Surprising Facts You May Not Know About The Impacts of Family Remittances From Abroad

Did you know a day is set aside to encourage working migrants to send money to their families in the developing countries? Today, June 16, 2016 marks the second observance of the #InternationalDayofFamilyRemittances which was launched last year by the International Fund for Agricultural Development (IFAD).

The day is observed to honour migrant workers, share their stories of family separation, and sacrifices, also to encourage the effects of sending money to families in the developing world as these remittances provide essential funding to millions of people worldwide.

Unlike in the past years, their contributions are now been counted and documented by government agencies as it is an important part of development agenda for government.

The following are surprising facts on how far these remittances help to improve the standard of living of the beneficiaries, create jobs and grow businesses in developing countries globally.

Fact 1: IFAD estimates that remittances support about 750 million people worldwide.

Fact 2: In 2015, almost 250 million international migrants living outside their countries of origin sent about US$450 billion in remittances to their families back home.

Fact 3: 30 to 40 per cent of remittances are sent to rural areas.

Fact 4: More than 90 per cent of the world’s poorest people do not have access to savings accounts, loans, insurance or any convenient way to transfer money. 

Fact 4: More than one billion individuals are directly impacted by remittances.

According to IFAD, about 80 money transfer operators have endorsed this year’s observance of the International Day of Family Remittances and are committed to taking action to ensure every hard earned Pound, Dollar, Yen or Naira sent home count even more.

Are you abroad? Do you send money home? If not, start complying! Your contribution goes a long way. Foreign currency is gold in Nigeria these days.

Image Credit: TheNerveAfrica