Celebrating the second International Day of Family Remittances

Family remittances are the core of our business.

While this is a great reason for Ria to support the second International Day of Family Remittances (IDFR), it’s also an opportunity to shine a light on something which we believe makes a positive social and economic contribution to many countries.

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In his 2011 G20 address, Bill Gates announced that migrant remittances represented the single largest financial force for good in the world. This is a statement echoed by the International Fund for Agricultural Development (IFAD), which confirm that remittances “constitute one of the world’s most direct methods of poverty alleviation.”

Kanayo F. Nwanze, President of IFAD, has also called for greater recognition of the vital financial contribution migrants make to the economic stability of their families and countries on this day, saying in this press statement: “The remittances sent back to relatives provide a lifeline, particularly to tens of millions of families living in fragile or post-conflict societies.

“Remittances can help rebuild the fabric of societies, spark economic development, and bring the stability necessary for a hopeful future.”

Remittances can empower people.

 

family-remittances-future

Photo credit: IFAD

 

Celebrating the International Day of Family Remittances

To celebrate the commitment and contribution made by international migrants to improve the lives of those in poorer regions, June 16 has been named as the International Day of Family Remittances.

Officially launched during the Global Forum on Remittances and Development  in Milan in 2015, Veronica Studsgaard, Co-Founder & CEO of the International Association of Money Transfer Networks says, “This day aims to recognise and raise global awareness of the fundamental contribution made by migrant workers through remittances to the wellbeing of their families and communities back home, and to the continued development of their countries of origin.”

During the launch, Ria’s CEO and President, Juan Bianchi, affirmed Ria’s commitment to families, saying, “[the IDFR] is an initiative which not only recognises the sacrifice of all the migrant workers – many of whom work within Ria – but also their families, which benefit from these regular flows of money. Worker Migration is not a vacation; it is sacrifice and hard work, with a neat story behind each remittance that is sent.”

How remittances help 

In 2015, $581.6 billion in remittances were sent to support family and friends across the world. Of this amount, approximately $430 billion was sent to help communities in developing nations – a figure which comes in at three times the amount of Official Development Aid (ODA).

In countries like Nepal, remittances account for nearly 30% of the total GDP and have had an impact on the reduction of poverty. Following the devastating 2015 earthquakes, remittances also acted as a direct form of aid, assisting some of the affected families to recover more quickly.

Ria is proud to celebrate this day, but we also know there’s still a lot that can be done to help make financial services more accessible and remittance services more affordable.  You can be sure that we’ll keep working on that.

Finally, we’d like to say thank you to all our customers who trust us to deliver their regular remittances with care. We will be waving our orange flags in celebration and appreciation of family remittances not only today, but every day.

Happy International Day of Family Remittances!