IAMTN is calling on all key players of the Remittance Industry to join our endorsement of the “International Day of Family Remittances”
The International Association of Money Transfer Networks, the only non-profit global international trade organisation that represents the money transfer industry 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 submitted to the United Nations General Assembly for formal endorsement in 2016. On 13th May 2018, UN General Assembly adopted a resolution which endorses the International Day.The resolution highlights that remittances play a key role in sustainable development.
16th June 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 one of the largest single financial force for good on the planet. In 2017, 200 million migrants sent USD481 billion to remittances-reliant countries of which $466 billion went to developing countries, helping sustain about 800 million people across the world. 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.
IAMTN recognizes the work of Member States, the United Nations, and the role of civil society organizations in advancing the impact remittances have on socio-economic factors globally.
IAMTN, as a representative stakeholder in the remittances industry, on behalf of its supporters, and its governance, hereby welcomes the adoption by UN General Assembly of the resolution to endorse the International Day of family Remittances. The resolution highlights that remittances play a key role in sustainable development.
At IAMTN, we celebrate the power of remittances with people throughout the world and we call on governments, regulators, financial institutions and development bodies to do everything in their power to help us achieve that aim.
On this day, IAMTN joins in recognizing and raising global awareness of the fundamental contribution made by migrant workers through remittances to the wellbeing of their families and communities back home, and to the continued development of their countries of origin.
Happy International Day of Family Remittances!