View
212
Download
0
Category
Preview:
Citation preview
GREENBACK HAITI
PAYMENT SYSTEMS DEVELOPMENT GROUP
GLOBAL PAYMENTS WEEK, TURIN ITALY, SEPTEMBER 2016
Remittances in Haiti
• In 2015, remittance inflows to Haiti were estimated at USD 2.2 billion, 23% of GDP
• This does not include inflows through unregulated channels, which are perceived to be sizable
1
• Haiti is one of the world’s most remittance dependent countries
• Remittances are also a vital as a source of foreign exchange
Five pillars to enhance availability, affordability, and quality of financial
services provided to the target groups: the poor, MSMEs, small farmers,
the young, females, the migrants, and those leaving in marginal areas
1. Financial services to facilitate inclusion and poverty reduction
2. Financial services for economic growth
3. Bringing services closer to people
4. Empowering consumers
5. Strengthening institutions and infrastructure
2
Haiti National Financial Inclusion Strategy (NFIS)
Haiti GPs Assessment Summary:
Selected key findings and how Greenback will help
3
Assessment Selected Key Findings How Greenback will help
Transparency
and Consumer
Protection
• Inadequate dispute resolutions in
place.
• Consumers do not know how to
complain
• Financial literacy levels remain low
• Make sure consumers are aware
of their rights
• Contribute to financial education
Market
Structure and
Competition
• Reasonably competitive market
where no single MTO is dominant
and exclusivity agreements are
rare
• Some MTOs do not allow
payments directly into accounts
• Facilitate discussions between
stakeholders to ban exclusivity
agreements, to eliminate the
possibility of their introduction
and to ensure payments can be
made directly into accounts
• Collaborate with MNOs to
facilitate the introduction of
international mobile money
Why? – Objectives
4
Make consumers aware of their rights
Increase financial education
Promote transparency and efficiency in the market for remittances
Promote change adapted to the needs of Haitians, encouragingdemand-driven good practices
Bring services closer to people
Empowering consumers by allowing them to make informed choices
5
Baseline survey on remittance senders and recipients
Remittance behaviour (channels, amounts, frequency, factors influencingchoice of MTO, usage of remittance, costs perception, etc.)
Financial inclusion level (access to and usage of financial services in generaland for remittances)
Use of Information & Communication Technologies (especially in theperspective to develop innovative payment channels)
Multiple target groups
Migrant workers (Haitian Diaspora)
Remittance recipients in Haiti
Remittance service providers in Haiti
How? – Project Design /1
How? – Project Design /2
6
Example of activities
Partner with NGOs, MFIs, remittances actors to develop and deliverinteractive modules and courses for remittance senders and recipients
support awareness, increased financial inclusion andindependence of migrants and their families
Organize a Challenge Fund to allow local and diaspora associations tohelp define and implement Greenback 2.0 activities
facilitate transfer of knowledge and capacity building
Market mapping of providers and services linked to remittances
help RSPs identify opportunities (organization of workshops)
Develop qualitative and quantitative measures to monitor impact
Pre- and post-training surveys to assess quality of training and knowledgegained
Identify activity-specific KPIs, such as # of persons trained, # of sessionsorganized, # people reached by awareness campaigns
When? – Timeframe
7
Remittances market assessment: completed
Assessment report shared with BRH
Proposed action plan drafted and shared with BRH
Dissemination event in Port-au-Prince and official launch ofGreenback 2.0 Haiti –January 2017 (subject to BRH final approval)
Implementation: March 2017 to March 2018
Payment Systems Development GroupThe World Bank
http://remittanceprices.worldbank.org
8
The World Bank – CPSS General Principles (GPs)
for International Remittances Services
General Principles for International Remittances
Services
GP1: Transparency and consumer
protection
GP2: Payment system
infrastructure
GP3: Legal and regulatory
framework GP4: Competitive
market conditions
GP5: Governance
and risk management
practices
9
Roles: Both public authorities and remittance service
providers have a role in implementing the General
Principles
Banks, credit unions, MFIs and MTOs themselves can establish an
agent network There is good coverage, even in rural areas
Most remittances are cash to cash and MTOs (rather than banks) are
most used, but no single dominant MTO Few options to deposit
remittances in bank / saving accounts or mobile wallets ; competition
exists among the 7 MTOs
It is relatively cheap to send money to Haiti from the USA (70% of
inflows) but higher than other countries in the LAC region
Some basic banking products exist – SogeIzi and ToutKote They
represent brave attempts to tackle financial inclusion
No regulatory obstacles to the introduction of mobile money Potential
to complement remittances products exists
USD1.50 on each inward and outward remittance transaction People
who send and receive small amounts are penalized
Remittances are paid out in USD Difficulties in providing USD in
agents and delays entry of foreign currency into economy10
Haiti GPs Assessment Summary: Key findings and
implications
Recommended