October 2, 2007 (Washington, DC) Kai Schmitz, EVP and COO of Microfinance International Corporation, testified before the House Foreign Relations Committee on the role of remittances in Latin America and the experience of the company with its financial services for migrants and its remittance system for banks.

In his testimony Mr. Schmitz stressed the opportunities that remittances present for development, but also the need to provide immigrant remitters with investment opportunities that meet the objectives of their migration, such as building homes and creating employment opportunities for their return. He encouraged governments and multilateral institutions to develop programs that meet these requirements. Mr. Schmitz further highlighted the role banks can play in serving remitters and the hurdles they face in unclear regulations and lack of appropriate products.

Microfinance International Corporation works with a range of financial institutions in Latin America and the U.S. to establish remittance programs that offer immigrants wider access to financial services and products that help them to create financial security for their families and themselves.