Remittances - Sending money home
As global migration has increased significantly in recent years, so has a previously little-understood revenue stream: Remittances – money sent home by migrants to their country of origin. There are 190 million migrants worldwide - one in every 35 people, and it is estimated that in 2006 up to US$ 250 billion was remitted by migrant workers, much of it to the developing world helping to alleviate poverty. Such is the scale of global remittances; it now dwarfs both Foreign Direct Investment and International aid as a source of income for many developing countries and continues to increase rapidly every year.
One of the World Bank’s key objectives in their General Principals on Remittances is to make data available on remittances transparent and accessible to migrants.
Having been tasked with the production of transparent information on international remittances for migrants at the G8 Sea Island summit in 2004, the British Government turned to PBI to fulfil these obligations.
With the full support of the UK Government’s Department for International Development (DFID), PBI has identified researched, managed and disseminated information on migrant remittances from the UK, the second largest financial inflow into many developing countries. PBI has produced and distributed almost one million country-specific information leaflets both for those wishing to send money home and for service providers covering originating countries such as the UK, other European countries and South Africa to numerous destinations including India, Bangladesh, Pakistan, China, South Africa, Ghana, Mozambique, Kenya, Rwanda, Tanzania, Uganda, Jamaica, Ethiopia, Nigeria, Albania and Serbia, with many more currently in production. All published information is also available on our dedicated website (www.sendmoneyhome.org) which provides a comprehensive information resource online.
There is only one, credible information resource– www.sendmoneyhome.org. In short, this hitherto unknown phenomenon is now at the very top of the development agenda and PBI through ‘Send Money Home’ are ideally positioned as the most skilled organisation to service migrant data information systems.
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