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WSBI endorses World Day of Family Remittances

WSBI endorses World Day of Family Remittances

​​​​​​Remains committed to promoting power of remittances for people who rely on them most

BRUSSELS, 16 June 2018

The following statement serves as an endorsement ​by WSBI to the International Fund for Agricultural Development (IFAD) as part of its support of the International Day of Family Remittances ​celebrated today.​

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WSBI calls upon all stakeholders and actors in the remittance industry to join us in endorsing the “International Day of Family Remittances". Celebrated for the first time three years ago, the day helps promote the pressing need for wider financial inclusion.  Greater inclusion is done in many ways, including by WSBI member savings and retail banks who strive to bring more people out of the financial wilderness and into mainstream banking. They do this through a “double bottom line" approach to banking, which balances the need for financial sustainability with a return to society.

Globally, WSBI members serve more than 1.5 billion customers with around 2.3 billion transaction accounts. This makes them the largest providers of accounts – including notably for low-income people – worldwide. They play a vital role with societal stakeholders from the first mile through to the last in processing international remittance transfers, channelling them into safe deposits and ultimately helping families raise living standards.

Family remittances – money sent back by migrant workers to their relatives – remain a critical lifeline. Some 750 million people depend on those funds from 250 million international migrants worldwide living outside their home country. As per the World Bank, officially recorded remittances to low- and middle-income countries reached $466 billion in 2017, an increase of 8.5 percent over $429 billion in 2016. Global remittances, which include flows to high-income countries, grew 7 percent to $613 billion in 2017, from $573 billion in 2016. There is probably a great deal more when including informal channels.

Despite the success of remittance flows worldwide, problems persist. Undue burdens on these kinds of international transfers persist while competition remains limited. Policy makers, regulators and other authorities can help by continuing to support enabling environments by alleviating unwarranted roadblocks, freeing up market forces and enforcing antitrust law, avoid undue taxation, acknowledging role banks can play to help people, and communities thrive.

As the ranks of migrants continue to swell, there is an ever-pressing need for governments, regulators and development bodies to support savings and retail banks and the remittance industry as a whole. By doing so, they help players in the remittance market help migrant workers support the wellbeing of their families and communities back home and thereby contribute to the sustainable development of their countries of origin. We remain committed to promoting the power of remittances for people who rely on them most.

 

WSBI brings together savings and retail banks from 80 countries, representing the interests of approximately 6,000 banks in all continents. As a global organisation, WSBI focuses on issues of global importance affecting the banking industry. It supports the aims of the G20 in achieving sustainable, inclusive and balanced growth and job creation around the world, whether in industrialised or less developed countries. Learn more at www.wsbi-esbg.org.

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WSBI member institutions

AFRICA

Afrique Emergence & Investments *

Akiba

Al Barid Bank

Caisse de Dépôt et de Gestion

Azania Bank *

Banco de Poupança e Crédito (BPC)

Banque malienne de solidarité (BMS-SA)

Banque Populaire pour l'Epargne et le Crédit

BNI Gestion *

Botswana Savings Bank

Société Nationale des Postes (SONAPOST)

Caisse d'Epargne de Madagascar

Caisse des Dépôts et Consignations

Caisse Nationale des Caisses d'Epargne (CNCE)

Caixa Económica de Cabo Verde (CECV)

Centenary Rural Development Bank Limited

Commercial Bank of Ethiopia

Société Nationale des Postes et des Services Financiers (SNPSF)

DCB Commercial Bank *

Fonds d'Impulsion de la Microfinance (FIMF)*

HFC Bank Ghana Limited

Kenya Post Office Savings Bank

Lesotho PostBank (LPB)

National Savings & Credit Bank

People's Own Savings Bank of Zimbabwe

PostBank Uganda

Poste Tunisienne

PosteFinances

Pride Microfinance Limited (PML)*

Savings and Social Development Bank

South Africa Postbank

TPB Bank

Ugafode Microfinance Ltd. *

Uganda Finance Trust (UFT) *

UNACOOPEC *

ASIA PACIFIC

Alalay Sa Kaunlaran, Inc. (ASKI) *

Bank Asia

Bank Simpanan Nasional

Caixa Económica Postal de Macau

Central Directorate of National Savings Buksh Foundation *

Chamber of Thrift Banks (CTB)

Dongbu Savings Bank Korea

Federation of Savings Banks (KFSB)

Fransabank SAL

Government Savings Bank

International Finance Investment and Commerce Bank Limited (IFIC Bank)

Korea Post, Postal Savings Division

Lien Viet Post Bank

National Bank for Agriculture and Rural Development (NABARD)

National Savings Banks

National Savings Institute, Ministry of Finance

P.T. Bank Tabungan Negara (Persero)

Post Bank of Iran

Postal Savings Bank of China

State Bank

State Bank of India

Sumitomo Mitsui Banking Corporation (SMBC)

The State Savings Bank of the Republic of Tajikistan 'Amonatbonk'

Vietnam Bank for Agricultural and Rural Development (VBARD)

Xalq Banki - The State Commercial People's Bank of the Republic of Uzbekistan

EUROPE

Associazione di Fondazioni e di Casse di Risparmio Spa (ACRI) (Association of Italian foundations and savings banks)

Bancpost

Bank of Valetta Plc

Banka Kombetare Tregtare (BKT)

Banque et Caisse d'Epargne de l'Etat (BCEE)

Banque Populaire – Caisse d'Epargne (Groupe BPCE)

Belarus Bank

Coördinatie van Belgische spaar- en netwerkbanken (Coordination of Belgian Savings and Network Banks)

Caixa Geral de Depósitos

Montepio

Caixabank

Cecabank

Ceská Sporitelna AS

De Volksbank

Deutscher Sparkassen- und Giroverband e.V. (DSGV) (German Savings Banks Association)

Fédération Nationale des Caisses d'Epargne (FNCE) (National Federation of Savings Banks)

Finance Norway

International Association of Collateral and Social Credit (PIGNUS) *

Kapital Bank

Lokale Pengeinstitutter

Österreichischer Sparkassenverband (Austrian Savings Banks Association)

OTP Bank plc

Public Joint Stock Company “State Savings Bank of Ukraine" (JSC Oschadbank)

Säästöpankkiliitto (Finnish Savings Banks Association)

Samband Islenskra Sparisjóda (Icelandic Savings Banks Association)

Slovenska Sporitelna AS

Sparbankernas Riksförbund (Swedish Association of Savings Banks and Savings Bank Foundations)

Swedbank

THE AMERICAS

Asociación Popular de Ahorros y Préstamos (APAP)

Banco Caja Social (BCS)

Banco de Desarrollo Rural (Banrural)

Banco de la Nación Argentina

Banco del Ahorro Nacional y Servicions Financieros (BANSEFI)

Banco Nacional de la Exportaciones

Banco Popular de Ahorro

BancoEstado

Caixa Econômica Federal do Brasil

Caja de Ahorros de Panama

Federación de Cajas de Crédito y Bancos de los Trabadojes (Fedecrédito)

Federación Peruana de Cajas Municipales de Ahorro y Crédito (FEPCMAC)

Independent Community Bankers of America (ICBA)

Mutual La Primera

 

 

*Associate membership​




Remittances; Financial inclusion; Payments