Outward remittance for September hits a record of $457 mn

The sharp jump in outward remittance of funds by individuals under the liberalised remittance scheme (LRS) continued for the third straight month and hit a new high of $457.5 million in September 2015, taking the outflow in the first six months of this financial year to $1.63 billion, which is significantly higher than the total outward remittance of $1.32 billion in the whole of financial year 2014-15.

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World Bank Surveys Confirm Concerns over Reduced Access to Banking Services

Two World Bank surveys confirm that large global banks are restricting or terminating relationships with other financial institutions and that banking services for money-transfer operators have become increasingly limited.
The surveys, carried out from April to October 2015, sought to gauge whether large banks are limiting or terminating foreign correspondent banking relationships and closing accounts belonging to money transfer operators.

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ACP-EU Migration Action looking for Migration and Remittances Experts

The ACP-EU Migration Action implements activities to promote the recommendations of the African, Caribbean and Pacific (ACP) – European Union (EU) Dialogue on Migration and Development.
The ACP-EU Migration Action is continuously interested in working with talented, motivated and highly qualified experts in the topic of remittances. Interested experts of all nationalities are invited to submit their application for registration into the Roster of Experts on Migration. ACP and EU officials are encouraged to also apply.

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Ethiopia’s Diaspora Remittances Growing

The World Bank says remittance flows to Kenya and Ethiopia from the diaspora has significantly increased compared to the rest of Sub-Saharan Africa.

The Central Bank of Kenya says the 12-month cumulative inflows from the diaspora to August increased by more than 9 % to 1.5 million dollars, from the 1 million dollars it recorded in the same period last year.

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New assessment confirms major drop in remittances to Somalia

In recent years, Somali money transfer operators (MTOs), which represent the only legitimate mechanism through which the Somali diaspora can send money to their loved ones in Somalia, have struggled to maintain bank accounts. Remittances play a vital role in supporting vulnerable Somali families, with 41 percent of urban-dwelling Somalis receiving remittances. They spend the vast majority of the cash to meet basic needs like food, shelter, health care, and education.

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