The UN’s International Day of Family Remittances (IDFR) celebrates the 200 million people who send money to friends, family and loved ones in their home country. Started in 2015, IDFR takes place every June 16th.
International remittances are a crucial lifeline for more than a billion people around the world. In 2020, they overtook combined foreign direct investments and overseas development aid as the largest source of capital flowing into developing countries. Remittances account for 10% of the GDP of both the Philippines and Pakistan and 7% of the GDP of Nigeria.
In 2021, the global impact of Covid-19 means family remittances have never been so crucial. How have hard-working people like you responded to the global crisis? The results are a welcome surprise.
How is the coronavirus pandemic affecting family remittances?
The International Day of Family Remittances 2021 is happening at a particularly important time. The coronavirus crisis has shuttered businesses from London to Lagos, leaving millions of people either earning a limited income or out of work.
The Covid-19 pandemic has taught us many lessons. One of them, to never underestimate the resilience and ingenuity of migrant workers.
According to the World Bank, remittances last year were projected to fall by 20% – the sharpest decline in recent memory. Instead, they fell just 1.6%.
You – and millions of people like you – found a way to defy the odds and support the people you love.
Why are remittances so important?
The positive impact of remittances on the global economy cannot be overstated. Now more than ever, people need faster, cheaper, safer ways to send money abroad. The International Day of Family Remittances 2021 is a great way to highlight the global lifeline that remittances provide at this difficult time.
Family remittances should be faster, cheaper and safer
For decades, banks and money transfer shops have overcharged hard-working people to send money abroad. Some providers charge as much as 10% in fees and hidden costs. In 2021, that’s not acceptable. It’s also why we created Azimo, the money transfer service for hard-working people.
The theme for IDFR 2021 is “recovery and resilience through digital and financial inclusion”. And this slogan perfectly encapsulates why the World Bank’s predictions were so wide of the mark.
Azimo is up to 75% cheaper than other money transfer providers, with fantastic exchange rates and low, transparent fees. We’re building the world’s most advanced money transfer service, with instant or one-hour transfers to more than 80 countries. Our mission: is to use technology to make financial services affordable and available to all.
Your money is always safe with Azimo. We use the latest encryption and anti-fraud technology to keep your transfers secure. Even better, you can use our award-winning app to send money from your sofa, then track your transfer as it heads to its destination. Email and push notifications keep you updated every step of the way.
You send money abroad because…
“You send money abroad because you care. Because you’re needed. Because you can make a difference. It’s why you do what you do.”
People send money abroad because it makes a difference. For some, it’s to support a family member with a disability or victims of abuse in their community. The video below shows how Azimo customers support their friends, loved ones and wider communities.