e-MFP Remittances Action Group. June 2014
Worldwide, microfinance institutions (MFIs) work on the development of products linked to international remittances. Challenges are encountered that impede scaling up and cross-selling remittances to MFI's existing loans and savings clients. Best Practices Guide for MFIs Active in Remittances is based on the experience of pioneers in the area. It provides concrete guidance and ready to use training material for MFIs who want to become successful in leveraging the benefits of remittances for their clients and the institution. It is a product of e-MFP's Remittances Action Group.
Currently, many MFIs have become pay-out agents for remittances (or money transfers), either in direct relation with a Money Transfer Organisation (MTO) or as a sub-agent via a local bank. However, only a small number of MFIs are well-advanced in remittance products that are linked to loans and savings.
This Guide is based on practical experiences and lessons learned by 8 MFIs in Latin America, West-Africa and Asia and illustrated with concrete examples. Detailed descriptions of the products and approaches of the MFIs are also included. The Guide demonstrates –from a practical and hands-on perspective– how pioneering MFIs are leveraging on remittances.
