MIAMI, FLA. -
The Miami-based Nicaraguan Central Service Organization partnered with WOCCU to explore ways to better market International Remittance Network (IRnet(r)) services to US-based Nicaraguans and investigate the demand for new financial products such as mortgage loans and savings accounts that could be offered to remittance users.
Findings show that remitters in the U.S. sent nearly 60,000 transfers amounting to $15.5 million to Nicaragua through Irnet via credit union to credit union, credit union to non- credit union, or non-credit union to credit union.
The largest number to Nicaragua came from Miami, where nearly 23,000 Nicaraguans reside.
Florida is home to 44% of Nicaraguans living in the United States.
The CSO will present the survey information to its member credit unions in Nicaragua to better inform them of the senders' market and services they could promote.
World Council will also share the results with money transfer organizations to expand outreach efforts and increase the awareness of IRnet.
"It's exciting to see credit unions go the extra mile to add value to the remittance service," said Chris McHugh, World Council CDP consultant for Nicaragua. "This research initiative responds to the needs of both remitters and beneficiaries, and it will help leverage the remittance funds into productive, sustainable activities. The multiplying effect can achieve real economic development at the grass-roots level."
