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 2022, over 200 million migrant workers sent US$626 billion to 800 million family members in low- and middle-income countries. This is more than three times the annual flow of official development assistance and exceeds foreign direct investment.

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 remittances@ifad.org.

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

Asset Publisher

David Berno

Remittances and Inclusive Digital Finance Officer (Kenya, Uganda)

d.berno@ifad.org

Francine Dove

Remittance and Inclusive Digital Finance Specialist (Ghana)

f.dove@ifad.org

Leonard Makuvaza

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

l.makuvaza@ifad.org

Frédéric Ponsot

Senior Technical Specialist on Remittances, Diaspora and Inclusive Finance

f.ponsot@ifad.org

Leleng Tchangai

Remittance and Inclusive Digital Finance Specialist (Morocco, Senegal)

l.tchangai@ifad.org

Spotlight

Asset Publisher

The impact of migrants' remittances and investment on rural youth

In an increasingly globalized world community, rural international migration is often characterized by engagements or links that migrants establish with their home countries, home towns and relatives in their country of origin through transnational economic and social activities. 

Related news

Related news

Cape Verde: digital remittances have the potential to boost rural development, says IFAD report

December 2022 - NEWS
A new country diagnostic report by IFAD, funded by the European Union, identifies the hidden potential of using digital remittances, the money sent home by its migrant workers through digital means, to boost overall socio-economic development in Cape Verde.

Low-cost mobile remittances to boost rural development in The Gambia

December 2022 - NEWS
IFAD, APS International, MFS Africa and QMoney, are working together to slash international remittances transfer costs and improve access to related services in remote areas of The Gambia, creating new socioeconomic opportunities that will boost overall rural economic development.

IFAD and EU provide support to Malian diaspora to boost investments in agricultural sector

October 2022 - NEWS
Malian diaspora is keen to invest in the development of small and medium sized businesses (SMEs), especially to develop the agriculture sector, if they can access the right training, information and financial products, according to a new report funded by the European Union, commissioned by IFAD and developed by Red Mangrove Development Advisors, and Adept, the Africa-Europe Diaspora Development Platform.

Related events

Asset Publisher

Announcing the GFRID Summit 2023

June 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.  

GCM Talks: Remittances, Diaspora and the Sustainable Development Goals

May 2023 - EVENT
This webinar will launch the International Day of Family Remittances (IDFR) campaign and will set the stage for the upcoming Global Forum on Remittances, Investment and Development (GFRID) Summit 2023.

Remittances and their role in building resilience to improve food security in Africa

November 2022 - EVENT
Remittances contribute hugely to the economic health and social development of developing countries – IFAD and IOM know this well. For this reason, the two agencies are teaming up at COP27 in Sharm El-Sheikh to highlight the importance of these payments.

Related stories

Asset Publisher

12 reasons why remittances are important

June 2022 - 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 12 reasons why.

Helping remittances reach rural areas in Moldova

March 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.

11 reasons why remittances are important

June 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.

Related publications

Asset Publisher

Financing Facility for Remittances Knowledge Products

February 2023
Since its inception in 2006, IFAD’s Financing Facility for Remittances (FFR), has produced a large number of publications and information material with global outreach. This pamphlet aims to provide the reader with a quick overview of each, with a link to the dedicated webpage.

Improve partnerships between Post and Money Transfer Operators for better remittance services to rural Africa

December 2022
This flyer was produced in the framework of the African Postal Financial Services Initiative (APFSI) to highlight the improved partnerships between the Post and Money Transfer Operators to provide remittance services in rural areas.

RemitSCOPE: Kenya Country Diagnostic

November 2022
This diagnostic provides an assessment of Kenya’s remittance market, especially in light of the COVID-19 pandemic, using a market-oriented approach.

Related videos

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