IAMTN is calling on all key players of the Remittance Industry to join our pledge to endorse the "International Day of Family Remittances”
The International Association of Money Transfer Networks, the only global international trade organisation that represents the money transfer industry / payment institutions providing cross border payments, is calling on all key players of the Remittance Industry to join our pledge to endorse “The International Day of Family Remittances”.
The International Day of Family Remittances was unanimously proclaimed by all 176 IFAD Member States during its Governing Council in February 2015, and will be submitted to the United Nations General Assembly for formal endorsement in 2016.
16th June 2016 is officially designated as International Day of Family Remittances. The day aims to recognise, and raise global awareness of, the fundamental contribution made by migrant workers to the wellbeing of their families and communities back home, and to the sustainable development of their countries of origin.
Remittances represent the largest single financial force for good on the planet. At $600 billion, the money sent home annually by migrant workers dwarfs international aid and, in some instances, foreign direct investment too. Remittances also power financial inclusion and disproportionately benefit both the poor and women in emerging markets. Hundreds of millions of families globally rely on these money flows to keep food on the table and a roof over their heads.
In recent years, the remittance services industry, a key part of the financial ecosystem, has come under increasing pressure from “de-risking” by the international financial sector and negative connotations associated with migration.
Today is a celebration of the hard work, sacrifice and generosity of international workers. As stakeholders in the remittances industry, we, the undersigned, pledge to work together to make remittances faster, cheaper and more accessible to all so that this growing pool of money has the greatest impact possible on the lives of the poorest.
We call on governments, regulators, financial institutions and development bodies to do everything in their power to help us achieve that aim.
We are committed to celebrating the power of remittances with people throughout the world.