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Stay up to date with Microfinance Pasifika events by subscribing to our newsletterRemittance Fees for Pacific Islanders Set to be Reduced
Pacific Islanders living in New Zealand are paying millions of dollars in bank fees when they send money back home, but that could be about to change, thanks to a new system using ATM machines and credit cards.
Most struggling Pacific Islanders depend on money from family in New Zealand to pay for food and education, and money transfers across the Pacific are estimated to be worth around $800 million (US$423 million) a year.
Dr Manjula Luthria, a World Bank Economist, says that the money transfers are "absolutely a lifeline," adding that remittances are in a sense "the number one export income for the Pacific." More...