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

The PARE 1+1 Programme for Attracting  Remittances into the Economy, launched in 2010, offers funding to complement migrants’ financial resources and provides entrepreneurial training to migrants and their relatives for business development. The Programme also provides beneficiaries with information on the existing business opportunities. For this purpose, diaspora networks act as important information dissemination channels thus raising awareness on available investment opportunities in Moldova.

Results:

This highly innovative project works to digitize migrant workers’ remittances both in Malaysia and in countries of origin through e-wallets (wallet-based mobile-enabled remittance system), thus providing remittance recipients access to additional financial services that meet their needs. It aims to link mobile-enabled remittances with digital financial services offered by third parties at the receiving end in Pakistan and Bangladesh.

Deepening financial inclusion and enhancing rural people’s resilience by providing low-cost, cross-border mobile money transfers across the Kenya-Uganda corridor, linked with savings, loans and other financial services, and by promoting entrepreneurship for migrant family investment.

FAO is supporting the channeling of remittances (using the “1+1” matching approach) for agricultural development, nutrition and social protection in national food systems, including by assisting migrants and their families and communities in formulating small- and medium-scale enterprises in fruit, vegetable and livestock production and agribusiness.

In Morocco, national consultations were held in September 2017 with civil society and diaspora representivatives, scholars and researchers, represensatives of the private sector and public institutions. These national consultations have enabled Morocco to come with a consolidated contribution to the Global Compact, the "Recommendations of the Kingdom of Morocco on the Global Compact for Safe, Orderly and Regular Migration."

Through the crowdfunding platform 'Babyloan Mali', established by IFAD, Malians living in Europe can invest in microentreprises or agro-business opportunities in the rural areas of Mali. Babyloan identifies good business plans for the development of microentreprises, and matches them with diaspora members and organizations in France keen to invest in their home country, through the intermediation of Malian microfinance institutions.

Knowledge of financial management and economic rights is important to ensuring the overall economic welfare of migrants and to maximizing the social benefits of remittances to a community.

The project on “Supporting Migrants and Potential Migrants from Egypt through Information” was launched in 2001 at the initiative of Egypt's Ministry of Manpower and Emigration (MME) and with the support of the International Organization for Migration (IOM).

The Ministry of Malians Abroad has asked the EU ACP Action for Migration, implemented by the International Organization for Migration - IOM, to review the mechanisms that have been put in place since 2011 regarding remmittance and migration.

In particular, the mandate of this assistance was to review the mechanisms that relate, inter alia, to the following:

The Government of Kenya and IOM released in 2017 a guide for diaspora remittances and investments in the country.