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Is There a Case for For-Purpose Remittances?

This report from Cenfri reveals the findings from their qualitative and quantitative research with remittance senders who live in the United Kingdom and send remittances to either Cameroon, Kenya, Nigeria or Uganda. Remittances act as key sources of financial support for households: They reduce the likelihood of impoverishment, contribute to improved health and education, and provide greater resilience to financial shocks. To maximise remittance impact from the United Kingdom to these countries, this research investigated remittance senders’ demand for for-purpose remittance products and whether these products could lead to increased formal remittance flows, improved customer retention and increased customer acquisition. The findings indicate that survey respondents reported that they would not only take up for-purpose remittance products but that these products would result in them sending more money more frequently and/or to more people. Piloting for-purpose remittance products is the next step in validating the business case of such products.

Cenfri
Cenfri is an independent, not-for-profit think-tank. As recognised thought leaders on matters relating to financial-sector development in emerging markets, we generate deep insights and solve complex development problems.

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