Mobile money as a channel for remittances: How open APIs enable fast, low-cost, and secure delivery
International remittances play an important economic role in low- and middle-income countries providing a powerful source of private capital and external finance that can enable access to food, shelter, and medical services. They also help contribute to the progress of a number of the UN Sustainable Development Goals including no poverty, decent work, and economic growth.
Mobile money remains the key channel in reaching unbanked populations and provides a low-cost, fast, transparent, and secure channel for remittance recipients. The pandemic also heightened the importance of mobile money as access to services was minimally disrupted.
Standardised APIs can have the potential to improve the efficiency of the market, driving down costs and preventing the need for multiple customisations between third party providers. They also open up possibilities for third parties to increase value added services for consumers.
Find out more about how open APIs enable fast, low-cost, and secure delivery in this report.