Marco nicoli greenback
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Project Greenback is an initiative to expand affordable remittance services for migrants. It launched in Turin, Italy in 2013 and has since expanded to locations in Europe and plans to launch in Southeast Asia, North America, and Haiti in 2015. The project takes an inclusive approach, working with remittance senders, public authorities, market players, community organizations and academics. It uses various strategies like financial education, market monitoring, migrant-led activities and workshops to promote competition and transparency. Evaluation of the Turin project found users had become more dynamic over time in changing remittance channels and more informed about costs, and more migrants were opening bank accounts.
Marco nicoli greenback
- 1. PROJECT GREENBACK WHAT’S COOKING… Marco Nicolì Payment Systems and Remittances Specialist Payment Systems Development Group [email protected] | marconicoli
- 2. Our timeline to expand Project Greenback Project Greenback1 2013 • Launched Turin, Italy 2014 • Launched Montreuil, France 2015 • Launching Malaysia, Indonesia, Balkans, Haiti, and Chicago Coming up • Canada, Frankfurt, London
- 3. Filling up your shelves… Project Greenback2
- 4. An inclusive approach Project Greenback3 Greenback Remittance senders Public authorities Market players CSOs Academy
- 5. A diverse set of actions Project Greenback4 Financial Education • Classes • Crash course • City tour Market monitoring • Available data • Mystery shopping • Anecdotal evidence Migrant-led activities • Challenge Fund • Radio show • Social and sport events Market-led initiatives • Migrants’ meet providers • Workshops
- 6. Pick Remit: we are getting there Users can select sending and receiving country and compare services available near them to find the one they prefer 5 Project Greenback
- 7. So why are we doing all of this? Some evidence from Turin Project Greenback6 • In 2013, 33% had changed channel since arrival • In 2015, 50% Peruvians had changed channel in the last 18 months More dynamic users • In 2013, 70% did not perceive all cost components • In 2015, over 50% Peruvians did More informed users • In 2015, nearly 20% had opened a bank account in the last 18 months • More relevant data coming soon Access to bank accounts