More people in the world have access to financial accounts and tools than ever before. With this access, new products and services are being developed to facilitate convenient usage of these accounts. Taking this a step further, healthy financial inclusion incorporates customers’ ability to balance income and expenses, build and maintain reserves, and to manage and recover from financial shocks using a range of financial tools. The most useful financial services are those that provide customers with convenience, and support resilience through enhanced ability to weather shocks and pursue financial goals; effectively supporting the financial health of the user.
Remittances are an essential source of income for millions of families, many of whom are low income. Global migration is increasing - over 258 million people currently live outside their country of birth, up from 173 million in the year 2000 – and is trailed by a steady stream of transactions. The remittances industry moves over $600 billion around the world, with $466 billion being sent to low-and-middle income countries. As the first financial product used by many lower income people, remittances often act as a stepping stone to accessing a menu of financial services; as such, they are a cornerstone of financial health.