Five years of the Financing Facility for Remittances and the road ahead

More than 220 million people live outside the countries and communities they call home. The individual stories of those who leave their rural villages for cities and destinations abroad are stories of great dedication, but also of tremendous sacrifice. The ramifications of the personal decision to migrate have direct effects on development that reach far beyond migrant workers and their families. While the money sent home is a potent force for poverty reduction and for providing individuals with new opportunities, remittances also stimulate local economies and play a vital role in national development. IFAD’s multi-donor Financing Facility for Remittances (FFR) was created with the purpose of maximizing the development impact of remittances and empowering families to advance on the road to financial independence. Through its operations, advocacy and outreach, the FFR brings worldwide attention to the importance of remittances, bridges the divide between urban and rural financial services, and drives innovation and competition in the remittance marketplace. Together with its donors and partners, and by drawing upon the lessons learned from its projects, the Facility has developed this brief which identifies a series of tremendous opportunities international remittances.