The UN’s International Fund for Agricultural Development (IFAD) today announced the launch of RemitSCOPE, a free and interactive web platform providing essential data on global remittances, the hard-earned money sent home by migrant workers from developing countries.

As migration continues to increase worldwide due to the record number of active conflicts, economic instability, and climate change, RemitSCOPE.org seeks to improve access to digital remittances, reduce transfer costs and facilitate access to related financial products, aiming to improve the lives and livelihoods of vulnerable rural communities in low- and middle-income countries (LMICs).

In developing countries, the money sent home by relatives often serves as an economic lifeline for millions of families. RemitSCOPE.org focuses on these countries from the Global South, where access to finance remains a challenge, especially in rural areas where hunger and poverty remain deeply entrenched.

“Remittances not only help make ends meet, but they also cover essentials like education and healthcare while enabling investments in small businesses,” said Pedro de Vasconcelos, Manager of IFAD’s Financing Facility for Remittances. “This creates resilience to economic shocks and drives long-term economic growth,” he added.

IFAD’s Financing Facility for Remittances under the PRIME Africa programme, co-financed by the European Union, facilitated a peer learning exchange for African Central Banks, focusing on the Bank of Uganda (BoU). As part of this initiative, BoU visited the Central Bank of Kenya (CBK) to learn from their remittance data collection systems. This event, jointly organized by the FFR and the CBK, provided an opportunity for BoU to gain practical insights and strengthen its data collection processes. Key stakeholders, including the Kenya Bureau of Statistics (KNBS) and Financial Sector Deepening Kenya (FSD Kenya), contributed to the knowledge-sharing effort to improve data-driven policy and private-sector strategies at the event.

The workshop, hosted by CBK, aimed to share best practices and support the enhancement of data collection to inform policy better and support private-sector business strategies.

During the three days, all participants had the opportunity to discuss critical areas such as Monthly data collection practices adopted by the central banks.

In addition, various surveys to capture qualitative insights, such as the following, were discussed:

  • Diaspora Remittances Survey (CBK)
  • Remittance Household Survey (CBK)
  • Annual Personal Transfer Survey (BoU)

The participants also discussed opportunities to engaget with Remittance Service Providers, including Cooperative Bank and Upesi.

The CBK Deputy Governor, Dr Susan Koech, stressed the importance of remittances to the East African economies. Lydia Ndirangu, Deputy Director of the Statistics & Knowledge Management Research Department at the Central Bank of Kenya, recognised the workshop’s importance: “I am thankful to IFAD for supporting this peer-learning, which is very timely due to our ongoing data collection activities for the Remittance Household Survey.”

Milly Nalukwago Isingoma, Director of the Statistics Department at the Bank of Uganda, emphasised the exchange’s outcome: “ We are grateful to CBK and IFAD for this enriching workshop. We go home inspired by Kenyan practice and with good ideas on how to improve our current monthly data collection.”

The CBK and BOU teams acknowledged the opportunities that current practices can provide for additional data points for policymakers and market players. At the same time, both teams realised that only a more granular data collection and approach could provide a deeper understanding and better analysis of the remittance market.

On 12-13 March, the REMIT Prime Central Asia Programme was launched in Tajikistan with a kick-off event. Among the participants, were institutions from the public and private sectors and IFIs involved in the national remittance market.

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TAJIKISTAN EVENT HIGHLIGHTS

On March 6-7 the Prime Central Asia Programme was launched in the Kyrgyz Republic.

The kick-off event was the occasion for FFR to present an overview of the national remittance market and the financial inclusion landscape,
and to actively engage with all relevant stakeholders. Several government entities (Ministry of Labour, Ministry of Agriculture, National Bank of the Kyrgyz Republic), and the high interest of the private sector and of International Organizations involved in remittances activities in the country, such as (IOM, WFP, World Bank, and IFC) attended the event.

A Call for Proposals was also launched with the aim to identify innovative cost-effective and replicable/scalable solutions models that promote more digital usage of remittances, particularly in rural areas, to ultimately improve income-generating opportunities for remittance-receiving families and migrant returnees.

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Uzbekistan has become the greatest recipient of remittances from Kazakhstan. In 2023 Uzbeks sent home US$588 million earned in the economy of their Central Asian neighbour, with about 80 per cent of cross-border transfers made through the Zolotaya Korona system. Russia, Turkey, Georgia and Kyrgyzstan made up the top five.

Read more: https://timesca.com/kazakhstan-replaces-russia-as-destination-for-uzbek-migrants/

Under PRIME Central Asia, IFAD through the Financing Facility for Remittances (FFR) is pleased to launch the Migrant Contributions for Development Call for Proposals 2024 (CfP24) for Uzbekistan: Leveraging remittances to foster financial and digital inclusion and support the sustainable reintegration of migrant returnees for local economic development in rural areas.

The CfP24 aims to address development opportunities by financing innovative cost-effective and replicable/scalable solutions and models that promote more digital usage of remittances, particularly in rural areas, and related financial services to ultimately improve income-generating opportunities for remittance-receiving families and migrant returnees.

Individual proposals for Uzbekistan, or regional proposals covering one or more Central Asian countries –the Kyrgyz Republic, Tajikistan and Kazakhstan– are eligible.

For more information on the proposal and how to apply, see the below-mentioned document “Call for proposals”.

The last day for submission is 7 June 2024.

В рамках программы PRIME в Центральной Азии ИФАД через Фонд финансирования денежных переводов (FFR) объявляет конкурс заявок на участие мигрантов в развитии в 2024 году (CfP24) для Узбекистана: Использование денежных переводов для содействия финансовой и цифровой интеграции и поддержки устойчивой реинтеграции возвращающихся мигрантов в целях местного экономического развития в сельских районах.

CfP24 направлен на решение проблем развития путем финансирования инновационных экономически эффективных и тиражируемых/масштабируемых решений и моделей, которые способствуют более цифровому использованию денежных переводов, особенно в сельских районах, и соответствующих финансовых услуг, чтобы в конечном итоге расширить возможности получения дохода для семей, получающих денежные переводы, и возвращающихся мигрантов.

К рассмотрению принимаются как индивидуальные заявки по Узбекистану, так и региональные заявки, охватывающие одну или несколько стран Центральной Азии – Кыргызскую Республику, Таджикистан и Казахстан.

Более подробную информацию о предложении и о том, как подать заявку, см. в упомянутом ниже документе ” “Призыв к предложениям”.”.

Последний день подачи заявок – 7 июня 2024 года.

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ANNEX 1- GUIDANCE FORM FOR INITIAL BILATERAL MEETING

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Cash sent home by Kenyans working in African countries became the fastest-growing source of the nation’s diaspora dollar inflows last year at a time when overall remittances grew by the slowest pace in four years, largely hurt by elevated inflationary pressures on earnings in the US and Britain.

Cash wired home by Kenyans in other countries on the continent climbed by nearly half to $305.21 million (about Sh48.83 billion under prevailing conversion rates) in 2023 compared with the year before, official data shows, helping boost dollar flows whose supply has been problematic.

Read more: https://www.businessdailyafrica.com/bd/data-hub/africa-fastest-growing-source-kenya-diaspora-dollar-inflows–4518590?utm_source=brevo&utm_campaign=Kenya%20Newsletter%20Issue%2019&utm_medium=email

The government is on record stating that it aims to raise the volume of diaspora remittances to Ksh1 trillion by 2027. Diaspora remittances are important for building an economy since they are useful in promoting household income, stimulating and enhancing investment and catalysing growth.

Read more: https://www.kenyans.co.ke/news/97505-3-ways-govt-plans-increase-diaspora-remittance-ksh1-trillion-2027?utm_source=brevo&utm_campaign=Kenya%20Newsletter%20Issue%2019&utm_medium=email

Kenya has again been put under high watch for not having strong safeguards against the flow of dirty cash, joining 23 other countries in a list of shame known as the ‘grey list’.

On Friday, the Finance Action Task Force (FATF), the global anti-money laundering watchdog, made a decision to put Kenya on the grey list in a move that is likely to hurt Nairobi’s standing as the financial centre of the region.

The grey list refers to countries that have deficiencies in dealing with money laundering and terrorist financing.

Read more: https://www.theeastafrican.co.ke/tea/business/fatf-puts-kenya-on-money-laundering-grey-list–4535220?utm_source=brevo&utm_campaign=Kenya%20Newsletter%20Issue%2019&utm_medium=email

Under PRIME Central Asia, the Financing Facility for Remittances (FFR) is pleased to launch the Migrant Contributions for Development Call for Proposals 2024 (CfP24) for Tajikistan: Leveraging remittances to foster financial and digital inclusion, and support the sustainable reintegration of migrant returnees for local economic development in rural areas.

The CfP24 aims to address development opportunities by financing innovative cost-effective and replicable/scalable solutions and models that promote more digital usage of remittances, particularly in rural areas, and related financial services to ultimately improve income-generating opportunities for remittance-receiving families and migrant returnees.

Either individual proposals for Tajikistan, or regional proposals covering one or more Central Asian countries –the Kyrgyz Republic, Uzbekistan and Kazakhstan– are eligible.

For more information on the proposal and how to apply, see the below-mentioned document “Call for proposals”.

DEADLINE FOR SUBMISSION: FRIDAY, 19 APRIL

В рамках программы «ПРАЙМ Центральная Азия» Фонд финансирования денежных переводов (ФФР) объявляет конкурс предложений 2024 г. на тему “Вклад мигрантов в развитие” (CfP24) для Таджикистана: Использование денежных переводов для содействия финансовой и цифровой интеграции и поддержки устойчивой реинтеграции возвращающихся мигрантов в целях местного экономического развития в сельских районах.

CfP24 направлена на решение проблем развития путем финансирования инновационных экономически эффективных и воспроизводимых/масштабируемых решений и моделей, которые способствуют более широкому использованию цифровых денежных переводов, особенно в сельской местности, и соответствующих финансовых услуг, чтобы в конечном итоге улучшить возможности получения дохода для семей, получающих денежные переводы, и возвращающихся мигрантов.

К рассмотрению принимаются как индивидуальные предложения для Таджикистана, так и региональные, охватывающие одну или несколько стран Центральной Азии – Кыргызскую Республику, Узбекистан и Казахстан.

Более подробную информацию о предложении и о том, как подать заявку, см. в приложенных документах “Конкурс предложений”.

СРОК ПОДАЧИ: ПЯТНИЦА, 19 АПРЕЛЯ.

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