How policy and partnerships can make remittances affordable

REMITTANCES – the movement of money across borders – advance societies and economies.

According to the World Bank, remittances to low and middle-income countries reached an estimated US$656 billion in 2023, outpacing foreign direct investment and official development assistance. By 2025, this number is expected to touch US$690 billion. Not only are they an important source of finance for low-income countries, but they often protect countries from political and economic shocks.

For many, remittances are the first link to financial inclusion, providing the means to cover daily needs, pay critical bills, and keep a roof over their heads. However, these transfers are costly and are most acutely felt by the people who need them most.