PURPOSE: The International Day of Family remittances in observed every year on 17 June; Remittances connect migrant workers to their families financially. Remittances, or “cross-border person-to-person payments of relatively small value,” serve as a vital lifeline to the developing world. In order to support remittance families build resilience in times of crisis and inspire others. Sending money home is a way for migrants to stay connected with their families and show their love and support, no matter the distance.
FORUM: “Digital remittances: Towards financial inclusion and cost reduction.” International Day of Remittances 2024. Remittances remain essential for the attainment of the Sustainable Development Goals. By helping to put food on the table and pay for school, housing and medical expenses, they provide a crucial lifeline for those who receive them. That which isn’t spent on immediate needs can be invested in the local community. However, remittances can be costly to send. Average remittance transfer costs remain at 6.4 per cent globally, well above the SDG 10c target of 3 per cent. To harness the full potential of remittance flows, it is incumbent upon the international community, governments and private sector alike, to help remove barriers of inclusion to promote faster, safer and cheaper remittances. The IDFR is now globally recognized and is a key initiative in the Global Compact for Safe, Orderly and Regular Migration (Objective 20), which urges the reduction of transfer costs and greater financial inclusion through remittances. Follow the conversation with the hashtags: #familyremittances, #16June, #FinancialInclusion, #DigitalRemittances.
EVENTS: On June 16th to mark the International Day of Remittances 2024, the International Fund for Agricultural Development (IFAD), the United Nation Development Programme (UNDP), the Office of the Special adviser on Africa (OSAA) and The World Bank will organize a event. In observance of the International Day of Family Remittances (IDFR), the IOM will join the United Nations system in commending the determination and resilience of the human spirit as evidenced by migrant workers. Further, IOM calls upon member states, international organizations, and the private sector to facilitate safe and regular pathways of migrants and to provide for their financial and digital inclusion, the advantage of fast, cheaper and safer formal remittance channels to realize their full potential as actors, and financiers, for sustainable development.
During the observance ceremony, participants will discuss: Migrant and diaspora contributions: rescuing champions towards the achievement of SDGs by 2030 • Realities of the SDGs in 2023 • Remittance families and SDGs • Migrants and Diasporas: beneficiaries, investors or partners?; Panellists will revie the Roadmap of the Global Compact objectives 19 and 20 • Global Compact objective 19: Create conditions for migrants and diasporas to fully contribute to sustainable development in all countries • Global Compact objective 20: Promote faster and cheaper transfer of remittances and foster financial inclusion of migrants.
STATEMENTS:
PODCASTS: In recognition of the high cost of sending remittances, we are calling for a further reduction in transfer fees. While the cost of sending money has been reduced by half over the last five years, it still represents, on average, 7.13 per cent of the amount sent. In many places, costs are much higher, for example in Sub-Saharan Africa senders can spend as much as 9.3 per cent. Listen to the audio-podcasts!
CAMPAIGN MATERIALS: Address on Twenty-First Century Migration, Family Life and the Contribution of Remittances to Poverty Reduction.Through your digital platforms raise and spread awareness on the crucial role played by migrants and the importance of remittances in achieving the SDGs. You can find specifically designed templates to tell your stories. Get the campaign materials!
WHY WE CELEBRATE THE DAY?
The International Day of Family Remittances (IDFR) was adopted by the United Nations General Assembly and is observed on June 16th to recognize the more than 200 million migrant workers, women and men, who send money home to over 800 million family members and to focus on the great resilience of migrant workers in the face of economic insecurities
ACTIONS
Advancing the financial inclusion of migrants and their families.
Promote digital and financial solutions for remittances that foster greater social and economic resilience and inclusion.
PARTNERS
The IDFR is hosted by the United Nations Sustainable Development Network (USDN); The International Labour Organization (ILO); The UN Office for Migration (IOM); The International Fund for Agricultural Development (IFAD); The World Bank Group.