Who get the money matters: Can cellphones make remittances more efficient? By Oscar Barriga-Cabanillas
As part of my current research as a Ph.D. student in UC Davis, I spend a few weeks in Haiti studying the role remittances play in the financial security of Haitian households. The objective of my visit was the establish the potential impact of a remittances services that delivers the money directly to the user’s mobile phone savings accounts. I was surprise by how advance mobile money is in Haiti. It offers a wide range of services that are beyond what is offered in any other Latin American country. Mobile money, in Haiti known as MonCash, can be access in small shops. Shops that are part of MonCash network act as an intermediary between the customer and the mobile company. They sell merchandise and provide MonCash services to attract visitors to the shop. The convenience of mobile money does not stop with the availability of a large network of agents that can be used to deposit and withdraw funds, in country where bank branches are difficult to find. The real advantage is th...