Innovative Cross-Border Remittance Services: Experiences from AFI Member Countries

The rise of new communication and information technologies and innovative mechanisms for delivering financial services and products are creating new opportunities for cross-border transfers to get money into the hands — and ideally into the accounts — of those who need it most.

Unfortunately, these technologies may not be covered by existing regulatory frameworks for crossborder fund transfers. To address this issue, AFI issued a guideline note in 2014, “Mobile Financial Services: Mobile-Enabled Cross-Border Payments”, to identify the main challenges with cross-border remittances and payments and how regulators have addressed these challenges.