The Remittances and Development Program (PRYD) carried out by the Center for Latin American Monetary Studies (CEMLA), together with the International Fund for Agricultural Development of the United Nations (IFAD) will host the upcoming Annual Meeting of The Remittances Program and Development and Presentation of The Remitscope LAC Platform at CEMLA´s headquarters in Mexico City, on November 29, 2024, from 9:00 to 13:15 hrs, Mexico City time.

The first step for the effective analysis of policies that could improve the productive use of remittances and support the development of recipient households and LAC countries is to have information, organized, structured, and easily accessible, that allows evaluating the aspects key to remittance, migration and their relationship with development, which will allow identifying possible measures that can support decision-making in these cases. In this sense, an online consultation platform has been developed, called RemitScope LAC, which includes all the information available on different aspects of remittances, migration, and their relationship with financial inclusion and development.

To create the platform, information was consolidated through online data, consultations, surveys, and interviews in each country, as well as with the participation of some Central Banks that complemented the official information on these topics.

The event is aimed at officials from central banks, bank superintendencies, financial sector supervisory entities, statistical institutes, officials from the remittance industry, and others involved in the issue of migration, remittances, and development.

The event will be in person and virtual format, in Spanish with simultaneous translation into English.

It is very important to have the name and contact information of the participating officials from your Institution before November 22, 2024. The applicant entity will pay travel expenses, lodging, and medical insurance of the attendees.

On behalf of CEMLA, the event is coordinated by René Maldonado, +52 55 5061 6663, rmaldonado@cemla.org; supported in logistics by Rocío Ramírez Peña, +52 55 5061 6663 mramirez@cemla.org.

In recent years, digital remittances have gained significant traction due to the proliferation of mobile networks, the emergence of fintech startups, and initiatives promoting digital payments.  As a result, the volume of remittances to Africa has been growing steadily over the past decade. The advent of digital technology has revolutionized various sectors globally, and the remittance industry is no exception. It has facilitated easier and more cost-effective transfer methods.

Mobile money services, in particular, have seen a surge in usage as a major remittance channel, facilitating financial inclusion and promoting the development of an entire related ecosystem. The transition into the digital age and the adoption of digital remittances presents a new set of challenges. Yet, understanding these challenges is the first step towards overcoming them and unlocking the potential of digital remittances

In this context, the United Nations Office of the Special Adviser on Africa (OSAA) is collaborating with the International Fund for Agricultural Development (IFAD) to organize a webinar on “Embracing Digitalization of Remittances in Africa” on Wednesday, 20 November, 9:30-11:00 (EST).

This webinar aims to shed light on the considerable developmental potential of the digitalization of remittances, positioning them as pivotal contributors to Africa’s development agenda. Join us for this insightful discussion as we uncover how embracing the digitalization of remittances can catalyze economic growth and empower communities across Africa.