Country Profile

What you can find in a RemitSCOPE country profile

RemitScope country profiles provide information in the following four pillars:

Key figures on population, migration and remittances: contains relevant background information on migration and remittance flows for each country and analyze the current situation in a market to help identify opportunities.

Markets: covers the competitive landscape in each country from both a sending and receiving viewpoint. It covers the number of entities operating, the types of products offered, the key corridors, pricing and insight into de-risking issues.

Regulatory environment: provides details of the relevant legal and regulatory links to where further information can be found. It also provides comparative best practices data for regulators and gives companies an analysis of the key elements they will need to consider entering a market, including supervision for AML/CFT and financial protection requirements.

Inclusive financial services: covers financial inclusion rates, and financial services linked to remittances. Remittances can be vital to development, and learning from the experience of others is a key tool for advancement.

Each profile contains the following information: *1,2

Key figures on population, migration and remittance

  • Volumes of remittances – in and out from the rest of the world
  • Volumes of remittances – in and out from Asia- Pacific
  • Importance of Asia-Pacific for the market
  • Average cost to send/ receive US$200
  • Remittances as a share of gross domestic product (GDP)
  • Population
  • Migrant population
  • Remittance-reliant population
  • Migrant stock
  • Remittance growth rate

Markets

  • Number of banks offering remittances
  • Remittance service providers (RSPs) operating in the market
  • Number of pay-out locations
  • Key remittance corridors
  • Corridor pricing (where available)
  • Products
  • De-risking environment

Regulatory environment

  • Names of relevant regulations
  • Regulatory website location
  • Type of license required for a non-bank financial institution (NBFI)
  • Paid-up capital requirements
  • Agent licensing requirements
  • Name and contact details of supervising entities
  • Consumer protection laws
  • Other relevant regulatory information

Inclusive financial services

  • Rate of financial inclusion
  • Public-led initiatives to improve financial inclusion of migrant families
  • Remittance-linked financial services

1For some data points, no information was publicly available or accessible to staff. This is indicated by either a blank field or the phrase “no information available online.”

2RemitScope is a valuable resource that can be enhanced by the active involvement of stakeholders. Therefore, all interested parties are encouraged to provide input, data and comments to the hosts of the site at [email protected]