Programme | SADC Payments and Remittances

Remittances

There are an estimates 3,3 million migrants living in South Africa, and an estimated 17 billion rand of remittances sent between South Africa and SADC. Of these – 80% are informal. FMT’s work focusses on increasing appropriate access to formal cross border remittances by identifying regulatory blockages, product and price assessments, accessibility assessments and piloting of innovative solutions.

The introduction of Risk based KYC/AML (RBA) regulations could impact the inclusion of those most vulnerable – FMT is supporting the development of frameworks for FSP’s to move to RBA in the region.

Payments

FMT provides technical support to Central Banks and Regulators in payments and financial services to increase financial inclusion. The support is linked to the proprieties identified in the MAP process. Examples of work include:

  • development of guidelines (such as Mobile Money Guidelines for CCBG SADC)
  • development of Credit Acts (such as the Credit Information Sharing Act for Botswana)

Our work in the region includes specific technical support to the CCBG and training in financial inclusion and Payments.

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The payment experiences of social grant beneficiaries

FinMark Trust commissioned Progressus Research Development to document the experiences of recipients (cash and electronic) to provide insights into: appropriate design features; how the payment methods operate (in terms of efficiency, effectiveness and cost), how the payment method impacts on and enhances the beneficiaries’ ability to connect to financial services.

SADC Payments and Remittances
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SADC remittances flow report

This report discusses findings of qualitative research (focus group discussions and individual interviews) conducted for FinMark Trust on the remitting pattern and behaviour of migrants from SADC, based in South Africa and remitting into the SADC regions. This was a follow up study to research conducted for FinMark in 2005. The focus of this study […]

SADC Payments and Remittances
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The profile of retail payment services and models in South A...

The study aimed to sketch the landscape of retail payment services in South Africa that have a positive impact on financial inclusion and market participation. It also aimed to start to develop a typology of models based on shared characteristics witnessed across various services. The prime inputs to the study were a series of interviews […]

SADC Payments and Remittances
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The profile of retail payment services and models in South A...

The study aimed to sketch the landscape of retail payment services in South Africa that have a positive impact on financial inclusion and market participation. It also aimed to start to develop a typology of models based on shared characteristics witnessed across various services. The prime inputs to the study were a series of interviews […]

SADC Payments and Remittances
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The profile of retail payment services and models in South A...

The study aimed to sketch the landscape of retail payment services in South Africa that have a positive impact on financial inclusion and market participation. It also aimed to start to develop a typology of models based on shared characteristics witnessed across various services. The prime inputs to the study were a series of interviews […]

SADC Payments and Remittances
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Striving for regional integration – baseline study for...

The Protocol on Finance and Investment (FIP) is one of the protocols entered into by the Southern African Development Community (SADC) Member States to give legal and practical effect to their commitments under the SADC Treaty. The FIP is supported by the content of the SADC Regional Indicative Strategic Plan (RISDP) which articulates the broader […]

SADC Payments and Remittances
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The cross border money transfer experience

This study explicitly set out to challenge the commonly accepted paradigm that it is safer and more efficient to make use of formal remittance channels (banks and money transfer operators). The approach was to experience the formal provider lead customer offerings first hand by conducting a ‘mystery shopping’ exercise. This quickly resulted in mounting frustration […]

SADC Payments and Remittances
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So near yet so far? Assessing the 90-day permit for Zimbabwe...

This study was conducted by the Centre for Financial Regulation and Inclusion (Cenfri) on behalf of the FinMark Trust (www.finmark.org.za). It was initiated in line with the FinMark Trust’s mandate, that is, to promote regional financial inclusion and integration within SADC. One area where financial inclusion is particularly low, as highlighted by FinMark’s discussion document […]

SADC Payments and Remittances
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Cash and carry understanding the Johannesburg-Zimbabwe remit...

This study, entitled the Zimbabwe Remittance Corridor Think Piece, was commissioned by the Centre for Financial Regulation and Inclusion (Cenfri), on behalf of the FinMark Trust, to sketch a picture of the remittances landscape in the Johannesburg-Zimbabwe corridor. The aim was to build an understanding of the dynamics of remittances sent to Zimbabwe and the drivers […]

SADC Payments and Remittances
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Facilitating Southern African remittance networks

The intra-SADC remittance market is estimated to comprise at least R6.2bn in annual cross-border flows (or approximately US$1bn). However, much of this money travels via informal channels, to a large extent because the regulatory environment is not enabling. Barriers to the formalisation of remittances are strongest in anti-money laundering, exchange control and immigration legislation. The […]

SADC Payments and Remittances