DMA is widely considered to be one of the world’s foremost expert consultancies involved in the remittances arena and services a number of on-going contracts with the World Bank, individual governments and bilateral donor agencies.
DMA works with its partners to:
- Establish transparency in the remittances marketplace, thereby reducing costs for the consumer and encouraging the greater flow of funds into developing economies;
- Undertake detailed research into remittance and payment system models;
- Survey and analyse key remittance trends including the adoption of new technologies;
- Analyse remittances habits and undertake mystery shopping in key corridors;
- Conduct global and national pricing analysis;
- Undertake market overviews and develop thought leadership documents, such as detailed studies on the linkages between Remittances and Financial Inclusion;
- Produce market research, analysis, new product development and programme design for private sector clients.
The core remittances business areas of DMA are:
Remittances information
The provision of remittances information through a wide range of traditional and multimedia outlets. By way of example, DMA host and run three remittance based web portals, created to introduce more transparency into the remittances marketplace with a view to reducing costs.
www.sendmoneypacific.org – Created, hosted and managed by DMA for a joint Australian and New Zealand Government led initiative ‘Reducing the Cost of Remittances to the Pacific’. The site was officially launched in March 2009 and provides remittances price comparison information for migrants sending money from Australia and New Zealand to the Pacific Islands. Send Money Pacific is a community-orientated project and works closely with the relevant Diasporas in terms of disseminating information and involving community members for feedback and project development.
www.moneymove.org – a constantly evolving on-line bibliography of over 500 reference sources on remittances which is used by research companies, universities, RSPs, the development community and government bodies.
DFID Remittances Information Library (DRIL) - a constantly evolving on-line bibliography of over 500 reference sources on remittances which is used by research companies, universities, RSPs, the development community and government bodies.
Remittances consultancy
Bespoke consultancy projects for governments, donor bodies and the private sector including:
A ‘Survey of Providers of Migrant Services in the UK-Africa corridors’ for the World Bank/DFID (2008-9); ‘Research on Migrant Remittances and Linkage to Broader Access to Financial Services’ for UKRTF (2008);
A mystery shopping exercise for transactions from UK to Nigeria for UKRTF (2007); and ‘Remittances Prices Worldwide’ for the World Bank (ongoing);
Consultancy for the private sector has covered both those organisations that are looking to expand their money transfer businesses and those with new products who wish to make an initial entry into the industry.
Recent remittances work undertaken by DMA
Public Sector
Creating and Managing the Australia and New Zealand Governments’ Remittances Website – launched March 2009, ongoing
The Australian and New Zealand Governments, together with the World Bank, are committed to establishing transparency in the remittances market between Australia and New Zealand and the Pacific islands. Remittances are vital to a number of these communities. AusAID and NZAID were looking for a partner who not only understood how to produce websites and had an in-depth knowledge of remittances but could also develop a robust communication strategy. This would ensure that the communities in question would actually receive the information. A site has been developed that covers each community in detail, not only providing data on the pricing of remittances in each market but also including community. Relevant information that can act as a bulletin board to keep the community connected.
The cost of sending remittances varies between markets and is often unclear to the people using them. One of the World Bank’s General Principles for Remittances (2007) calls for actions to improve the transparency of remittance prices. This unique project developed the first ever global price database for remittances being sent between 120 country pairs. DMA was selected to manage the data gathering element of this project. This involved collecting 2,400 individual remittance price points in 14 different countries and resulted in information being available for over 120 corridors.
DMA was also heavily involved in the design of the site and data interpretation. Launched in September 2008, a second data gathering update was completed in the first quarter of 2009. This second wave provided additional information with which comparisons can be made between the two waves, enabling pricing trends to be understood over time and real comparisons made between the relative price competitiveness in key markets.
(http://remittanceprices.worldbank.org/).
The latest project features include a Mystery Shopping study of selected key remittance markets. DMA managed this process which involved remitting funds for several key send and receive countries. The initial findings of the survey have highlighted problems that migrants often face when sending money back home from some of the largest developed countries in the world. The full report will be released later in 2010.
Researching and publishing the survey of the UK-Ghana remittances market from both the consumer and industry perspectives
DMA was commissioned by DFID to survey the remittance habits of the UK’s Ghanaian Diaspora as well as analyse the challenges facing the market from both the consumer and industry perspective.
The survey data, which has been gathered from interviewing over 150 members of the UK-based Ghanaian community and leading Remittance Service Providers in the market, will be used for a report – including high level policy recommendations for improving the market – and will be presented to DFID in January 2010 as a part of the Ghana-UK Remittances Country Partnership Programme.
Researching and publishing the Survey of Providers of Migrant Remittances Services to Africa in the UK for the World Bank (to be published late 2009)
As part of the project it was necessary to undertake a ‘providers survey’ of companies based in the UK that provide remittance services sending funds to Africa. DMA was selected to conduct interviews, gather information and write a report that will be part of a World Bank publication at the conclusion of the project. This project required a deep understanding of the UK to Africa remittances market and knowledge of how to develolp operators’ trust in order to gain the depth of information required. A full report has been produced using the data gathered and the in-depth understanding of the DMA team. The report has been accepted by the World Bank and is awaiting publication as part of the larger project.
Researching and publishing the Linkages between remittances and financial inclusion in the UK market for DFID and the UK Remittances Task Force, May 2008
The UK Remittances Task Force in conjunction with HM Treasury wished to test the hypothesis that unbanked migrants use financial services and in particular remittances, and that understanding this phenomenon could be used to aid financial inclusion. DMA was selected to conduct interviews with banks, money transfer operators, consumers, community organisations and other stakeholders. Interviews were held with 30 stakeholders and consumer research was undertaken with the Bangladeshi, Indian and Tanzania communities. Part of the project included undertaking a product survey and producing a gap analysis. A full report was produced and presented to DfID and UKRTF.
(http://www.moneymove.org/Images/Documents/ACF1AD2.pdf)
Researching and publishing a report to UK Remittances Task Force – Mystery Shopping Exercise for Transactions from UK to Nigeria, November 2007
DMA was appointed to undertake a mystery shopping programme for money transfers from the UK to Nigeria, physically sending 20 sums of money from UK stores and collecting it from locations throughout Nigeria. Using teams based in both countries DMA was able to complete a project and write a report that led to the introduction of new consumer protection mechanisms in the UK remittance market, most notably the introduction of a remittances charter. The mystery shopping exercise was the first one ever to have been undertaken in the UK remittances market and a robust framework was developed that was subsequently used as input into the World Bank remittance price work.
Organising the Press Launch for the UK’s Remittances Customer Charter for DFID, January 2008
As part of the communication strategy for the UK Remittances Customer Charter DMA was asked to organise a press launch. At short notice DMA was able to produce press releases and organise an official launch event which was attended by Government Ministers, High Commissioners and Ambassadors, representatives of the remittances community and consumers.
Private Sector
UK-India market analysis – private sector client, May 2009
DMA presented an analysis of the UK-India remittances market to a private sector client with an interest in breaking into the UK-India market. As well as an overview of the market as it stands, the presentation included recommendations towards achieving market strategies and building partnerships within the Indian Diaspora and banking and finance sector.
Consumer market research – prepaid remittances card, October 2008
DMA undertook a detailed online consumer survey focused on money transfer customers in the UK for a private sector client who wished to enter the prepaid remittances market. The survey involved online interviews with 300 people who sent money to Poland, India or Australia. The results were complied and interpreted to help the client with product design, market entry strategy and customer communication.
Market survey and entry strategy – private sector client, 2008
DMA carried out market analysis for a private sector client that wished to begin transferring money to a new market in East Africa. The project involved undertaking a full market entry study from the traditional PEST analysis through to using local knowledge to identify potential partners and make initial approaches to them. As a result the company successfully entered the market with a partner driven strategy.
