IAMTN Endorses the International Day of Family Remittances

Remittances complement banking institutions by providing financial services to communities in developed and developing countries.

Remittances sent home annually by migrants workers dwarfs international aids and, in some instances, foreign direct investment too.

Remittances also power financial inclusion and disproportionately benefit both the poor and women in emerging markets. Hundred of millions of families globally rely on this money flows to keep food on the table and a roof over their heads.

Remittances can represent as much as 50% of GDP in countries like Tajikistan, Moldova, Haiti, Kosovo and Nepal. The World Bank estimates more than $600 billion will be sent annually from 2016 onward, of which $450 billion to rural areas of developing countries.

Money transfers are also of particular importance for fragile and conflict-affected states, where they constitute an important source of income to poor families. Hundreds of millions of families globally rely on these money flows. Remittances represent one of the largest single financial forces for good on the planet.

At IAMTN, we, stakeholders in the remittances industry, would like to remind the globe of the positive power of remittance and celebrate all those people who send money home, who make it possible.

We are pledging to work together to make remittances faster, cheaper and more accessible to all, so that this growing pool of money has the greatest impact possible on the lives of the poorest.

We work to keep this industry on the formal channel, working in: improving transparency, regulation, technology, financial inclusion and financial literacy.

Access to financial services can serve as a bridge out of poverty. But this effort will require many partners and for that, we call on governments, regulators and policy makers to do everything in their power to help us achieve that aim.

Through this day, IAMTN joins IFAD in recognising and raising global awareness of the fundamental contribution made by migrant workers through remittances to the wellbeing of their families and communities back home, and to the continued development of their countries of origin.

IAMTN, as a representative stakeholder in the remittances industry, on behalf of its supporters, and its governance, hereby welcomes the core values of the International Day of Family Remittances and supports its future consideration by the United Nations General Assembly.

We believe that by achieving this, it is one step more to help us to fix the perception problem the remittance industry face nowadays and negative connotations associated with migration.

Join IAMTN at The Global Forum on Remittances, Investment and Development (GFRID) , stand 9.


About IAMTN
The International Association of Money Transfer Networks is the only global international trade organisation that represents payment institutions providing cross border payments. Founded in 2005, provides a platform for industry partners to come together to discuss common challenges, industry initiatives, and create opportunities. IAMTN works closely with governments, regulators, regional associations, policy makers and all other important stakeholders such as the World Bank, IFAD, BBA, DIFD, FATF to champion the creation of the most effective, safe, reliable and efficient payment system.

Contact Information

Veronica Studsgaard

Founder & CEO

IAMTN

hello@iamtn.org