Nicaraguan Remittance Senders Research Report

This report examines perceptions of Nicaraguan remittance senders regarding family remittance services offered by The World Council of Credit union (WOCCU). It evaluates three prototypes of savings and credit products, identifies potential reactions to these products and suggests factors that prompt users to change their sending agent.

The report is based on quantitative and qualitative research on a sample of Nicaraguans living in Miami, the United States. Findings include:

• Senders are poorly informed about existing money transfer organizations and credit unions;
• People learn about remittance companies through referrals, and tend to use the same company;
• Key factors influencing choice of remittance company include speed of delivery, reliability, cost of transfer and proximity of agent;
• Senders generally have negative opinion of credit unions;
• Savings and mortgage credits are of greatest interest to immigrants;
• Some people with savings accounts in the United States are willing to open accounts in Nicaragua;
• Telephonic and email sales are not considered reliable;
• Senders suggest the presence of an office for credit unions.