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CGAP Newsflash: An Update on Branchless Banking and International Remittances A new study commissioned by CGAP examines the landscape for international remittances through branchless banking and finds that live deployments grew from 11 in 2010 to 41 in 2013, with growth primarily driven by partnerships with established Mobile Network Operators (MNOs) or Money Transfer Operators (MTOs). Such arrangements facilitate interoperability, offer support in regulatory compliance and provide access to a broad sender network. The 2013 study, the third in a series, found that recent trends in international remittances centered on the introduction of new and creative models – such as conducting online transfers through social media channels. These new models have potential to increase the access, affordability and transparency of remittances. Africa is now home to the greatest number of branchless international remittances deployments and saw an increase from 6 deployments in 2012 to 15 in 2013. Large swathes of unbanked populations and few alternative formal funds transfer mechanisms make it an ideal market for international remittances through branchless banking. The Philippines is home to the oldest mobile international remittances deployments, while pre-paid card and directed transfer models are gaining traction in Latin America, where there is a low penetration of mobile money. Read the study and related blog post at CGAP.org.
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