While remittance has advanced in many ways, challenges still remain.
Remittance has always faced regulatory issues, which have become more complex as the process moved towards digitalization. Concerns are growing about informal remittances hindering productive financial intermediation and being susceptible to illegal activities due to their largely undocumented nature and/or attributable to the high cost of human labor involved in clearing a transaction between different regulatory landscapes.
As a result, banks have cut ties with clients perceived as high-risk for money laundering or terrorism financing. This approach has adversely affected MTOs and subsequently impacted remittance flows to locations where MTOs are the primary service.While remittance has advanced technologically, challenges remain. Limited access to technology in certain regions hampers the use of digital remittance channels.
mobile money and crypto cross-border transactions for remittance. We are seeing an increasing number of innovative services to address these challenges every day. Partnerships between fintechs, MTOs and banks along with these new financial services can facilitate these changes in hopes to solve these challenges head-on. There’s no silver bullet. The way to a solution is collaboration between all the stakeholders. The sector must continue to evolve, innovate and overcome its challenges.
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