International Day of Family Remittances: Imbibing its messages

Abdulrasheed Oluwaseyi & Amosu Jeremiah.

The chief message in making remittances is that no amount of money is too small to make an impact in a person's life. Like the popular saying goes "Half bread is better than none"

Remittance is a transfer of money by a foreign worker to an individual in their home country. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries.

The International Day of Family Remittances (IDFR) , is aimed at recognizing the significant financial contribution migrant workers make to the wellbeing of their families back home and to the sustainable development of their countries of origin.

The IDFR was unanimously proclaimed by all 176 member states of The International Fund for Agricultural Development (IFAAD's) Governing Council at its 38th session in February 2015, and adopted by the UN General Assembly in June 2018 (draft A/72/L.56 ). Proclaiming an International Day of Family Remittances represents an invaluable opportunity not only to recognize the efforts of migrant workers globally, but also to strengthen current partnerships and create new synergies among sectors to promote the development impact of remittances worldwide.

Remittances represent one of the largest single financial force for good on the planet. In 2017, 200 million migrants sent USD481 billion to remittances-reliant countries of which $466 billion went to developing countries, helping sustain about 800 million people across the world. The money sent home annually by migrant workers dwarfs international aid and, in some instances, foreign direct investment too.

Remittances also power financial inclusion and disproportionately benefit both the poor and women in emerging markets. Hundreds of millions of families globally rely on these money flows to keep food on the table and a roof over their heads.

Therefore,IDFR is the celebration of the hard work, sacrifice and generosity of international workers.

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