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Www.mandasoldiacasa.it The Italian experience. About mandasoldiacasa The Italian website provides comparative information about the costs of sending remittances.

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Presentation on theme: "Www.mandasoldiacasa.it The Italian experience. About mandasoldiacasa The Italian website provides comparative information about the costs of sending remittances."— Presentation transcript:

1 The Italian experience

2 About mandasoldiacasa The Italian website provides comparative information about the costs of sending remittances The first national database certified by the World Bank Total Costs = fees + exchange rate margin  Monitoring the market  Ensuring greater transparency and clarity of information  Encouraging those operating in the market to improve the products and services offered to migrants  Improving financial literacy and financial inclusion Main Goals

3 Remittances to Africa: a growing path Source: CeSPI elaboration from the World Bank 3.3% of GDP of the African Continent 19.0% of African remittances flows comes from African countries

4 Remittances from Italy Declining as effect of the crisis +4% from 2012 to 2013 Morocco and Senegal represent 63% of remittance flows from Italy to the African Continent Source: CeSPI elaboration from Bank of Italy

5 Remittance costs – The Italian market Postal Services4,07% Banks4,59% MTOs6,30%  Very close to the 5*5 goal  A strong negative correlation between amount and costs Costs by Operators Source: CeSPI elaboration from mandasoldiacasa.it

6 African costs trends ( September 2014 ) Africa seems to be costly But on a strong cost reduction path Source: CeSPI elaboration from mandasoldiacasa.it

7 African corridors – cost details Source: CeSPI elaboration from mandasoldiacasa.it

8 Financial Inclusion Percentage of resident migrants with a current account in a formal institution in Italy. December 2013 The National Observatory for the financial inclusion of third-country nationals in Italy aims at analyzing and monitoring of financial inclusion process for migrants in Italy, which is a key element of their full inclusion Source: CeSPI elaboration from the National Observatory for the financial inclusion of third-country nationals in Italy Higher levels of financial inclusion are associated with a stronger investment component (vs consumption) of remittances

9 thanks Daniele Frigeri Director, CeSPI


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