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Sustainability Review

Social Sustainability

Communities & Our Business

Ria Remittance Cost Reduction

Cross-border capabilities of Euronet’s Money Transfer segment facilitate the progress of foreign remittances, foster economic development, and provide much-needed support to family members, leading to a significant improvement in quality of life. Migrants send money back to their families in their home countries to meet basic needs such as food, education, and healthcare.

Remittances play a crucial role in aiding the development of low and middle-income countries, in addition to the direct family support remittances, are an important tool for this purpose. Recognizing their significance, the United Nations acknowledged their importance in 2015 and set targets to reduce the cost of cross-border money transfers or costs of remittance services to 3% in support of eradicating poverty by 2030. As of 2022, the average global cost of sending remittances had decreased to 6.24%, down from around 10% in 2009.

Notably, Euronet has already achieved the UN’s target below 3% at 2.95%.

However, the company is continually striving to reduce costs even more through cutting-edge technologies and extensive global partnerships. Euronet strives to eliminate poverty by offering transactional transparency and competitive fees to its customers.

In doing so, Euronet empowers a significant segment of expatriates and immigrant communities to seamlessly send funds to their home countries, enabling them to provide support and assistance to their families and loved ones. In conjunction with the cost benefits, Euronet’s portfolio of money transfer services equip customers with advanced technologies that facilitate digital remittances, alleviating economic burdens and eliminating need for unnecessary travel to central cash pickup locations. Through Euronet services and technologies, it empowers our customers to bridge financial disparities worldwide and extend financial inclusion to individuals who may not have the chance to participate otherwise.

ATM Idle Screen Utilization

Euronet also utilizes the idle screens of its ATMs to raise awareness and gather contributions for campaigns aiming to alleviate suffering and promote equality. By harnessing the potential of ATM idle screens, Euronet effectively utilized this asset to serve other worthy causes.

Austria

In Austria, we supported “Wings for life — World Run”, a non-profit that promotes research for spinal cord injury.

Switzerland

In Switzerland, we supported UNICEF by broadcasting their donation campaigns

Europe

Missing Person Alerts on our ATMs in Spain, Italy, Greece and in other countries in Europe upon request by the national authorities

Fostering Financial Inclusion
and Literacy

The company’s production and dissemination of financial products promotes financial inclusion. Euronet’s Money Transfer segment fosters financial literacy by offering bill payment services and providing access to cash for individuals who are unbanked.

A good example in Malaysian airports is supporting immigrant workers by
facilitating convenient access to financial services. Euronet sends employees to the airports and assists these workers in setting up mobile-based money transfer accounts, allowing them to efficiently send money back to their home countries.

This innovative approach underscores the commitment to enhance the well-being of immigrant workers and streamline the process of remitting funds to their families abroad.

ATMs in the Community

In 2020, Euronet initiated a community program centered around our ATMs with the objective of extending cash accessibility to individuals residing in rural areas, away from major urban centers. Over the past decade, there has been a consistent rise in the demand for ATMs across Europe.

This can be attributed to a 40% reduction in commercial networks and bank branch closures due to economic challenges and mergers. As per Banco de Espana (Bank of Spain) and the National Institute of Statistics (INE), in the past decade approximately 50% of municipalities in Catalonia, Spain are without a bank branch due to the weakening of the Spanish economy. Meanwhile, other cities such as Madrid and Barcelona are also continually seeing the demise of more banks and ATMs from the city life.

As an independent ATM provider, Euronet addresses the financial gaps created by conventional institutions through our Europe-wide program. This initiative ensures that individuals and businesses in financially isolated communities have secure and convenient access to cash. A notable example is our partnership with the Post Office in Spain (Correas) to deploy ATMs in rural areas throughout the country. Consistent with the financial inclusion principles, this program offers opportunities that would otherwise be inaccessible to individuals facing challenging circumstances.

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