IDFR 2020 – Building Resilience in Times of Crisis

www.familyremittances.org Table of contents

Table of contents ��2

Message of the United Nations Secretary-General, António Guterres ��3

Message of the President of IFAD, Gilbert F. Houngbo ��4

The IDFR 2020 Campaign: Building resilience in times of crisis ��5

The Remittance Community Task Force ��7

The IDFR 2020 Highlights ��9 Key figures (June 2020) ��9 Actions �� 10 Digital mobilization �� 12 Web and social media �� 13 Press coverage �� 16

Annex 1: Resolution adopting the International Day of Family Remittances �� 17

Annex 2: Members �� 19 Message of the United Nations Secretary-General, António Guterres

On the International Day of Family I call on all stakeholders to take steps to Remittances, and in the midst of the reduce remittance transfer costs, provide COVID-19 pandemic, we recognize the financial services for migrants and their determination of 200 million migrants families – particularly in rural areas – and who regularly send money home, and promote financial inclusion for a more the 800 million family members living in secure and stable future. The Global communities throughout the developing Compact for Safe, Orderly and Regular world who depend on those resources. Migration offers one key platform for action.

Last year, remittances to low- and I am encouraged by wide-ranging middle-income countries reached a support for the global campaign – record US$554 billion – more than three #FamilyRemittances: Building resilience times the amount of official development in times of crisis. assistance and surpassing the level of foreign direct investment. Let us do our utmost to Yet this year, the World Bank projects that support millions of families remittances will fall by about 20 per cent, or US$110 billion, causing hunger, lost to reach their own goals. schooling and deteriorating health for tens In doing so, we will come of millions of families, with an especially heavy impact on women and girls. Several closer to achieving the nations and organizations have issued a Sustainable Development call to action to “keep remittances flowing”, urging policymakers to declare remittance Goals, one family at a time. services as essential and facilitate the scaling up of digital remittance channels.

At this time of global crisis, I appeal to people everywhere to support migrants, who are among the engines of the global economy and make crucial contributions to well-being across the world.

3 Message of the President of IFAD, Gilbert F. Houngbo

This year’s IDFR Observance Event, The IDFR provides an opportunity for which took place virtually, ended with institutions to come together and commit IFAD’s President video message to the to practical actions to sustain migrants over 700 people watching. and their families and build resilience to future shocks. In these difficult times, “On this International Day of Family IFAD has brought together partners from Remittances we invite you to join IFAD in different sectors to identify key priorities. recognizing the hard work and courage We call upon: of migrants and their families. There are 200 million migrants around the world – governments to recognize remittance supporting over 800 million family members services as essential and implement back home. On June 16 of each year, the policies fostering competition and international community recognizes them. innovation in the remittance market;

Their resilience today is being tested by a – private sector to use technology and pandemic that has challenged the entire digital services to reduce the cost of globe. COVID-19 has hit migrants very sending money home and improve hard. It has exposed them to job loss and speed and security; health risks and it threatens the economic lifeline of their families back home. – civil society to support programmes in financial education to help migrants Migrant workers and their families have save and invest to build resilience and a few safety nets: no work means no create opportunities for themselves and remittances. This year remittances are their communities back home. expected to drop by 20 per cent, hence tens of millions of families, including recipients of remittances, will fall into Today we recognize the effort extreme poverty. of all the women and men Each payment of about 200 to 300 dollars who work hard and make represents the hard work and compassion sacrifices to send money of migrants for families back home and adds up to half a trillion dollars per year home. Let us commit to globally, with at least 250 billion dollars do our part to make sure going to rural areas alone. that this hard-earned money These amounts have since the mid-nineties results in more resilience surpassed all development assistance combined. IFAD works with rural families and a brighter future for to build a better future by creating linkages rural communities.” between inclusive financial services and remittances, which help alleviate hunger and poverty.

4 The IDFR 2020 Campaign: Building resilience in times of crisis

On 11 March 2020, the World Health On 19 March 2020, the Secretary-General Organization (WHO) declared COVID-19 of the United Nations called for an urgent a pandemic. Lockdown and other and coordinated response from the preventive measures taken up by the international community to address the majority of countries to contain the spread COVID-19 pandemic, underscoring the have caused an unprecedented global fact that “remittances are a lifeline in the economic upheaval due to job losses developing world – especially now”. resulting from business closures and the sharp reduction in economic activity. Responding to the UN Secretary-General’s Among the most affected groups are call, on 24 March, IFAD, together with the estimated 200 million international the World Bank Group and the African migrant workers and their 800 million Union (the co-organizers of the Global family members back home who rely on Forum on Remittances, Investment and remittances for their livelihood. Development), launched the Remittance Community Task Force (RCTF), as part According to the World Bank Group, of the IDFR 2020 Campaign “Building remittance flows to low- and middle‐ resilience in times of crisis”. income countries are projected to decline by 7.2 per cent, to US$508 billion The campaign promotes concrete actions in 2020, followed by a further decline to support remittance families, while at the of 7.5 per cent, to US$470 billion same time recognize the key roles they play in 2021. Unlike previous shocks, the for the wellbeing of millions of families as economic impact and scale of COVID-19 well as the sustainable development of their is simultaneously affecting remittance local communities. The International Day sending and receiving countries. The of Family Remittances (IDFR), celebrated decrease in these flows threatens decades every year on 16 June, served as a catalyst of progress towards the achievement of the moment to propel the campaign to the SDGs, including poverty reduction, income global stage. equality, nutrition, health and education.

I am encouraged by wide-ranging support “ for the global IDFR 2020 campaign: #FamilyRemittances: Building resilience in times of crisis. Let us do our utmost to support millions of families to reach their own goals. In doing so, we will come closer to achieving the Sustainable Development Goals, one family at a time.”

António Guterres

5 The IDFR: A universally-recognized observance

The International Day of Family Through this observance, the United Remittances (IDFR) is a universally- Nations aims to bring greater awareness recognized observance adopted by the of the impact that these contributions have United Nations General Assembly on millions of households, but also on (A/RES/72/281) and celebrated every communities, countries and entire regions. year on 16 June. The day recognizes the The IDFR also calls upon governments, contribution of over 200 million migrants private sector entities, as well as civil to improve the lives of their 800 million society, to find ways to maximize the family members back home, and to create impact of remittances through individual, a future of hope for their children. Half and/or collective actions. of these flows go to rural areas, where poverty and hunger are concentrated, and where remittances count the most.

The IDFR is fully recognized at the global level, and included as one of the key initiatives to implement the Global Compact for Safe, Orderly and Regular Migration (Objective 20), also calling for the reduction of remittance transfer costs, and greater financial inclusion through remittances. The IDFR also furthers the 2030 Agenda for Sustainable Development and the Sustainable Development Goals (SDGs).

> See Annex 1 on page 17 to read the full UN Resolution (A/RES/72/281)

6 The Remittance Community Task Force (RCTF)

Understanding the need to act together as the UN Framework for the Immediate one to confront the global emergency, key Socio-Economic Response to COVID-19.2 stakeholders of the remittance ecosystem This will facilitate the achievement of from all sectors joined forces to raise Sustainable Development Goal (SDG) 17 awareness of the impact of the pandemic that aims to strengthen and revitalize global on the one billion people on earth directly partnerships for sustainable development. involved in remittances and to give voice It also promotes SDG Target 10.c that to remittance families. National Remittance seeks to lower the transaction costs of Task Forces were also migrant remittances to less than 3 per cent created in Gambia, Ghana and to eliminate remittance corridors and Senegal. The work of with costs higher than 5 per cent by the RCTF culminated in 2030. Through its focus on sustainable the release of a Blueprint digitalization, the Blueprint supports the for Action “Remittances Addis Ababa Action Agenda (AAAA) in Crisis: Response, of the Third International Conference Recovery, Resilience”, on Financing for Development, which outlining a set of immediate commits to leveraging new technologies and short-term measures for greater financial literacy and inclusion to address the challenges through remittance. confronting migrant workers and their families with the Finally, the findings of this report also COVID-19 pandemic. support several international processes. These include the Global Partnership The Blueprint for Action is in line with for Financial Inclusion (GPFI) of the G20, Objective 20 of the Global Compact for the Global Forum on Migration and Safe, Orderly and Regular Migration1 Development, and the UN process on (GCM) which promotes faster, safer and Financing for Development in the Era cheaper transfers of remittances, fosters of COVID-19 and Beyond, launched the financial inclusion of migrants, and on 28 May 2020 by the United Nations the need to strengthening international Secretary-General, the Prime Minister cooperation and global partnerships of Canada and the Prime Minister of on these issues. It also aligns with the Jamaica. contribution of the RCTF members to

1/ https://www.un.org/en/ga/search/view_doc.asp?symbol=A/RES/73/195 2/ UN Sustainable Development Group, 2020. A UN Framework for Immediate Socio-Economic Response to Covid-19

7 This initiative identifies remittances as a key (1) Short-term relief measures include: topic for engagement and repositioning Declaring remittance services essential; within the UN Financing for Development further seeking reduction of remittance Framework because of the pandemic. transfer costs; providing financial and policy support to eligible Remittance Service Providers (RSPs); gather and disseminate data on remittance markets and families’ needs; waive taxes, if any, on remittance transactions; promote public- private working groups; and incentivize use of digital remittance products both in sending and receiving countries.

(2) Remittance family measures include: Promoting financial inclusion of remittance families, through gender- sensitive adapted financial services and financial and digital education programmes; and leveraging on Heads of State and Government Meeting RSP payment networks to deliver urgent services. Heads of state and government met on 29 September to consider the menu of (3) Short- to medium-term measures for policy options developed over the last four more competitive and resilient remittance months with the ambition of supporting markets and an enabling environment Member States in responding and include: recovering from the current global crisis. Making information on costs of sending The findings of the Blueprint contributed and receiving remittances accessible to the menu, in particular in the and transparent; reviewing the policy framework of the Discussion Group I: framework of payment systems to “External Finance, Remittances, Jobs enable competition and innovation; and and Inclusive Growth”, and included the developing and encouraging remittance- following measures: related savings, loans and insurance.

To date, 40 organizations have joined the RCTF, including international organizations, inter‑governmental bodies, industry and private sector groups, networks of diaspora organizations and international experts on remittances.

> See Annex 2 on page 19 to see the full list of members of the RCTF.

8 The IDFR 2020 Highlights

The unprecedented participation in Event, to the Global Forum on Remittances, the RCTF spurred a momentum for Investment and Development’s network cooperation that paved the way for the of over 12,000 stakeholders and to a wider IDFR observance, on 16 June. Taking public on social media. stock of the many initiatives of public institutions and private companies addressing the COVID-19 crisis in relation In support of remittance to remittances, the IDFR 2020 Campaign families, keen engagement offered a dedicated website and social media visibility through the hashtag was demonstrated by the #FamilyRemittances to highlight best private and public sectors, practices. The concrete actions taken by the private and public sectors to support through online events, remittance families were brought to the social media activity attention of the more than 700 people who connected to the IDFR 2020 Observance and press coverage.

Key figures (June 2020)

+ 700 people attended the virtual IDFR Observance Event 2,337 unique users (+5434%) on familyremittances.org 2,758 #familyremittances mentions (+231%) on Twitter 501 press mentions (+303%)

9 Actions

Leading to the IDFR, the campaign website listed 44 actions taken by public and private entities to respond to the COVID-19 crisis and to build remittance families’ resilience.

Public sector UN Secretary-General Call for Coordinated The Central Bank of the Philippines encourages Action, Solidarity, and Hope 19 March a shift to e-payments amid quarantine 22 April Action by the UN Secretary General 2020 Action by the Government of the Philippines 2020 The European Union mandates the disclosure The Government of Pakistan moves to of total costs of cross-border payments 20 March offset the shortfall in remittances 2 May Action by the European Union 2020 Action by the Government of Pakistan 2020 Creation of the Remittance Community The Financial Action Task Force (FATAF) Task Force, led by the International Fund releases “COVID‑19-related Money for Agricultural Development (IFAD) 24 March Laundering and Terrorist Financing Action by IFAD 2020 Risks and Policy Responses” 4 May Action by FATAF 2020 The Government of New Zealand classifies remittances as an essential service 27 March Somalia: Central Bank to support Action by the Government of New Zealand 2020 remittance inflows 7 May Action by the Government of Somalia 2020 The Central Bank of Kenya directs banks to quarantine cash 29 March The Universal Postal Union (UPU) creates Action by the Government of Kenya 2020 a special IDFR postage stamp 11 May Action by UPU 2020 The Government of Qatar asks companies to familiarize workers Ghana launches the world’s first digital with online remittance services 31 March finance policy amid COVID-19 15 May Action by the Government of Qatar 2020 Action by the Government of Ghana 2020 World Bank Call to Action to Rwanda: rapid economic policy changes support the remittance sector 3 April to further the digitization agenda 19 May Action by the World Bank 2020 Action by the Government of Rwanda 2020 The International Organization for Switzerland and the United Kingdom Migration (IOM) provides guidance launch an international call to action on how to enhance migrant worker Action by Joint Switzerland – 22 May protection during the health crisis 7 April United Kingdom Initiative 2020 Action by IOM 2020 High-Level Event on Financing for Development Zimbabwe eases lockdown in the Era of COVID-19 and Beyond for diaspora pay-outs 7 April Action by Joint initiative by Canada, 28 May Action by the Government of Zimbabwe 2020 Jamaica and the United Nations 2020 Sri Lanka exempts inward remittances Moldova: First ever international remittance transfer through a from certain regulations and taxes 20 April Action by Sri Lankan authorities 2020 Saving and Credit Association 16 June Action by the Government of Moldova 2020 The Government of the United Kingdom (UK) United Nations Network on Migration’s classifies remittances as an essential service 21 April Action by the Government of the UK 2020 Policy Brief on the impact of COVID- 19 on family remittances 16 June Action by the UN Network on Migration 2020

Remittance Community Task Force 16 June launches Blueprint for Action 2020

10 Private sector

Kenya: Mobile-money as a public health tool 25 March GSMA’s mobile money recommendations Action by Safaricom 2020 to central banks in response to COVID-19 27 April Action by GSMA 2020 Philippines: Co-ops provide calamity loans with minimal interest 30 March IAMTN’s survey to highlight issues posed Action by NATCOO Network 2020 by the COVID‑19 crisis on remittances 29 April Action by IAMTN 2020 Cebuana Lhuillier waives remittance fees for donations to relief operations in the Philippines 31 March Valyou launches its e-KYC app 1 May Action by Cebuana Lhuillier 2020 Action by Valyou 2020

Wing offers free money transfers TransferWise promotes transparency of costs 5 May during the COVID-19 crisis 31 March Action by TransferWise 2020 Action by Wing 2020 Western Union provides fee reduction for WorldRemit provides regular updates frontline and essential workers globally 7 May on cash pick-up services worldwide 6 April Action by Western Union 2020 Action by WorldRemit 2020 UAE: Bank Asia offers instant money Linking insurance with remittances transfer solutions to Bangladesh 12 May through technology 6 April Action by Bank Asia 2020 Action by IFAD and partners 2020 Hello Paisa’s model of remitted groceries 19 May Remitly facilitates shift to digital remittances 14 April Action by Hello Paisa 2020 Action by Remitly 2020 Eurogiro’s “Financial Supermarket” to allow MTN’s relief package to promote post offices to offer modern financial services 20 May cashless modes of payments 15 April Action by Eurogiro 2020 Action by MTN 2020 Facebook introduces Novi, the Western Union provides cash home new digital wallet for Libra 26 May delivery service on demand 16 April Action by Novi 2020 Action by Western Union 2020 Azimo offers fee-free transfers on 16 June 16 June bKash offers international remittance Action by Azimo 2020 services in partnership with local commercial banks in Bangladesh 21 April Action by bKash 2020 Maybank Singapore offers complimentary remittance services for Malaysians 25 April Action by Maybank 2020 The campaign website listed 44 actions taken by public and private entities.

11 Digital mobilization

IDFR 2020 celebrations were marked by COVID-19 restrictions on social gathering. Despite the limitations, governments, private companies and international organizations did not hesitate to play their part in recognizing the importance of family remittances, and mobilized online.

The Virtual IDFR Observance Event

Convened by the IDFR Champions Guatemala, Building on the call for Decade of Action to deliver the Madagascar, Moldova and the Philippines, in Sustainable Development Goals by 2030, the outcomes partnership with the International Fund for Agricultural of the recent High-Level event of Financing for Development (IFAD), the event commemorated the Development in the era of COVID-19 and beyond, and International Day of Family Remittances (IDFR) the UN Secretary-General’s call for global solidarity through high-level dialogue and support to the 2020 IDFR in responding to the pandemic, this high-level virtual event Campaign “Building resilience in times of crisis”. Attended included a call for a set of immediate actions: by more than 700 people, the event was inagurated by the UN Secretary-General’s message, followed by 1. To declare remittance service providers (RSPs) as presentations made by the following high-level speakers: essential services in times of crisis. • H.E. Pedro Brolo Vila, Minister of Foreign Affairs 2. To ensure access to remittance services, especially of the Republic of Guatemala in poor rural areas, and to incentivize the use of digital • H.E. Teodoro Locsin Jr., Minister of Foreign Affairs remittance products. of the Republic of the Philippines 3. To support the resilience and financial independence of • H.E. James Duddridge, Minister for Africa of the remittance families by linking remittances to a full range United Kingdom of financial services and products. • H.E. Ion Perju, Minister of Agriculture, Regional 4. To fast track the implementation of the Global Compact Development and Environment of the Republic for Safe, Orderly and Regular Migration’s Objective 20 of Moldova and promote faster, safer and cheaper transfer of • H.E. Ms. Vero Henintsoa Andriamiarisoa, remittances in order to foster financial inclusion of Chargé d’Affaires, Permanent Mission of the Republic migrant workers and their families. of Madagascar to the United Nations

Webinar “Remittances IGC Webinar to mark in crisis: how to keep the International Day of them flowing” Family Remittances

On the occasion of the IDFR, Switzerland Hosted by the International Growth and the United Kingdom, in partnership Center to mark the International Day of with the World Bank/KNOMAD, UNCDF, Family Remittances, speakers discussed IOM, UNDP, the International Association the impact of the decline in remittances of Money Transfer Networks and the on the most vulnerable groups in International Chamber of Commerce developing countries, and explored short‑ organized a webinar to build on the and long-term policy measures that can Call to Action “Remittances in Crisis: benefit migrant workers, their families How to Keep them Flowing”. and communities.

12 Web and social media

Web traffic and social media mentions registered a surge compared to 2019. www.familyremittances.org (1 June – 30 June 2020) 2,337 new users +5434% compared to last year #FamilyRemittances on Twitter (1 June – 30 June 2020) 2,758 mentions +303% compared to last year

Official IDFR graphics and multimedia material were used by many organizations to highlight key figures and messages.

13 High-profile figures such as Gilbert F. Houngbo, President of IFAD; Jutta Urpilainen, EU Commissioner in charge of international partnerships; and Socorro Flores Liera, Ambassador, Permanent Mission of Mexico to the United Nations Office in Geneva, used their personal profiles to support the campaign.

Many UN bodies and other international organizations also joined in.

14 The uptake by the private sector was particularly noteworthy. Many private companies not only used the campaign material, but also produced their own adapted audio-visual content.

15 Press coverage

This year’s press coverage also saw a significant increase:

News items (1 June – 30 June 2020) 501 mentions +231% compared to last year

Articles included:

‘Emergency’ for millions as coronavirus severs remittance lifeline 1 May 2020

Covid-19 has squeezed migrants’ remittances to their families 15 June 2020

Remittances, a vital financial lifeline, are being squeezed 16 June 2020

World: Remittances and Beyond: COVID 19 impacts all forms of 16 June 2020 migrants economic contributions

Declare remittance service providers essential: UN body 16 June 2020

On International Day of Family Remittances, IFAD calls for remittance 16 June 2020 service providers to be declared essential businesses

16 Annex 1

Resolution adopting the International Day of Family Remittances

Resolution adopted by Reaffirming also its resolution 69/313 the General Assembly of 27 July 2015 on the Addis Ababa Action Agenda of the Third International on 12 June 2018 Conference on Financing for Development, which is an integral part of the 2030 72/281. International Day of Agenda for Sustainable Development, Family Remittances supports and complements it, helps to contextualize its means of implementation targets with concrete policies and Sponsors of the Resolution: The General Assembly, actions, and reaffirms the strong political Algeria, Australia, Recalling its resolutions 53/199 of commitment to address the challenge Bangladesh, Bolivia 15 December 1998 and 61/185 of of financing and creating an enabling (Plurinational State of), 20 December 2006 on the proclamation environment at all levels for sustainable Brazil, Canada, China, Colombia, Costa Rica, of international years, and Economic development in the spirit of global Dominican Republic, and Social Council resolution 1980/67 of partnership and solidarity, Ecuador, Egypt, El Salvador, 25 July 1980 on international years and Ghana, Guatemala, Guinea, anniversaries, particularly paragraphs 1 Recalling its resolution 71/237 of Guyana, Honduras, India, to 10 of the annex thereto on the agreed 21 December 2016 on international Indonesia, Ireland, Jamaica, criteria for the proclamation of international migration and development, in which it Madagascar, Malawi, Mexico, Morocco, Myanmar, years, as well as paragraphs 13 and 14, in noted the adoption of resolution 189/XXXVIII Nepal, Nicaragua, Nigeria, which it is stated that an international day by the Governing Council of the International Paraguay, Philippines, or year should not be proclaimed before Fund for Agricultural Development, on Republic of Moldova, the basic arrangements for its organization 16 February 2015, in which the Governing Russian Federation, Samoa, and financing have been made, Council proclaimed 16 June as the Singapore, Sudan, Thailand, International Day of Family Remittances, Timor-Leste, Tunisia, Uruguay and Viet Nam. Reaffirming its resolution 70/1 of 25 September 2015, entitled “Transforming Welcoming the work of the International our world: the 2030 Agenda for Sustainable Fund for Agricultural Development to Development”, in which it adopted a develop and promote innovative investment comprehensive, far-reaching and people- mechanisms to increase the development centred set of universal and transformative impact of remittances and diaspora Sustainable Development Goals and investment for sustainable development, targets, its commitment to working including through the Global Forum on tirelessly for the full implementation of Remittances, Investment and Development, the Agenda by 2030, its recognition bringing together representatives of the that eradicating poverty in all its forms private and public sectors and of civil and dimensions, including extreme society, poverty, is the greatest global challenge and an indispensable requirement for Considering that in many developing sustainable development, its commitment countries international remittances to achieving sustainable development in constitute an important source of income for its three dimensions – economic, social poor families and are projected to exceed a and environmental – in a balanced and cumulative 6.5 trillion United States dollars, integrated manner, and to building upon of which half will reach rural areas, during the achievements of the Millennium the 2015-2030 time frame for achieving the Development Goals and seeking to address Sustainable Development Goals, their unfinished business, play

17 Noting that 1 billion people are directly Acknowledging that innovative digital impacted by remittances annually, either technologies such as mobile money as senders or as recipients, and that transfers can effectively reduce the cost of 75 per cent of annual remittance flows go the transfer of remittances, which enables to meet the immediate needs of recipients efficiency and cost savings for senders and and the remainder – over 100 billion dollars recipients of remittances, a year – is either saved or invested, 1. Decides to proclaim 16 June the Recognizing the transformative impact International Day of Family Remittances; that remittances, including those from migrants, have across the Sustainable 2. Invites all Member States, organizations Development Goals and in supporting long- of the United Nations system and other term development strategies, particularly international and regional organizations, on poverty reduction and access to basic as well as civil society, including non- services at the household level, and that governmental organizations, individuals, remittances foster local investments that the private sector and academia, can encourage entrepreneurship and to observe and actively support the financial inclusion, especially in rural areas International Day in an appropriate of developing countries where poverty manner and in accordance with national rates are highest, and in times of crisis priorities, in order to raise awareness of and disaster, the impact of remittances;

Conscious that millions of families in rural 3. Calls upon the International Fund for areas are also supported by domestic Agricultural Development to facilitate remittances sent by family members the observance of the International typically living in urban locations, Day, including through the Global Forum on Remittances, Investment Recognizing the work done by Member and Development and mindful of the States, the United Nations system, the provisions contained in the annex World Bank and the Group of 20 and to Economic and Social Council the role of civil society organizations in resolution 1980/67; promoting the development impact of migration and family remittances, 4. Stresses that the cost of all activities that may arise from the implementation Recognizing also the role of the private of the present resolution should be met sector in developing cost-effective and from voluntary contributions; accessible money transfer services, including by linking them to other financial 5. Requests the Secretary-General to bring services for remittance senders and the present resolution to the attention of their families, and the role of all relevant Member States, the organizations of the stakeholders in realizing by 2030 the United Nations system and all relevant objective of target 10.c of Sustainable stakeholders for observance. Development Goal 10, to reduce to less than 3 per cent the transaction costs 95th Plenary Meeting of migrant remittances and eliminate 12 June 2018 remittance corridors with costs higher than 5 per cent,

18 Annex 2

RCTF’s members

Diaspora organizations – TransferWise – Africa-Europe Diaspora – Western Union – WU Development Platform – ADEPT – WorldRemit – African Diaspora Network – World Savings and Retail in Europe – ADNE Banking Institute – WSBI

Inter-governmental organizations Research organizations – African Union (AU), African – Centro de Estudios Monetarios Institute for Remittances – AIR Latinoamericanos – CEMLA – Financial Action Task Force – FATF – Centre for Financial Regulation and Inclusion – CENFRI International organizations – Centre for Studies in International – International Fund for Agricultural Politics – CeSPI Development – IFAD, Financing – DMA Global – DMAG Facility for Remittances – FFR – FinMark Trust – FMT – International Organization – Inter-American Dialogue – The Dialogue for Migration – IOM – Red Mangrove Development – Making Finance Work for Advisors – RMDA Africa – MFW4A – United Nations Capital The Reference group organizations that Development Fund – UNCDF have been following the process and – United Nations Economic providing guidance to technical teams are: and Social Commission for – Agence Française de Western Asia – UN ESCWA Développement- AFD – United Nations Entity for Gender – Agencia Española de Cooperación Equality and the Empowerment Internacional para el Desarrollo – AECID of Women – UN Women – Agenzia italiana per la cooperazione – Universal Postal Union – UPU allo sviluppo – AICS – World Bank Group – WBG – Deutsche Gesellschaft für Internationale Zusammenarbeit – GIZ Non-profit organizations – European Commission – Financial Sector Deepening – Directorate-General for Africa – FSD Africa International Cooperation and Development – DEVCO Private sector entities – Directorate-General for Economic – Azimo and Financial Affairs – ECFIN – Cosmo Element – Directorate-General for Financial – Groupe Speciale Mobile Stability, Financial Services and Association – GSMA Capital Markets Union – FISMA – Hello Paisa – Foreign, Commonwealth & – International Association of Money Development Office – FCDO Transfer Networks – IAMTN – Republic of the Philippines – International Money Transfer – Swiss Agency for Development Conferences – IMTC and Cooperation – SDC – Mukuru – Novi

19 International Fund for Agricultural Development (IFAD) IFAD is an international financial institution and a United Nations specialized agency dedicated to eradicating poverty and hunger in the rural areas of developing countries. Through low‑interest loans and grants to governments, IFAD builds and finances poverty reduction programmes and projects in the world’s poorest communities. Seventy-five per cent of the world’s poorest people, almost one billion women, men and children, live in rural areas of developing countries and depend on agriculture and related activities for their survival. IFAD focuses on poor, marginalized and vulnerable rural people, enabling them to access the assets, services and opportunities they need to overcome poverty. IFAD works closely with governments, other United Nations agencies, donors, non-governmental organizations, community groups and rural poor people themselves.

For more information, please visit www.ifad.org

International Fund for Agricultural Development Financing Facility for Remittances Pedro De Vasconcelos FFR Programme Coordinator Via Paolo di Dono, 44 – 00142 Rome, Italy Tel: +39 06 5459 2012 – Fax: +39 06 5043 463 Email: [email protected] www.ifad.org www.RemittancesGateway.org facebook.com/ifad instagram.com/ifadnews linkedin.com/company/ifad twitter.com/ifad youtube.com/user/ifadTV