Remittance flows rose in the Middle East and North Africa (MENA) by 9.1% to hit $59 billion in 2018. Will MENA Remittance market continue to grow in the future REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit 1. Increasing adoption of digital payment solutions in MENA Region The MENA region is one of the largest remittance markets in the world, with millions of people sending and receiving money from overseas. The remittance industry in this region is dominated by countries like Saudi Arabia, the UAE, Qatar, Kuwait, and Oman, which host millions of expatriate workers from various countries, including India, Bangladesh, Pakistan, the Philippines, and Nepal. One of the notable trends in the MENA remittance market is the increasing adoption of digital payment solutions. With the growing popularity of mobile phones and the internet, many remittance service providers in the region are leveraging digital technology to offer fast, secure, and cost-effective remittance services to their customers. This trend is expected to continue as more people embrace digital channels for money transfers. 2. Regulatory changes are also shaping the MENA remittance market To learn more about this report Download a Free Sample Report Finally, regulatory changes are also shaping the MENA remittance market, with governments in the region implementing measures to promote transparency, security, and efficiency in the industry. This includes the implementation of Know-Your-Customer (KYC) regulations, anti-money laundering (AML) measures, and the introduction of new licensing requirements for remittance service providers. With 25 crore covered, KYC data of nearly a fifth of India’s population is digital. Recent regulation such as the EU 6th Anti Money Laundering Directive and the U.S. Anti-Money Laundering Act of 2020 has impacted MENA-based businesses with access to those markets. The regulations require a more detailed compliance response, including ultimate beneficial ownership (UBO) details for certain third-party relationships. 3. Uncalled Migration in MENA countries When people migrate illegally, they often face difficulties in finding legitimate employment in the host country. This can lead to them accepting jobs with lower wages or working in the informal sector, where they may not have access to banking services or other formal channels for remitting money back to their home countries. As a result, the volume of remittances from uncalled migration may be lower than that from legal migration, which can affect the overall size of the remittance market. Secondly, the lack of legal documentation for uncalled migrants can make it difficult for them to access formal remittance channels, such as banks or money transfer operators. This may force them to rely on informal channels, such as hawala or other underground networks, which may not be regulated and can be subject to fraud, theft, or other risks. This can affect the security and reliability of the remittance market, as well as the overall volume of remittances. 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