Remittances and Financial Inclusion: Contested Geographies of Marketisation in Senegal and Ghana

Remittances and Financial Inclusion critically investigates the relationship between everyday practices of remittance sending and receiving, market making, and operations of micro- and global finance. It develops a geographies of remittance marketization approach to investigate the intricate and grounded ways in which remittance markets are constructed, the extent to which remittance flows and households can be (re)configured and incorporated into global finance, and why such processes are always fragile, contested, and in need of constant renegotiation.

Format: Hardback
Length: 186 pages
Publication date: 11 October 2023
Publisher: Taylor & Francis Ltd

Remittances and Financial Inclusion: A Critical Examination of the Complex Relationship between Everyday Practices, Market Making, and Micro- and Global Finance

Remittances, a vital aspect of global migration, have become a significant source of income and development for many households. However, the relationship between remittances, market making, and micro- and global finance is complex and multifaceted, often characterized by messy and contested dynamics. In this comprehensive book, the authors delve into the intricate connections between these three domains, exploring their interdependencies, challenges, and opportunities.

The book begins by examining the everyday practices of remittance sending and receiving, which are fundamental to the global remittance economy. It sheds light on the various actors involved in these processes, including migrants, senders, receivers, and financial institutions. The authors highlight the diverse motivations behind remittances, ranging from economic necessity to family support and cultural ties. They also examine the challenges faced by migrants and their families in accessing and utilizing remittances, such as high transaction costs, currency exchange rates, and regulatory barriers.

The next chapter delves into the processes of market making, which are crucial in shaping the dynamics of remittance markets. The authors discuss the role of financial institutions, such as banks, money transfer operators, and mobile phone companies, in facilitating remittance transactions and providing access to financial services. They explore the strategies employed by these institutions to attract and retain remittance customers, including competitive pricing, convenience, and the development of innovative payment technologies.

The book then turns its attention to the operations of micro- and global finance, which play a significant role in integrating remittances into global financial circuits. The authors examine the role of international financial institutions, such as the World Bank and the International Monetary Fund, in promoting financial inclusion and developing policies that support remittances. They also discuss the impact of global financial crises, such as the 2008 financial crisis, on remittance flows and the efforts made by governments and financial institutions to mitigate their effects.

Throughout the book, the authors adopt a multidisciplinary perspective, drawing insights from economic, development, financial geography, international political economy, and economic anthropology. This approach allows them to provide a comprehensive analysis of the complex relationship between remittances, market making, and micro- and global finance. The authors argue that remittances are not merely a passive source of income for households but rather a powerful tool for economic development and social transformation. They highlight the potential of remittances to promote entrepreneurship, alleviate poverty, and promote gender equality.

However, the authors also recognize the challenges associated with remittances, such as the potential for financial exploitation, money laundering, and terrorism financing. They argue that policymakers and financial institutions need to adopt a holistic and risk-sensitive approach to regulating remittances, ensuring that they are used for legitimate purposes and do not contribute to negative social and economic outcomes.

Drawing on extensive fieldwork research conducted in Senegal, Ghana, and beyond, the book provides an in-depth critical interrogation of the policies and initiatives that underpin remittance marketization. The authors examine the role of government agencies, non-governmental organizations, and private sector actors in promoting remittances and financial inclusion. They assess the effectiveness of these policies in addressing the needs of migrants and their families and identify areas for improvement.

The volume will be especially useful to those researching and working in the areas of international development, contemporary geographies of finance and market making, and migration and remittances. It should also prove of interest to policymakers, practitioners, and activists concerned with the relation between migration, remittances, and finance in the Global South.

In conclusion, Remittances and Financial Inclusion: A Critical Examination of the Complex Relationship between Everyday Practices, Market Making, and Micro- and Global Finance is a valuable contribution to the field of migration and development studies. The book provides a comprehensive analysis of the complex relationship between remittances, market making, and micro- and global finance, shedding light on the interdependencies, challenges, and opportunities that arise from these three domains. By adopting a multidisciplinary perspective and drawing on extensive fieldwork research, the authors offer a critical interrogation of the policies and initiatives that underpin remittance marketization. The volume will be of interest to a wide range of scholars, policymakers, and practitioners, and will contribute to our understanding of the role

Remittances, a vital aspect of global migration, have become a significant source of income and development for many households. However, the relationship between remittances, market making, and micro- and global finance is complex and multifaceted, often characterized by messy and contested dynamics. In this comprehensive book, the authors delve into the intricate connections between these three domains, exploring their interdependencies, challenges, and opportunities.

The book begins by examining the everyday practices of remittance sending and receiving, which are fundamental to the global remittance economy. It sheds light on the various actors involved in these processes, including migrants, senders, receivers, and financial institutions. The authors highlight the diverse motivations behind remittances, ranging from economic necessity to family support and cultural ties. They also examine the challenges faced by migrants and their families in accessing and utilizing remittances, such as high transaction costs, currency exchange rates, and regulatory barriers.

The next chapter delves into the processes of market making, which are crucial in shaping the dynamics of remittance markets. The authors discuss the role of financial institutions, such as banks, money transfer operators, and mobile phone companies, in facilitating remittance transactions and providing access to financial services. They explore the strategies employed by these institutions to attract and retain remittance customers, including competitive pricing, convenience, and the development of innovative payment technologies.

The book then turns its attention to the operations of micro- and global finance, which play a significant role in integrating remittances into global financial circuits. The authors examine the role of international financial institutions, such as the World Bank and the International Monetary Fund, in promoting financial inclusion and developing policies that support remittances. They also discuss the impact of global financial crises, such as the 2008 financial crisis, on remittance flows.

Throughout the book, the authors adopt a multidisciplinary perspective, drawing insights from economic, development, financial geography, international political economy, and economic anthropology. This approach allows them to provide a comprehensive analysis of the complex relationship between remittances, market making, and micro- and global finance. The authors argue that remittances are not merely a passive source of income for households but rather a powerful tool for economic development and social transformation. They highlight the potential of remittances to promote entrepreneurship, alleviate poverty, and promote gender equality.

However, the authors also recognize the challenges associated with remittances, such as the potential for financial exploitation, money laundering, and terrorism financing. They argue that policymakers and financial institutions need to adopt a holistic and risk-sensitive approach to regulating remittances, ensuring that they are used for legitimate purposes and do not contribute to negative social and economic outcomes.

Drawing on extensive fieldwork research conducted in Senegal, Ghana, and beyond, the book provides an in-depth critical interrogation of the policies and initiatives that underpin remittance marketization. The authors examine the role of government agencies, non-governmental organizations, and private sector actors in promoting remittances and financial inclusion. They assess the effectiveness of these policies in addressing the needs of migrants and their families and identify areas for improvement.

The volume will be especially useful to those researching and working in the areas of international development, contemporary geographies of finance and market making, and migration and remittances. It should also prove of interest to policymakers, practitioners, and activists concerned with the relation between migration, remittances, and finance in the Global South.

Weight: 530g
Dimension: 234 x 156 (mm)
ISBN-13: 9780367626181