IMF Working Papers Volume 2021 Issue 175: Fintech Potential for Remittance Transfers: A Central America Perspective (2021)

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Fintech Potential for Remittance Transfers: A Central America Perspective

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Julia Bersch

Julia Bersch
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Jean François Clevy

Jean François Clevy
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Naseem Muhammad

Naseem Muhammad
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Mrs. Esther Perez Ruiz

Mrs. Esther Perez Ruiz
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, and

Mr. Yorbol Yakhshilikov

Mr. Yorbol Yakhshilikov
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Series:: IMF Working Papers

Volume/Issue:: Volume 2021: Issue 175

Publication Date:: 25 Jun 2021

DOI:: https://doi.org/10.5089/9781513585420.001

ISBN:: 9781513585420

ISSN:: 1018-5941

Pages:: 52

Keywords:: remittances digitalization; Fintech remittance; remittances corridor; C. remittances cost; remittances' fee; Remittances; Mobile banking; Financial inclusion; Fintech; Global; Central America; Caribbean; South Asia; East Asia

Legal-disclaimer:: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Series:: IMF Working Papers

Volume/Issue:: Volume 2021: Issue 175

Language:: English

Publication Date:: 25 Jun 2021

DOI:: https://doi.org/10.5089/9781513585420.001

ISBN:: 9781513585420

ISSN:: 1018-5941

Pages:: 52

Keywords:: remittances digitalization; Fintech remittance; remittances corridor; C. remittances cost; remittances' fee; Remittances; Mobile banking; Financial inclusion; Fintech; Global; Central America; Caribbean; South Asia; East Asia

Legal-disclaimer:: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

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This paper analyzes the potential for fintech to facilitate cheaper and more efficient remittances, and to enhance financial inclusion in Central America. Digital remittances remain nascent in the region, primarily reflecting behavioral inertia, small cost advantages of digital over traditional channels, and inadequate financial literacy. Through expanded alliances between traditional and fintech operators, digital remittances can further reduce transaction costs and reach those remote, low-income households in a timely and secure manner. A meaningful expansion of fintech remittances necessitates an enabling regulatory environment for digital financial services, and KYC and AML/CFT requirements proportionate to the value of transfers.

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IMF Working Papers

ISSN:: 1018-5941

Publisher:: International Monetary Fund

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