Interbank Market News Scan: Remittances, payment systems; Technology facilitates improvements in how we send money home ….

Currency PairsRates as of 1:43 pm GMT 21 May 2021Rates as of 2:00 pm GMT 20 May 2021
GHS/EUR0.14170.1418
GMD/EUR0.01590.0161
NGN/EUR0.00200.0020
SLL/EUR0.00010.0001
KES/EUR0.00750.0075
RWF/EUR0.00080.0008
ZAR/EUR0.05840.0583
MZN/EUR0.01360.0137
XCD/EUR0.30350.3033
USVI/USD0.00010.0001
AfAM/USD0.10000.1000
Source: OANDA, Alton Drew

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Remittances. Flutterwave has partnered with Amole to facilitate money transfers into Ethiopia. Through this agreement, Amole Wallet users will be able to send money to bank accounts and cash pickup locations at over 2,500 locations across the country. Flutterwave Partners with Amole to Expand Remittances in Ethiopia – IT News Africa – Up to date technology news, IT news, Digital news, Telecom news, Mobile news, Gadgets news, Analysis and Reports

Remittances, payment systems. A forecast of $22 billion inflow from diaspora remittances into Nigeria this year by an African rating agency, Agusto & Co, amid the global meltdown, illuminates the immense benefits that, with creative policies, the country can tap from this revenue stream. Maximising the benefits of diaspora remittances – Punch Newspapers (punchng.com)

Remittances. Wealthier countries can help poorer countries by welcoming immigrants that send money home.  Resilience of remittances proves a lifeline for developing economies | Financial Times (ft.com)

Banks. Very broadly speaking, a big problem that banks have right now is too much money. Banks Don’t Want to Be Paid Back Yet – Bloomberg Banks, payment systems. The shift toward instant payments will undoubtedly provide benefits for consumers, but it is the benefits for institutions and corporates that are likely to revolutionise financial services. However, to reap these benefits financial institutions must navigate the maze of deadlines and coinciding schemes in a proactive manner. EBAday 2021: Driving correspondent banking success through wider adoption of instant payments (finextra.com)

Interbank Market News Scan: Remittances, foreign exchange; Africa sees average cost of remittances at 8.2% …

Foreign exchange rates of interest…

Currency PairsRates as of 8:13 am EST 17 May 2021
USD/AOA652.8280
USD/GMD50.9478
USD/GHS5.7535
USD/NGN379.9410
USD/KES108.0900
USD/SLL10134.0000
USD/RWF979.3480
USD/ZAR14.1119
USD/MZN58.3200
Source: OANDA

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Remittances. According to the bank’s latest Migration and Development Brief, officially recorded remittance flows to low- and middle-income countries reached US$540 billion in 2020, 1.6 per cent below the 2019 total of US$548 billion. Remittance flows remained strong during COVID-19 in 2020, says World Bank (jamaicaobserver.com)

Remittances, Philippines. Remittances continued to grow in March as more countries eased travel restrictions and reopened borders to foreign workers, the Bangko Sentral ng Pilipinas (BSP) reported Monday. Remittances up 4.9% in March (msn.com)

Remittances, Ghana. Remittances from Ghanaians grew by five per cent from $3.39 billion in 2019 to $5.57 billion in 2020, a World Bank report has said.
This was in spite of the grim economic outlook presented by the COVID-19 pandemic, which affected people’s earnings and the economies of nations worldwide last year. Remittances From Ghanaians Abroad Increase | Social | Peacefmonline.com

Remittances, Nigeria. Pan-African credit rating agency, Agusto & Co has projected that Nigeria’s diaspora remittances will reach $22 billion by 2021, representing a year-on-year (y-o-y) rise of five per cent. Agusto & Co Forecasts $22bn Diaspora Remittances for Nigeria in 2021 | THISDAYLIVE

Remittances, Kenya. Kenya is targetting to collect at least Sh700 billion from over four million Kenyans working abroad, Labour Cabinet Secretary Simon Chelugui has said. Kenya targets Sh700 billion in diaspora remittances annually (the-star.co.ke)