What's on

Business of remittances should not be limited to ensuring funds reach recipients

When the pandemic struck, experts forecast a massive dip in global remittances. These forecasts though didn’t consider the power of human emotion in connecting the world’s 200+ million migrant communities with their families back home.

Negating all forecasts, the remittance industry saw a drop of only 1.6 per cent in 2020 and went beyond expectations to record a growth in 2021. A familial bond holds an intangible value, as the numbers prove. This year, the International Day of Family Remittances – celebrated annually on June 16 – comes at a time when the world is grappling with a heightened sense of economic insecurity.

While economies will struggle and jobs affected, the migrant worker’s role in strengthening the social contract with their loved ones has gained newfound attention. The sacrifice and hardship of the world’s migrants are a precursor to the $600 billion and more remitted every year. Over 800 million families rely on this flow to supplement their income shortages and lead a qualitative life. The role of remittances in upholding the UN’s Sustainable Development Goals cannot be discounted, although it only forms half the story of family wellbeing.
From “ / business”