International remittances play a critical role in sustaining the livelihoods of those living in poverty and fragile states. At more than three times the size of official development assistance (ODA), and providing more stability than other sources of household income, remittances are a lifeline for many people in the developing countries. This is one area where digitisation can really have a demonstrable impact on the lives of the underserved. By expanding access, lowering the cost, and offering greater convenience, security, and access to the digital economy, mobile money can help accelerate the digitisation of international remittances through formal channels.
The GSMA is proud to endorse the International Day of Family Remittances (IDFR). Recognising the critical importance of economic contribution of migrants for development, the GSMA celebrates IDFR through a number of ways to raise awareness and highlight the urgency of enabling mobile money remittances in more countries.
To mark the 2018 IDFR, the GSMA is happy to share an exclusive interview with Alexander De Croo, Deputy Prime Minister of Belgium, on the importance of remittances and the role of mobile technology, particularly mobile money, in accelerating the digitisation of remittances.
IDFR also aims to encourage the public and private sectors to collaborate more effectively to maximise the impact of international remittances. Please see our contributions to IFAD’s latest Endorsement Brochure to find out more on how the GSMA is supporting this public-private dialogue.
For more information on the GSMA Mobile Money’s industry initiatives surrounding international remittances, visit gsma.com/internationalremittances