Banking Potential of Remittance Recipients

As shown in an article by Payments News:

"Visa International, Latin America and Caribbean Region, has conducted a study that "revealed the banking potential of remittance recipients, as well as their interest in establishing more productive relationships with financial institutions. The remittance market reached US$52 billion in 2005, marking a 15 percent increase over the previous year."

This idea goes against the conventional wisdom that most remittance participants don't trust banking institutions and will remain un-banked. This is of great interest to us here at IPM and to banking institutions.

The statistics keep showing a revolutionary change is occurring in cultural attitudes about banking and the transaction of money.

Hat Tip: Bank Watch