The migrant remittance market has in the past suffered from negative perceptions among banks. Even today remittances are viewed with suspicion and some feel that the barriers to entering the market are too high and the potential revenue rewards too low. The temptation to speak in stereotypes is strong among some bankers. They will talk of impoverished migrants, shuffling into their local newsagents and sending bags of cash home to needy families in far-flung developing countries. These same bankers will cite fraud and know your customer concerns as prominent reasons to keep well away from involvement in migrant remittances. Others will tell you simply it is not worth the investment for the tiny sums individual migrants remit. Better to focus on the core customer, with his or her bank account and regular salary.
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