Account used to receive remittances (% age 15+)

This indicator measures the proportion of individuals aged 15 and over who rely on formal financial institutions to receive remittances from family members residing in different locations during the previous year. It highlights the accessibility and trustworthiness of banking services for facilitating cross-border financial support, reflecting broader trends in financial inclusion. A higher percentage suggests a well-developed financial infrastructure that encourages individuals to use secure channels for money transfer, promoting economic stability for receiving families. Additionally, the data can provide insights into the socio-economic dynamics of communities, revealing the extent to which families depend on remittances for their livelihood and how effectively the financial system integrates these transactions. Source: