Highlighted Publications:

Remittances to Latin America and the Carribbean in 2010: Stabilization After the Crisis mas

Risk Across Borders: A study of the potential of microinsurance products to help migrants cope with cross border risks. mas

Ten Years of Innovation in Remittances: Lessons Learned and Models for the Future mas

Highlighted Event:

Contact the Remittances Program: remittances@iadb.org

Back to main Remittances Program page mas

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Banking the Unbanked

Something that might seem as basic as opening a bank account is a new experience for many migrants and their families, many of whom continue to rely on cash to cash money transfers. This model aims to “bank the unbanked”, or expand the reach of financial services to bring remittance senders and receivers into the formal financial system as clients.  Access to the formal financial system brings a variety of benefits to both senders and receivers, such as: cheaper and safer money transfers, the possibility of building assets through savings, and the leveraging of remittance funds via credit. This model promotes the creation of new financial products to appeal to remitters and receivers, including: microenterprise loans, savings accounts, insurance, and mortgages. In these projects, FOMIN works with credit union associations, individual credit unions, banks, non-bank financial institutions (NBFIs), and microfinance institutions (MFIs).

MIF projects under the Remittances and Banking the Unbanked model: