Global Remittances Flow May Hit $5.4trillion by 2030

Global remittances, the hard-earned money sent by migrant workers to their family members in low- and middle-income countries also grew by 8.6 per cent in 2021. <br />The President of IFAD, Gilbert F. Houngbo says the digitalisation of remittances, particularly through mobile channels was a great opportunity to boost rural development as over half of these funds go to rural areas. <br />He says digitalisation reduces fees and other transactions costs like travel time, making the process more convenient and safer while promoting digital and financial inclusion.