Mobile remittances offer a way to provide unbanked populations with affordable, secure, and accessible financial services.
Mayumi Ozaki is a financial sector specialist at ADB who covers a range of financial topics, including microfinance, financial inclusion, branchless banking, financial education, and banking sector reforms. Prior to joining ADB, she was an evaluation officer at the International Fund for Agricultural Development, in Rome, Italy. She has also worked in Bangladesh, India, Indonesia, the Maldives, Myanmar, Nepal, and Sri Lanka.
While remittances from migrant workers continue to increase, they can only fuel economic growth if they enter the formal financial system and be channeled into productive investments.