The development of innovative new technologies is transforming the money transfer industry, which can potentially make cross-border remittances safer, faster, cheaper, and more effective. Likewise, technology can improve the implementation of international methodologies to advance data collection efforts of central banks and national statistical offices, foster financial inclusion, and strengthen financial integrity. Investing in technology also enables more accurate remittance data that clearly impacts the components of remittance-dependent countries’ sovereign credit ratings, with the positive impact of remittances in financing the deficit affecting the balance of payments, size of the economy, economic growth, and external finance flows.
Central banks and national statistical offices recognize the increasing reliance on innovative information technology (IT) systems. UNCDF’s most recent collaborations with regulatory bodies have revealed that many central banks are either considering using technology to enhance remittance data or are already utilizing such technologies. Central banks, financial institutions, fintech, and digital remittance providers in developed countries are taking advantage of new technologies, using web applications, API-driven platforms, or cloud software solutions, and harnessing insights from data at scale to accelerate innovation and digital transformation across the institution. However, this is only sometimes true for central banks and financial institutions in least-developed countries (LDCs). In 2022, migrants around the globe sent more than $63 billion as remittances to families in LDCs and accounted for 4.5 percent of their GDP. These flows are recorded in the balance of payments; however, there continued to be shortcomings in cross-border data aggregation and reporting due to data quality management procedures and legacy IT systems.
As part of UNCDF’s webinar series on Better Remittances Data for Better Decisions, this webinar will showcase ways to use technologies to remediate the challenges with digital transformation—e.g., in managing reporting and process automation for remittance data—to bring precision, safety, and stability to the mobile money and digital remittance markets, especially in LDCs. Eminent panelists from the Global Voice Group, Regnology, and Sunoida will present technology solutions implemented in Congo, Ghana, and Rwanda where the systems have helped authorities improve policy formulation and address the gender gap in enabling access to financial services.
We will be hosting the webinar on 28 September 2023, from 2 to 3 p.m. GMT.
How to join?
Please use the above registration link to register. After you register, you will receive an email confirmation and will be able to add the event to your calendars.
Speakers
– Edouard Docteur, Chief Delivery Officer, Global Voice Group
– Joanne Horgan, Director of Product Management, SupTech, Regnology
– Darragh Shevlin, Senior Pre-Sales, SupTech Business Development, Regnology
– Sukirat Singh Kochar, Executive Director & Chief Revenue Officer, Sunoida Solutions
Moderator
– Paloma Monroy, Senior Remittance Policy Specialist, Migration and Remittances, UNCDF
Agenda
– Welcome and opening remarks (2 minutes)
– Introduction from UNCDF (5 minutes)
– Presentation from panelists (10 minutes x 3)
– Q&A (15 minutes)
– Closing remarks (5 minutes)
Duration: 60 minutes