Over the past two decades, the volume of remittances sent globally has increased fivefold. Despite this growth, there is still a pressing need to reduce transaction costs and improve access to financial services for the 1.4 billion adults worldwide who remain unbanked. This issue is highlighted in this year’s International Day of Family Remittances (IDFR), an initiative by the UN’s International Fund for Agricultural Development (IFAD) established in 2015.
Economic Impact and Challenges
The IDFR underscores the significant economic impact of remittances on receiving households, communities, and nations. By 2030, migrants are projected to send over US$5 trillion to low- and…