76 Total participants
Session I – Enhancing financial inclusion and resilience of remittance families
Moderator and discussant: Pedro de Vasconcelos, Manager, Financing Facility for Remittances, IFAD
Track I focused on the needs of remittance families, in terms of financial capacity and capabilities, and identified good practices to mitigate the short-term impact of the current crisis. The speakers emphasized examples of linkages between remittances and financial inclusion, and the role of multisector stakeholders to scale up good practices.
Main discussion points
Takeaways: challenges and opportunities
These aspects need to be tailored to each country’s reality. For example, in a number of African countries, people use mobile banking more than other traditional financial services. A tailored approach is needed to determine the best tool for specific receiving and sending communities.
“Remittances are the Trojan horse into formal financial services.”
Nikki Kettles, FinMark Trust
Best practices and reports
All migrants in South Africa are economic migrants. The volume of remittances from South Africa to the region has increased, as new senders entered the formal market. However, at the bottom end, around 60,000 people who send little amounts dropped off.
Governments in the Southern African Development Community (SADC) supported citizens with social safety net measures, but they did not include migrants. FinMark Trust put together a programme of government grants that supported over 7,000 migrant workers’ families with US$15 per month for up to six months. These relatively inexpensive programmes can make a difference for thousands of migrants and family members back home in the short term.
 N.B.: Informal migration issues are not part of the RCTF discussions. Although human mobility was highlighted as essential to societies and to communities, such specific matters and government response to regularize irregular migrant workers are beyond the scope of the RCTF.
 Quote by Marie Chantal Uwitonze during the eGFRID Dialogue to Implementation
 One example is the joint IOM-WFP Report released in November 2020. Populations at Risk: Implications of COVID-19 for Hunger, Migration and Displacement