tailieunhanh - High Remittance Costs in Africa: Is Building Regulatory Capacity for Microfinance Institutions the Answer?

It could be argued that executive employment also contradicts Maslow’s theory in some respects. Many executive contracts represent individuals trading off defi ciency needs (eg security of employment) for growth needs (. self-actualisation/abil- ity to direct the fi rm). Th e less popular aspects of executive employment (cutting cost through dismissal of staff , accepting salaries many times higher than fellow staff and citizens) might threaten the need for belonging and esteem. Maslow’s theory has been criticized by subsequent behavioral researchers. For example, Wahba and Bridwell (1976) found that there was little empirical evidence for Maslow’s ranking. | Volume 3 Issue 1 December 2012 AfDB Chief Economist Complex Africa Capacity Development 1 Remittances to Africa are the most expensive 2 The participation of MFIs in the remittance market 3 Capacity and related challenges of MFIs in African countries 4 Mainstreaming MFIs to graduate into remittance services delivery 5 Policy considerations and the capacity development agenda for MFIs The findings of this Brief do not necessarily reflect the opinions of the African Development Bank its Board of Directors or the countries they represent. Mthuli Ncube Chief Economist and Vice President ECON 216 7110 2062 Victor Murinde Director African Development Institute 216 7110 2075 Steve Kayizzi-Mugerwa Director Development Research Department EDRE 216 7110 2064 Charles Leyeka Lufumpa Director Statistics Department ESTA 216 7110 2175 George Kararach Consultant EADI High Remittance Costs in Africa Is Building Regulatory Capacity for Microfinance Institutions the Answer By Bernadette Dia Kamgnia and Victor Murinde Remittances constitute an increasingly significant flow of funds to the developing world. In 2004 remittances totaled more than USD 160 billion an increase of over 65 since 2001 when their flows stood at an estimated USD billion the figures went up to US 300 billion during 2006 328 billion in 2007 IFAD 2009 rising to 372 billion in 2011 and to an estimated 406 billion in 2012 World Bank 2012 . Remittance flows to and within Africa are currently about US 40 billion. Countries in Northern Africa for example Morocco Algeria and Egypt are the major recipients of remittances on the continent. Eastern African countries also depend heavily on these flows with Somalia and Eritrea standing out as particularly the most remittance dependent. For the entire continent annual average remittances per migrant reached almost US 1 200 by the third-quarter of 2012 and on a country-by-country average .