Remittances

The Bangko Sentral in Philippines (formerly know as Central Bank of the Philippines) created an interactive portal that will link users to information on the different banks on non-bank remittance companies in the Philippines, including locations of their branches abroad, remittance center, foreign banks/correspondents, products and services, and charges fees for remittance services to any part of the Philippines. The establishment of the OFW Portal is part of its efforts to improve the environment for OFW remittance flows, and to assist overseas Filipinos on their remittances concerns.

IFAD’s Financing Facility for Remittances (FFR) is one of the few entities dealing directly with migrant and remittance-specific issues since its start-up in 2006. The FFR is a US$38 million multi-donor fund which promotes economic opportunities for the rural poor through the support and development of innovative, cost-effective, and easily accessible international and/or domestic remittance services. The core purpose of the FFR is to maximize the impact of remittances on development.

The general objective is to support local development projects and productive investments (collective and individual) of the Malian diaspora in Mali with i) a dedicated support mechanism for entrepreneurs in France and country of origin ii) activities with public institutions and private sector institutions to improve the investment climate in countries of origin
Activities:

TawiPay (www.tawipay.com) is a pilot project that started in 2015. Its main goal is to increase transparency in the remittance channels. SECO is currently financing the establishment of the two channels Switzerland – Serbia and Switzerland – Bosnia. The project’s objective is to enable migrants/diaspora communities to reduce the cost of sending money to their home countries.

The ITHACA project is implemented by the European University Institute (EUI) in cooperation with ICMPD, Real Instituto Elcano (RIE), London Metropolitan University (LMU). The project aims to contribute to the rising research and policy interest on migrant transnationalism and its effects on countries of origin and destination as well as on migrants themselves (and their families). The project concentrates on transnational mobility for economic purposes, i.e.

With the financial inclusion program introduced in 2014, India has managed to open more than 118 millions account in less than a year. Regarding migration (both domestic and international migration), the program has connected payment banking networks with the mobile companies so that the remittances can travel faster.