Global – FFRemittances

There’s no disputing the contribution of migrant remittances to the economic well-being of friends and family back home. For many African countries, the value of remittance flows exceeds that of foreign direct investment.

However accessing the money via formal channels can be challenging for recipients who are faced with Know Your Customer (KYC) and Customer Due Diligence (CDD) requirements such as the need to present proof of address, or to receive remittances in person despite living in an area without access to a branch of the remittance service provider (RSP).

Cenfri and IFAD have now developed the IFAD Remittance Innovation Toolkit. The toolkit builds on our experience under the Remittance Access Initiative (RAI), which we rolled out in seven African countries as part of the PRIME programme, co-financed by the European Union.

The Global Forum on Remittances 2009 marked the third in a series of groundbreaking conferences dedicated to emphasizing the importance of international migration and the vital flow of remittances it generates. This forum continued to build on previous discussions, underscoring the critical impact of remittances on global economic development and the well-being of migrant communities.

The GFRID 2015 report showcases European remittance flows’ dynamic and innovative character, worth almost US$110 billion in 2014. It highlights the crucial role of financial inclusion, the use of innovation and technology to reduce transaction costs, and the significance of diaspora investments in creating employment opportunities in home countries. This report underscores the potential of remittances to drive economic growth and development through strategic financial practices and technological advancements.

Participants at the Global Forum on Remittances, Investment, and Development (GFRID) had the opportunity to discuss the challenges and opportunities in the remittance market. The summit showcased innovative approaches and successful business models, with discussions focused on the critical role of migrants’ remittances and investments in achieving the Sustainable Development Goals (SDGs) by 2030.

This report presents the key messages and conclusions of the GFRID 2018 including side events and parallel sessions, as well as opportunities for stakeholders from all sectors to maximize the impact of remittances and other migrant contributions in Asia-Pacific for the years to come.

Developed collaboratively by the Remittance Community Task Force (RCTF) members, the Blueprint for Action outlines concrete measures, actions, and relevant examples to spur recovery and bolster the resilience of the one billion people involved in remittances in the post-COVID-19 economic environment. This comprehensive guide serves as a vital tool for navigating and thriving in the new economic landscape, ensuring sustained support and development for remittance communities worldwide.

The 2021 Global Forum on Remittances, Investment, and Development (GFRID) Summit highlighted the critical role of remittances and diaspora investment in bolstering market recovery amid the global pandemic. The summit emphasized strategies to enhance the resilience of migrant workers and their communities, ensuring sustainable development and economic stability in these challenging times.

GPFI members reiterate their commitment to “reduce to less than 3 per cent the transaction costs of migrant remittances and eliminate remittance corridors with costs higher than 5 per cent”, as set under the 2030 Agenda for Sustainable Development.

This report contains a series of key findings and actionable outcomes for both remittances and diaspora-impact investments and is shared with the President of the UN General Assembly

Location: Global

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