Remittances and microfinance networks

Of the US$450 billion that migrant workers send home to developing countries every year, between 30 and 40 per cent goes to rural areas. At the starting point of the migration chain, people leave rural areas to seek opportunities elsewhere due to a lack of opportunities closer to home. Microfinance institutions (MFIs) are uniquely capable of serving the needs of remittance recipients, while reinvesting surplus funds to improve opportunities for the local community.