More and more people are on the move, it\u2019s estimated that 258 million people are currently living outside their country of origin.<\/p>\n
On 16 June, the world celebrated International Day of Family Remittances (IDFR) in recognition of migrant workers\u2019 financial contribution to families and communities in their home countries.<\/p>\n
Billions in funds are transferred between family members across country borders worldwide, and according to the World Bank, remittances to Sub-Saharan Africa alone reached $38 billion in 2017. This figure is expected to grow to $41 billion this year.<\/p>\n
These transfers have an enormous impact, as they are among the largest financial inflows in developing countries.<\/p>\n
According to the International Fund for Agricultural Development (IFAD), up to 75% of remittances are used to cover basic living expenses, such as nutritional and housing expenses, and, for many families in developing countries, makes up an estimated 60% average of their total household income.<\/p>\n