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The Bill & Melinda Gates foundation's Financial Services for the Poor has reported that of the world's 2.6 billion people who live on less than $2 per day, nearly 80% do not have access to a bank account.

Back in 2006, the World Bank estimated that there were some 180 million people living outside their country of birth. As recently as November 2012, the World Bank reported that migrant workers worldwide would remit over $530 billion in 2012.

  • $406 billion going to developing countries
  • Up 6.5% on the previous year
  • Projected to grow by 7.9% in 2014
  • and 10.7% in 2015 to reach $685 billion

High Costs of Transfers

Despite the scale of the funds being transferred by migrants, the World Bank commented that an obstacle to further growth is the current high transaction costs of remittances, averaging 7.5% during the 3rd quarter of 2012 in the top 20 remittance corridors.

The Promise of Mobile Remittances

Noting the "skyrocketing use of mobile telephones" throughout the developing world, the World Bank's Migration & Development Brief urges action to fulfil the promise of mobile remittances.

Major Recipients of Migrant Remittances

  • $70bn - India
  • $66bn - China
  • $24bn - Philippines
  • $24bn - Mexico
  • $21bn - Nigeria

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