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Text Content

 * About
   * Global Team
   * Regional Team
   * IFAD
 * Programmes
   * Strategic Framework
   * FFR Programmes
     * REMIT PRIME Central Asia
     * PRIME Africa
     * MIGRRA
     * APFSI
     * EUTF MALI
 * Projects
   * Project Directory
 * Policy Engagement
   * GFRID
   * IDFR
   * Global Processes
   * National Policy Engagement
   * Partnerships
 * Data & Knowledge
   * Knowledge & Report Directory
   * RemitSCOPE for Remittance Market Data
   * Sending Money Home Series
 * Latest

Menu
 * About
   * Global Team
   * Regional Team
   * IFAD
 * Programmes
   * Strategic Framework
   * FFR Programmes
     * REMIT PRIME Central Asia
     * PRIME Africa
     * MIGRRA
     * APFSI
     * EUTF MALI
 * Projects
   * Project Directory
 * Policy Engagement
   * GFRID
   * IDFR
   * Global Processes
   * National Policy Engagement
   * Partnerships
 * Data & Knowledge
   * Knowledge & Report Directory
   * RemitSCOPE for Remittance Market Data
   * Sending Money Home Series
 * Latest


MAXIMIZING THE DEVELOPMENT IMPACT OF MIGRANT AND DIASPORA FINANCIAL
CONTRIBUTIONS.

Lives impacted
1.8 MN
Project Partners
280 +
Amount funded
$ 61 M
Co-financed
$ 14.2 M
Countries worked
50 +

Established in 2006, at the United Nation’s International Fund for Agricultural
Development (IFAD), the Financing Facility for Remittances (FFR) is a
multi-donor facility. The FFR finances and supports projects that spur
innovation and improvements to global and domestic remittance markets with a
focus on maximising the development impact of migrant financial contributions to
their families and communities that receive them, particularly in rural areas.

The FFR works directly with governments and in partnership with the private
sector and the civil society to improve access and use of remittances in rural
areas, enhance competition in the marketplace, empower migrants and their
families through financial education and inclusion, and encourage migrants’
investment and entrepreneurship.

 * Remittance Cost, Access & Digitalization
 * Financial Inclusion & Resilience
 * Diaspora Investment & Entrepreneurship


PROJECT & OPERATIONS



The FFR provides grant funding and technical assistance to project partners and
aims to reach scale by embedding learnings and approaches into IFAD’s programmes
of loans and grants. FFR has financed over 70 pilots across 50 countries
increasing the impact of international remittances on LMIC’s rural development. 

Learn More


POLICY ENGAGEMENT



The FFR advocates for improved remittance markets and greater impact to
sustainable development at a global, regional and national level. The FFR
supports and influences global and regional processes through research,
technical expertise and policy dialogue, as well as engaging stakeholders. 

Learn More


DATA & KNOWLEDGE SHARING



The FFR collects and shares market intelligence, data & knowledge on and around
remittances and its senders and beneficiaries. This includes dissemination
through dedicated data-driven websites, global and thematic reports, blogs,
videos, as well as conferences, webinars and exchanges. 

Learn More


RELEVANCE FOR THE DEVELOPMENT AGENDA

Remittances play a pivotal role in assisting one billion individuals in
achieving their Sustainable Development Goals (SDGs) by 2030. The FFR encourages
all actors engaged in the remittance and diaspora investment markets to
acknowledge and act upon opportunities and best practices that can contribute to
achieving the SDGs.

On average, remittances represent up to 60 per cent of a recipient family’s
income, and typically more than double its disposable income. These funds allow
families to build assets and deal with uncertainty.
Analyses of 71 developing countries show significant poverty reduction effects
of remittances: a 10 per cent increase in per capita remittances leads to a 3.5
per cent decline in the share of poor people in the country’s population.

Recommended actions
Promote affordable and safe access to remittances from the first to the last
mile, particularly in rural areas, which receive 40 per cent of all flows and
where remittances count the most.
Provide value-added financial and non-financial services to remittance families
to facilitate productive investment of their funds and further build assets for
a more secure future.



In rural communities, half of remittances are invested in agriculture-related
expenses.
Additional income increases receiving households’ demand for food, which
increases domestic food production and improves nutrition, particularly among
children and the elderly.
Investment of migrants’ income in agricultural activities creates employment
opportunities.

Recommended actions
Expand and leverage the ability of remittance families to invest and engage
directly in agricultural production, leading to improved food security. This can
be achieved by strengthening the capacity of rural financial and non-financial
service providers, particularly by promoting services for agricultural
production.



Remittances invested in health care – access to medicine, preventive care and
health insurance products – improve the health and well-being of recipient
families.
Infants born into remittance families have a higher birthweight and are less
likely to die during their first year.

Recommended actions
Develop incentives for enhanced health insurance products and improved channels
of distribution customized to the needs of remittance families, including the
possibility for migrant workers to directly pay premiums for their families.
Facilitate the portability of pension rights for migrant workers to their
countries of origin.
Further mainstream psychosocial support into financial education programmes for
migrants and families during pre-departure and post-migration, to help alleviate
the negative effects of family separation.



One of the main reasons migrants send money home is to ensure access to better
education for their children. Remittance-receiving households have demonstrably
better educational participation than non-recipients, and invest about one tenth
of their income educating their children.
Remittances lead to almost doubling school enrolment. Children from remittance
families, especially girls, register higher school attendance, enrolment rates
and additional years in school.
Remittances substantially reduce the probability of child labour participation.

Recommended actions
Facilitate the ability to save regularly on both the sending side and receiving
end to pay for education fees back home, including direct bill payments from
abroad to cover education expenses, among others.



Women migrant workers now comprise half of all remittance senders: 100 million
in total. Remittances transform the economic role of women both on the sending
side and receiving end through financial independence and better employment
opportunities. While women remit approximately the same amount as men, women
tend to send a higher proportion of their income regularly and consistently,
even though they generally earn less than men.

Recommended actions
Recognize that 50 per cent of all migrant workers are women and empower them to
overcome the traditional bias against financial independence and control. Invest
in advisory services for women to meet entrepreneurial aspirations, improve
income management and ultimately enable family reunification. Expand
gender-sensitive financial services and sensitize remittance service providers
on gender and migration dynamics.



To create social capital and pool funds to address local needs, migrants and/or
their families often organize themselves into neighborhood organizations in
their communities or through hometown associations (HTAs) abroad. HTAs identify
development priorities and participate in technical advice and fund-raising
activities. Community projects take into account sustainability concerns and
community welfare.

Recommended actions
Support social capital with migrant groups that facilitate pooling of funds to
water and sanitation infrastructure projects in places of origin. Promote
partnerships between local authorities and migrant groups towards identifying
water and sanitation priorities, and join design and fund-raising efforts for
implementation. Create incentives for remittance families to invest in
sustainable agricultural irrigation infrastructure that efficiently manages
water resources.



Remittances have a positive impact on family assets and quality of life when
invested in housing, and they are more likely to be used for home improvements
than home purchases. Affordable solutions for poor households and their
communities are available, including efficient cooking devices and clean energy
solutions. Local community projects may apply clean energy technologies,
particularly in remote rural areas lacking access to electricity.

Recommended actions
Promote the use of remittances for financing household solar energy projects,
which could be expanded to the community with funding from the public sector (at
local and national levels), the private sector and international financial
institutions. Create incentives to support remittance families to invest in
clean energy ventures to distribute solar power systems or affordable equipment
using sustainable and affordable sources of power.



Money held by remittance-receiving families and migrants’ savings are maximized
when coupled with financial and entrepreneurial services. Migrant workers have
knowledge, skills and networks. Returnee migrants bring a wealth of experiences
and talents that can be channelled for their communities’ betterment. Migrants’
investment in micro, small or medium enterprises generates employment and income
in local communities.

Recommended actions
The financial inclusion of tens of millions of remittance families is a major
opportunity to multiply economic impact in individual households, communities
and the financial system. Promote financial education to stimulate the uptake of
financial services by migrant workers, refugees and their families. Acknowledge
the transformative effect of diaspora investment and recipients’ savings on
livelihoods and communities, stimulating employment and income-generating
opportunities, with the highest impact in rural areas



Reducing the cost of remittance transfers can increase disposable income for
remittance- receiving families. By reducing average costs to 3 per cent
globally, remittance families will save an US$20 billion annually. Civil society
awareness and information campaigns are promoting better working conditions for
migrant workers and cheaper, faster and safer remittances.

Recommended actions
Adapt regulations that are commensurate to relatively low-value transactions to
avoid excessive, counterproductive and costly processes and support a
proportional and predictable enabling environment for technological
innovators. Develop national “whole-of- government” remittance plans in
recipient countries to fully assess the opportunities represented by remittances
and migrant investments in their local economies. Encourage RSPs on both sides
of remittance corridors to incorporate competitive business models to lower
prices.



As remittance families increase their purchase capacity and change their
consumption patterns, they can do so by meeting individual needs and aspirations
within the ecological limits of the planet. Migrant households are regular and
heavy consumers of nostalgic goods (home country products). Trade of nostalgic
goods and diaspora tourism imply significant revenue for countries of origin.
Diaspora populations can act as a bridge to broader markets of nostalgic goods
and local tourism.

Recommended actions
Develop awareness-raising programmes in remittance-receiving communities on the
suitability of adopting environmentally-friendly consumption patterns. Promote
the investment of remittances in family and community projects of sustainable
and agro- tourism which, in addition to creating decent jobs, would foster local
culture, handicrafts, agro-biodiversity and gastronomy.



Migration is increasingly becoming a consequence of climate change. Remittances
and diaspora investment play a crucial role in mitigating its negative impacts
and helping cope with income shortages due to weather-related shocks.
Remittances enable the adoption of more sustainable crops and non- farm
activities.

Recommended actions
Support local financial institutions’ development and provision of
remittance-related, weather-based insurance products to migrant families in
rural areas.
Encourage investment from migrant groups in local enterprises offering products
and services designed to better manage exposure to climate- related risks, such
as drought and water shortages, floods and storm surge, heat waves, cyclonic
winds, shifting precipitation patterns, wildfires and invasive pests, among
others.



Through initiatives such as the Global Compact for Safe, Orderly and Regular
Migration and the G20 Global Partnership for Financial Inclusion (GPFI), the
international community now recognizes remittances as a vital support for
hundreds of millions of people across the globe and works to strengthen their
development impact on families and communities.

Recommended actions
Promote policy coherence among government institutions to create synergies
across national priorities that integrate migrant workers and their
contributions into development plans. Promote public-private partnerships that
stimulate client adoption of technology-driven systems to change the cash habits
particularly in the underserved and rural areas. Support the observance of the
International Day of Family Remittances (IDFR) in recognition of the
contribution of migrant workers to families and communities back home, and to
the sustainable development of their countries of origin.


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WHAT'S NEW?


LATEST FROM PROJECTS & OPERATIONS

27 June, 2024


VISIT REMITSCOPE.ORG, YOUR GO-TO, FREE TOOL FOR ALL THE LATEST DATA ON
REMITTANCES AND REMITTANCE-MARKETS IN AFRICA AND LAC

Read More


LATEST FROM DATA & KNOWLEDGE SHARING

12 December 2024


DISCOVER REMITSCOPE.ORG: YOUR FREE GUIDE TO GLOBAL REMITTANCE DATA

Launched by IFAD, RemitSCOPE gathers and organizes the latest information on
remittance flows, costs, market conditions, access, and structure with a special
focus on the regions and countries that benefit most from
remittances—particularly rural communities in low- and middle-income countries. 

Read More


LATEST FROM POLICY ENGAGEMENT


CAN REMITTANCES HELP RURAL FAMILIES COPE WITH CLIMATE CHANGE?

Climate change fuels a growing humanitarian and economic crisis in low-and
middle-income countries (LMICs). Worsening drought, shifting raining seasons,
more intense floods, heatwaves and storms combine to increase rural poverty,
reduce food and water security and spur rural migration.

Migrant remittances, estimated at $656 billion in 2023, are now a vital
financial lifeline for millions in these countries. These private flows help to
support recipients’ household expenses, including education, health and many
productive activities.

Can these intra-family cash transfers also assist families in becoming more
resilient in the face of climate change?

Read our latest blog


EVENTS


SIDE-EVENT: “ROLE OF REMITTANCES AND DIASPORA INVESTMENTS IN CATALYZING
DEVELOPMENT FINANCE”

 * New York
 * 3 December 2024
 * 11:15 am - 14:30 (EST)


SIDE EVENT COP16: LEVERAGING DIASPORA RESOURCES FOR CLIMATE RESILIENCE AND
SUSTAINABLE LAND USE

 * Riyadh, Saudi Arabia
 * 5 December, 2024
 * 11:30 -14:00 hrs
 * List Item


REMITTANCE UPDATES


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