The World Bank has been tracking remittance flow around the world, especially those to developing countries. Its latest data shows that remittances are growing faster than expected in 2012.
The growth in remittance flows exceeds earlier estimates, says the World Bank, rising by 6.5% over the previous year.
Further growth is expected in the coming year, with remittances to developing countries projected to rise by 7.9% in 2013, 10.1% in 2014 and 10.7% in 2015 to reach $534 billion in 2015.
The World Bank also points to the promise of mobile cross-border remittance, and the regulatory uncertainty that has hindered the development of mobile remittances.
Mobile remittances fall in the regulatory void between financial and telecom regulations, says the World Bank, with many central banks prohibiting non-bank entities to conduct financial services.
“Central banks and telecommunication authorities, thus, need to come together to craft rules relating to mobile remittances,” states the report.
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