communications now has the potential to vastly improve and transform access to remittance funds for people in developing markets. Mobile technology can lower the cost of remittances as it removes the need for physical points of presence and ensures a timely and secure method of transaction. This concept of e-cash is extremely attractive to low income users in particular. For many communities around the world, access to such funds forms a critical part of their livelihood.