Remittance Money Transfers, Microfinance and Financial Integration: Of Credo, Cruxes, and Convictions

Cerstin Sander
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Cerstin Sander: KfW Entwicklungsbank

A chapter in New Partnerships for Innovation in Microfinance, 2009, pp 108-122 from Springer

Abstract: Ever spent a month without transferring money? Money transfer for payments or remittances is among the foremost financial services demanded along with current or deposit accounts. Such transactional banking is part of a set of basic financial services which are essential for any private individual, rich or poor, and any business, big or small. Wherever the regulated financial sector leaves gaps or creates bottlenecks in service coverage, businesses and people find ‘workarounds’ through informal or proprietary systems. Traders and migrants have for long sent or received monies using informal ways before banking existed; they are using them to this day whenever regulated financial systems fail them or when their own solutions strike them as more attractive, often for reasons of trust, convenience, or familiarity. Examples are hawala or hundi, informal money transfer systems originally developed amongst Asian and Arab traders, respectively, many centuries ago.2 In recent years these have received much attention due to concerns about anti-money laundering (AML) and counter-terrorist financing (CTF).

Keywords: Financial Service; Financial Integration; Money Transfer; Financial Service Provider; Financial Sector Development (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-540-76641-4_7

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DOI: 10.1007/978-3-540-76641-4_7

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