Objective 20: Promote faster, safer and cheaper transfer of remittances and foster financial inclusion of migrants

The Institute of the National Housing Fund for Workers (INFONAVIT) offers compatriots who live in the United States, who have a home in Mexico with Infonavit credit or wish to pay the Infonavit home loan of a family member or a third party , being able to make payments or amortizations directly in a safe and fast way through a branch of the remittance companies: Dolex, Maxi Transfer or Express Exchange. Infonavit pays the commissions for sending the money to Mexico.

This project arises from the collaboration between FINABIEN and IME with the company Broxel and its purpose is to enable Mexican migrants in the United States to send remittances to Mexico more easily, more securely, with a lower commission and in a matter of seconds with the use of a mobile application that allows them to have two accounts and two cards, one in dollars and the other in pesos.

IFAD is partnering with Ecobank Ghana under the PRIME Africa initiative to launch
innovative financial solutions aimed at enhancing access and use of remittance services
by Ghanaians in Germany and the Netherlands, as well as their families back home.

IFAD is partnering with Fidelity Bank Ghana under the PRIME Africa initiative to enable remittance recipients in high-migration rural areas to increase their share of remittances saved in formal bank accounts.

In collaboration with the African diaspora in Europe, WIDU applies an innovative approach that combines funding and coaching to strengthen new and existing small businesses in Africa, which then leads to the creation of new jobs.

WIDU.africa works in close collaboration with different African diaspora organisations and associations based in Europe. This partnership is vital for the implementation of WIDU.africa and the success of the project as they create a bridge between the WIDU.africa project and its most important actors ñ the diaspora members.

ADFC will be set up as an independent, non-AU continental finance institution, operating as a social enterprise and working together with other African and global finance, development, and diaspora institutions. The first phase of the ADFC implementation involves the initiation of an innovative finance scheme through the RemitAidô Remittance Match Funding mechanism.

The Program 3x1 (“Programa 3x1 para migrantes”) supports Mexicans living abroad to develop social infrastructure and productive projects in their hometown communities, with the participation of the federal, state and local government. The Program 3x1 for migrants is the federal government's answer for supporting migrant desire of improving their hometowns through the development of community social and productive projects. Adding the participation of the state and local government and hometown associations.

PostBank Uganda, in partnership with  Posta Uganda and the International Fund for Agricultural Development (IFAD), is finalizing its remittances business plan and expanding financial inclusion through remittances in rural areas of Uganda, leveraging Posta Uganda’s broad network of rural post offices to expand access to financial services for the rural population. The post offices are being equipped with modern digital and mobile technologies for remittance delivery and financial service transactions, and postal staff is receive specialized training.

Remit Hydro, a subsidiary of the government company Hydro Electricity Investment and Development Company Limited (HIDCL), is a concept for the development of hydropower sector in Nepal. A part of the remittance money the country is receiving will be used in the equity investment of hydropower projects. The project aims to promote collective remittances for development and encourage the productive use of remittances.

Global Pinoy offers remittance services for global and local Filipinos online. Furthermore, Global Pinoy has partnered with SM Cares to establish SM Global Pinoy Centers in SM Malls nationwide that offer services catered to the needs of the Overseas Filipino Workers and their families. Such services include free internet services, mobile phone charging, voice calls, beverages, BDO Remittance Pick-up services, and Foreign Exchange services by the SM Department Store.