Expertly created indexes provide further market intelligence and insight into remittance markets. Indexes are valuable as they to combine indicators using expert market knowledge and weightings to better showcase and highlight the complex realities of remittance markets. The Snapshot Indexes are created using indicators already available on the ‘Themes & Indicators Dashboard’ and aim to give quick insight into remittance markets. Snapshot Indexes, for example, highlight countries where remittances are most “important” to their economies, countries that are “ready” for digital remittances, those that may be considered “restrictive” to operate in, or where access to pay-out options is likely to be good. MobileRemit Index is a more in-depth index, specifically exploring the readiness for mobile remittances across Africa. Indexes will be updated annually to track developments over time,
MobileRemit Africa aims to complement RemitSCOPE Africa, a web-based platform that provides users with remittance-based data and analytics.3 It will lay the foundation for a knowledge base on mobile remittances and to gather data, generate insights and provide policy guidance on mobile flows for African countries.
The first component of the MobileRemit Africa involves the creation of a mobile remittance-enablement index score for African countries, allowing for a nuanced understanding of the factors that may aid or impede the adoption of the mobile channel for remittances. The index is built upon 5 pillars that allow for country comparisons and best practices dissemination: E-money international money transfer, market environment, enabling environment, inclusion environment and consumer protection.
This report describes the methodology for the index, while presenting key findings at
continent and regional levels, as well as country profiles for the PRIME Africa countries.
Please find the MobileRemit Index Report here.
RemitSCOPE’s Snapshot Indexes are simple composite indexes that bring together a few different indicators that work collectively to provide further and deeper market insight. RemitSCOPE Snapshot Indexes are:
- The Importance of Remittances Index
- Digital Remittances Readiness Index
- Remittance Market Considerations Index
- Remittance Pay-Out Options Index
The RemitSCOPE Snapshot Indexes can be looked at in conjunction with one another to offer a quick ‘snapshot’ overview of key remittance market characteristics in relation to other countries on the continent. The Figure below is extracted from Angola’s Country Profile. (n.b. the figure is not finalised yet and will be accompanied with more information & guidance). The numbers at the end are the rank of the country (where 1=top position in Africa; e.g. pricing for Angola is 2nd highest on the continent).
The SnapShot Indexes provide insight into how important remittances are to the economy and country of origin population; how ready the country is for the uptake of digital remittances; whether there are market considerations that may affect businesses from operating; and an indication as to the array of potential pay-out options available for remittance receivers relative to other countries on the continent.
The SnapShot Indexes have been created and designed by industry experts and the indicators awarded weights that reflect their relative importance to the Index. RemitSCOPE Indexes have been validated with market operators to sense check the composition and respective weights.
Please find the SnapShot Index Report & Methodology here.