How MDBs Can Help Reduce Costs of Remittances and Facilitate Cross-Border Payments through Formal Channels
Remittance flows to low- and middle-income countries exceeded $650 billion in 2023, surpassing the sum of foreign direct investment and official aid. Countries are trying to increase this financial lifeline and its developmental impacts by lowering costs and encouraging flows through formal channels.
To mark the International Day of Family Remittances, MIGA invites you to a panel discussion.
Remittance flows to low- and middle-income countries exceeded $650 billion in 2023, surpassing the sum of foreign direct investment and official aid. Countries are trying to increase this financial lifeline and its developmental impacts by lowering costs and encouraging flows through formal channels.
- Can the global community, especially multilateral development banks (MDBs), encourage remittances and cross-border payments through formal channels?
- What can MDBs do to reduce the costs of remittances and increase the volume of cross-border payments?
- How constraining are political and commercial risks for investments in the cross-border payments industry?
- Can MDBs help reduce such risks and promote investments in the cross-border remittances sector and broader diaspora investments?
Date: Thursday, June 13, 2024
Time: 10-11 a.m.
Interventions from the floor and Q&A
Watch the event recording.
Chair
Vice President of Operations, MIGA
Presenter
Economic Adviser, MIGA/Lead Economist, World Bank
Panelists
International Association of Money Transfer Networks (IAMTN)
TerraPay
Onafriq
Mastercard
Alfredo O’Hagan
Senior Vice President, IDT