Friday is the International Day of Family Remittances, a day dedicated to recognising the significant contribution that migrants make to the wellbeing of families back home and to the development of their countries of origin.
We at the International Organization for Migration call for a wider and more active recognition of the many potential benefits of remittances for those who receive them, and financial inclusion for the many migrants who now form part of our community.
Remittances help to cover the costs of basic needs. This includes education, housing, food and health. They also impact positively on savings, investments and job creation in communities. They represent an important safety net in times of crisis, providing critical resources which can help families cope with sudden shocks, for example a poor crop yield, or a natural disaster.
The UK has a unique position to be able to help the current remittance framework. We have strong financial literacy, a healthy banking sector, a booming financial technology industry, and strong migrant and diaspora representative bodies. We need to work together to develop initiatives that can improve awareness, trust and access to low-cost and needs-based forms of money transfer for migrants. This is a win-win situation, not just for the individuals and countries receiving remittances, but also for a more financially and socially inclusive UK.
Dipti Pardeshi
Chief of mission, International Organization for Migration UK
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