IMPACT OF COVID-19 ON MIGRANTS AND REMITTANCES
Migrants around the world are being hit hard by lockdowns, layoffs, and illness due to COVID-19. Funds sent by these migrants are playing an increasingly important role in the economies of many developing countries. This trend has been significantly interrupted by the COVID-19 global pandemic, with remittances expected to drop by 20% in 2020, according to the latest forecast by the World Bank.
In light of the COVID-19 pandemic, IAMTN is helping to address the issues and risks faced by the cross-border payment industry. IAMTN is leading the effort to mitigate the impact of COVID-19 on international payments and remittances, and to bring together the public and private sectors to collaborate on solutions, based on key industry research.
On 31st March 2020, at the request of IAMTN’s members, we initiated a survey, which aimed to monitor the risks and problems posed by the COVID-19 crisis on the international remittances markets and to assist the public and private sector stakeholders better address these. The findings are contained within this report, based on the survey which we conducted in collaboration with the United Nations Capital Development Fund (UNCDF).
The findings in this report are based on a study and survey conducted by the International Association of Money Transfer Networks (IAMTN) in collaboration with the United Nations Capital Development Fund (UNCDF).
Call to Action
IAMTN is honoured to join the Swiss and UK governments in the Call to Action: ‘Remittances in Crisis – How to Keep Them Flowing’, which is also supported by KNOMAD, World Bank, UNCDF, International Organization for Migration (IOM), United Nations Development Programme (UNDP), and International Chamber of Commerce (ICC).
As more governments – such as Mexico, Pakistan, El Salvador, Ecuador, Egypt, Nigeria and Jamaica – join the Call, IAMTN continues to engage with all stakeholders to provide the vital support and awareness for the issues that migrants and our industry are experiencing.