According to the May 2021 Migration and Development Brief by the World Bank, remittance flows have proved to be resilient during the COVID-19 crisis. In 2020, officially recorded remittance flows to LMIC countries reached $540 billion, only 1.6 per cent below the $548 billion seen...
The Central Bank of Kenya (CBK) has recently announced the release of additional data on remittances, showing the amounts received from individual countries. Since 2007 CBK publishes monthly data on remittances grouped into three broad regions; North America, Europe, and the Rest of the World. In...
On the occasion of the IDFR 2020, the Remittance Community Task Force published a a Blueprint for action to support remittance families build resilience in times of crisis....
COVID-19 and its impacts have had far-reaching consequences and exacerbated inequalities. For the 800 million people reliant on migrant family members sending money home – money that many can no longer receive – COVID-19 is more than a deadly virus; it constitutes a devastating and immediate...
In support of International Day of Family Remittances 2020, the Republic of Moldova has launched the first international money transfer through Savings and Credit Associations of Moldova (SCAs), the local financial intermediary with the greatest outreach in rural areas. Through an IFAD-supported project implemented by the...
IFAD piloted a new microinsurance distribution channel linked to remittance services, promoting partnerships between Money Transfer Operators (MTOs) and insurance companies who wish to develop customised products for migrant workers and their families back home. The project involved financial literacy to strengthen the knowledge of...
In Qatar, the Ministry of Administrative Development, Labour and Social Affairs (MADLSA) has asked companies to educate their workers about online remittance services as a substitute of exchange houses.As the government ordered to close exchange houses from March 26, following preventive and precautionary measures to...
This event, co-convened by Canada, Jamaica and the United Nations, identified key areas of action to reposition the UN Financing for Development Framework in the context of pandemic-related crisis. The purpose of the initiative was to identify concrete financing solutions to respond to the current...
The document identifies challenges, good practices and policy responses to new money laundering and terrorist financing threats and vulnerabilities arising from the COVID-19 crisis. Also, on 1 April, FATAF's president had stressed the need to continue with the implementation of the FATF Standards to facilitate the...
The World Bank released a set of actions to support the remittances sector over the near term, as well as over medium term, to accelerate the efforts to reduce remittance prices to respond to the challenges of widespread unemployment and the plight of migrant communities...
