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$647 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.


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.


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.


Aggregatore Risorse

David Berno

Remittances and Inclusive Digital Finance Officer (Kenya, Uganda)

[email protected]

Francine Dove

Remittance and Inclusive Digital Finance Specialist (Ghana)

[email protected]

Leonard Makuvaza

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

[email protected]

Frédéric Ponsot

Senior Technical Specialist on Remittances, Diaspora and Inclusive Finance

[email protected]

Leleng Tchangai

Remittance and Inclusive Digital Finance Specialist (Morocco, Senegal)

[email protected]


Aggregatore Risorse

GFRID Summit 2023: Outcomes Report

This report contains a series of key findings and actionable outcomes for both remittances and diaspora-impact investments. The report has been shared with the President of the UN General Assembly and all UN member states with the aim of informing and supporting discussions at the seventy-eighth session of the United Nations General Assembly, particularly the 2023 SDG Summit and the 2023 High-level Dialogue on Financing for Development.

Related news

Related news

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

settembre 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.

“We need to change our mindset, diaspora and migrant workers are crucial development partners,” says IFAD expert

giugno 2023 - NEWS
Today, 16 June, marks the International Day of Family Remittances, led by IFAD. We spoke with Pedro de Vasconcelos, Manager of the Financing Facility for Remittances at IFAD.

Remittances and diaspora investments are vital to boost agriculture and rural development, says IFAD President

giugno 2023 - NEWS
“Making the most of remittances and diaspora investments can, paradoxically, curb the need for more to migrate. These flows are great contributors to the wellbeing of millions. Almost US$1.8 billion in remittances are flowing daily to low and middle-income countries, leveraging development opportunities. Half of that amount, US$900 million, is boosting agriculture and rural development” said Álvaro Lario, the President of IFAD at the opening session of the Global Forum on Remittances, Investment and Development (GFRID) in Nairobi today.

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Aggregatore Risorse

The GFRID Summit 2023

giugno 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.  

Atelier sur l’investissement des migrants en milieu rural au Sénégal, Paris

aprile 2016 - EVENT
Contexte et objectif général de l'atelier Le Mécanisme de financement pour l'envoi de fonds (MFEF) du Fonds international de développement agricole (FIDA)

eGFRID - Remittances and investment: how migrants finance sustainable development

gennaio 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.”

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Aggregatore Risorse

11 reasons why remittances are important

giugno 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

giugno 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

marzo 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.

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Aggregatore Risorse

African Conference on Remittances and Postal Networks – official report

settembre 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

aprile 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.
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