Remittances – RemTech solutions needed around the world
How can remittances be done better, faster and cheaper? The RemTech Pilot Accelerator, conducted by TechQuartier on behalf of the Programme Migration & Diaspora of the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ GmbH), commissioned by the German Federal Ministry for Economic Cooperation and Development (BMZ), asked this question to startups based in countries around the world. Ideally, the participants’ business models should be based on innovative, technology-based solutions and contribute to reducing costs and improving the development-oriented use of remittances.
Remittances are a lifeline to workers’ families back home, providing necessities such as food, medical care and education. Yet transfer fees are high, diverting much-needed funds. Additionally, there are opportunities to leverage remittances to support long-term development and financial inclusion via investments, savings and entrepreneurship. That’s where RemTech and FinTech innovators have a crucial role to play.