Study: Mobile international remittances expected to exceed $25B by 2018

A new study from Juniper Research has found that international remittances — including airtime top-ups — via mobile phone will exceed $25 billion by 2018, up 67 percent from an estimated $15 billion in 2015, according to a press release about the report.

The research found a significant upsurge in international remittance activity in the past two years with a number of cross-border mobile remittance services being deployed. For example, PayPal-owned Xoom announced in April 2016 that it will expand its services to 13 new recipient countries.

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Regalii, A Startup In NYC’s Washington Heights, Uncovers Where Immigrants’ Remittances Really Go

It’s not a converted industrial warehouse in Brooklyn. Or a stately, century-old building in the Flatiron.
But YC-backed Regalii’s atypical office location up in the Dominican-heavy Washington Heights neighborhood of Manhattan has given it plenty of insights into its working-class immigrant customer base.
The startup, co-founded by several Latino founders who personally knew the hassles of sending money home, focuses on remittances.

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Sending cash home: mobile money is a gamechanger

Remittances – money sent home by people working abroad – are hugely important in developing countries. In Burundi, they are vital.
Two thirds of this small African nation’s population live on less than $190 a year, so this cash plays a significant role in smoothing volatile, often vulnerable, incomes. The average remittance-receiving family relies on funds from relatives abroad for 61% of household expenditures.

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Made In Africa: Cross-Border Mobile Money Transfer Leaps In East Africa

East Africa has emerged at the leader in mobile payment over the years, with countries like Kenya having more than two-third of its adult population using mobile phones to transact.
With the mobile money market in sub-Saharan Africa expected to double by 2019, lack of interoperability between telecoms operators and cross-border restrictions has stood out as one of the key challenges that face the growth of the revolution.

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