FFR

Maximizing the impact of remittances on development

Remittances and development

Remittances are a crucial contribution to the well-being of migrants’ families and communities back home. They help lift millions of migrant families out of poverty, and allow them to improve their access to health, education and housing.

In 2023, over 200 million migrant workers sent US$669 billion to 800 million family members in low- and middle-income countries.

Maximizing the impact of remittances

Since 2006, IFAD's multi-donor Financing Facility for Remittances (FFR) maximizes the impact of remittances on development and promotes migrants' investment in their countries of origin.

With almost 70 projects in over 50 countries, the FFR promotes innovative investments and transfer modalities, supports financially inclusive mechanisms, enhances competition, provides financial education and inclusion, and encourages migrant investment and entrepreneurship.

Research and partnerships

The FFR conducts dedicated research on global and regional remittances flows. Its Sending Money Home reports provide an overview of trends and opportunities in different remittance markets, and analyse costs, regulations and main actors in the ecosystem.

The FFR is highly involved in global and regional processes on remittances and development, including the Global Forum on Migration and Development, the G20 Global Partnership for Financial Inclusion and the Global Remittances Working Group.

Events

The IFAD-led Global Forum on Remittances, Investment and Development (GFRID) Summits bring together stakeholders across sectors to create partnerships and synergies. It is one of the actionable tools to implement the Global Compact on Migration (objective 20).

The FFR coordinated efforts towards formal adoption of the International Day of Family Remittances (16 June) by the United Nations General Assembly. The day raises awareness of the fundamental contribution of migrant workers not only to their families and communities back home, but also to wider sustainable development in their countries of origin.

Initiatives

Since 2019, the FFR has been implementing the Platform for Remittances, Investments and Migrants' Entrepreneurship in Africa (PRIME Africa), co-financed by the European Union. It  maximizes the impact of remittances for millions of families in seven countries in Africa.

In parallel, the FFR is implementing the Diaspora Investment in Sustainable Rural Youth Entrepreneurship in Mali which supports investments from the Malian diaspora to their home country.

Stay updated

Get weekly updates on remittance markets by subscribing to our newsletter. For more information, contact [email protected].

The FFR is co-financed by the European Union, the Grand-Duchy of Luxembourg, Spain’s Ministry of Foreign Affairs, the Swedish International Development Cooperation Agency and the German Agency for International Cooperation for the GFRID Summits.

Contacts

Contentverzamelaar

Frédéric Ponsot

Senior Technical Specialist on Remittances, Diaspora and Inclusive Finance

[email protected]

Bibiana Vàsquez

Senior Remittances, Diaspora and Inclusive Finance Specialist

[email protected]

Viola Paroli

Temporary Professional Officer, KM and Programme Implementation Analyst (FFR)

[email protected]

David Berno

Remittances and Inclusive Digital Finance Officer (Kenya, Uganda)

[email protected]

Leonard Makuvaza

Remittances and Inclusive Digital Finance Officer (South Africa, The Gambia)

[email protected]

Francine Dove

Remittance and Inclusive Digital Finance Specialist (Ghana)

[email protected]

Meryem Aziz Alaoui

Senior Consultant, Remittances and Financial Inclusion

[email protected]

Guillaume Top

Diaspora Investment Specialist (Mali)

[email protected]

Ankita Handoo

Communications Consultant

[email protected]

Spotlight

Contentverzamelaar

GFRID Summit 2023: Outcomes Report

This report outlines key findings and actionable outcomes for both remittances and diaspora-impact investments.

Related news

Related news

New multi-service platform provides access to improved financial services for Moroccan migrants and their families

januari 2024 - NEWS

New partnership between IFAD and international money transfer operator, Moneytrans. The project is part of the Platform for Remittances, Investments and Migrants’ Entrepreneurship in Africa, an initiative funded by the European Union and implemented by IFAD’s Financing Facility for Remittances.

Maximising the development potential of remittances in Southern Africa

januari 2024 - NEWS

To address the lack of an effective and efficient payment infrastructure for low-value remittances in Southern Africa, IFAD and the European Union have joined forces through the PRIME Africa initiative.

IFAD, Stanbic Bank enter partnership to cut money transfer costs to Uganda in half

september 2023 - NEWS

IFAD and Stanbic Bank Uganda (SBU) today announced a partnership that will cut the cost incurred by Ugandan migrant workers sending money home in half by using Flexipay, a digital payments’ platform.

Related events

Contentverzamelaar

The GFRID Summit 2023

juni 2023 - EVENT

IFAD and the UN Office of the Special Adviser for Africa are hosting the Global Forum on Remittances, Investment and Development (GFRID) Summit 2023.
 

eGFRID - Remittances and investment: how migrants finance sustainable development

januari 2022 - EVENT

The next eGFRID webinar, jointly hosted by IFAD and the European Commission (EC), will focus on the topic of “Remittances and investment: How migrants finance sustainable development.”

Enhancing the contribution of migrants in the post COVID-19 era

mei 2022 - EVENT

This International Migration Review Forum (IMRF) side event—hosted by IFAD, UN DESA, and the World Bank—focuses on migrants’ contribution to sustainable development. It will provide concrete suggestions on how to promote objectives 19 and 20 of the Global Compact for Migration.

Related stories

Contentverzamelaar

11 reasons why remittances are important

juni 2021 - STORY

Every year, on 16 June, the International Day of Family Remittances (IDFR) is observed to raise further awareness on the abnegation and sacrifice of migrant workers, who support their families and communities of origin through the money they send back home, particularly in these times of crisis.

13 reasons why remittances are important

juni 2023 - STORY

Remittances continue to matter more than ever, particularly in rural areas where they count the most and provide further opportunities towards rural transformation. Here are 13 reasons why.

Helping remittances reach rural areas in Moldova

maart 2021 - STORY

For some time now, it has been difficult to find well-paid work in Moldova. Most of the good jobs available are concentrated in the cities, resulting in significant migration out of the country’s rural areas.

Related publications

Contentverzamelaar

African Conference on Remittances and Postal Networks – official report

september 2015
This report proceeds from the First African Conference on Remittances and Postal Networks held in Cape Town, South Africa 2015.

African Postal Financial Services Initiative

april 2016
This brochure describes the operations of the African Postal Financial Services Initiative, highlighting the unique position of postal networks for extending access to cashless payments and securing affordable financial services in rural areas.

Baseline survey on the use of rural post offices for remittances in Africa

oktober 2015
​This survey was commissioned by the Financing Facility for Remittances (FFR) of the International Fund for Agricultural Development (IFAD), and undertaken by Taylor Nelson Sofres, TNS-RMS, in the context of the African Postal Financial Services Initiative (APFSI). 

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