Alternative remittance systems

An additional payment was released when the partner had justified the use of the funds (at least 70 per cent of previous instalments) through the remittance of a subproject monitoring report.

An additional payment was released when the partner had justified the use of the funds (at least 70 per cent of previous instalments) through the remittance of a subproject monitoring report.

According to the Law on the System of Payments and Payment Organizations the Money remittance transfer service can operate outside the banks only after being licensed by the Central Bank.

Harnessing the Remittance Boom

SR VI. Alternative remittance

Alternative informal remittance systems

The impact of remittance income on household well being depends on who controls remittance income and how it is spent.

There are different approaches to the problem, particularly between remittance source States and remittance receiving States.

E. Alternative informal remittance systems

As half of remittance senders and the majority of remittance recipients, women were playing a central role in managing and distributing such income.

There are no alternate remittance systems.

They should also adopt specific policies to affect volumes of remittances, remittance transfer mechanisms, management of remittance funds, the use of remittances and diaspora contributions to development.

(c) In order to address the concerns of remittance receiving States, registered alternative remittance systems should be obliged to settle balances through normal banking channels

The remittance flow continues to be buoyant.

Furthermore, remittance levels are double those of official development assistance (ODA).

The remittance system of Hawala does not obtain in this jurisdiction.

(a) Simplifying procedures and facilitating access to formal means of remittance transfers

Has this name been circulated to alternative remittance systems?

I'm sorry, without an I.D. you cannot receive a remittance.

alternative remittance systems are difficult to licence or to supervise.

Provision of medicines (full payment or part payment) by pharmacies

Other forms of alternative remittance system, such as hundi or hawala, could be discussed here.

One State has recorded some success in encouraging the voluntary registration of alternative remittance systems.

Date of payment

Type of payment

Date of payment

Table 3 Private remittance flows to Africa, 1998 2003 (In billions of United States dollars)a

The exploitation of Alternative Remittance Systems such as trade based money, hawala and NGOs are addressed.

Hurdles in converting informal remittance systems to formal systems through registration or licensing

It continued to be characterized by serious delays in the payment of assessed contributions, their partial payment or even non payment.

The regulatory authorities of some States have initiated programmes to detect unregistered or unlicensed alternative remittance activity.

The Team makes no distinction between alternative and informal remittance systems for the purposes of this report.

Status of payment plans

Date of first payment

A. Payment of contributions

A. Payment of contributions

Such balances arise mainly from the non payment or delayed payment of assessed contributions

Initiatives were also needed to improve remittance services to migrants and reduce transfer costs.

Payment

Payment

Payment

Payment.

Payment?

(d) African authorities should view capital and remittance flows as an important part of their national economic statistics.