The FFR Brief: Five Years of the Financing Facility for Remittances
This report discusses the achievements of the Financing Facility for Remittances (FFR) in its five years of operation. The International Fund for Agricultural Development (IFAD) created the multi-donor FFR to maximize the development impact of remittances and empower families to advance on the road to financial independence. FFR brings worldwide attention to the importance of remittances, bridges the divide between urban and rural financial services, and drives innovation and competition in the remittance marketplace.
The report highlights the tremendous opportunities offered by large-scale distribution networks, adoption of new technologies, mobilization of migrant capital, and partnership with the private sector. It discusses the present FFR strategy, project achievements and lessons learned, and the way forward for the following areas of intervention:
- Reducing the cost of remittances and related financial services;
- Reaching rural areas and broadening the geographical reach of financial services;
- Empowering migrant workers through financial education;
- Promoting migrant investment and migrant entrepreneurship;
- Adopting innovative approaches to gender issues.