Remittances often serve as an economic lifeline for millions of families in developing countries.
Photo: © Lucian Coman/shutterstock.com

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Transforming global remittances through data insights

A new, free global data platform aims to capture remittances for rural development. Remittances are a vital component of the global economy, providing an essential financial lifeline to millions of families world-wide.

In December 2024, the UN’s International Fund for Agricultural Development (IFAD) announced the launch of RemitSCOPE, a free and interactive web platform providing essential data on global remittances, the hard-earned money sent home by migrant workers from developing countries.

As migration continues to increase world-wide due to the record number of active conflicts, economic instability and climate change, RemitSCOPE.org seeks to improve access to digital remittances, reduce transfer costs and facilitate access to related financial products, aiming to improve the lives and livelihoods of vulnerable rural communities in low- and middle-income countries (LMICs). 

In developing countries, the money sent home by relatives often serves as an economic lifeline for millions of families. RemitSCOPE.org focuses on these countries from the Global South, where access to finance remains a challenge, especially in rural areas where hunger and poverty continue to be deeply entrenched.

Remittances play a crucial role in the global economy. In 2023 alone, LMICs received an estimated 656 billion US dollars in remittances, surpassing the sum of all foreign direct investment and official development assistance combined. The money sent home by migrant workers continues to be the primary financial inflow to these countries.

Despite the importance of statistics on the remittance sector, significant data gaps persist, limiting understanding of trends and hindering efforts to improve accessibility and reduce transaction costs.

Key features of RemitSCOPE:

Country profiles: Covers over 70 nations in Africa and Latin America, highlighting remittance flows, primary sending countries and accessibility metrics. Future updates will expand coverage to additional regions.

Interactive dashboards: Explores data on migration, remittance costs, financial inclusion and market dynamics through customisable visualisations.

Cost and accessibility insights: Provides detailed data on remittance fees and digital adoption, enabling policy-makers and service providers to create affordable, accessible solutions.

Diagnostics for Africa and Latin America: Includes in-depth analyses of seven African and five Latin American countries, offering actionable recommendations to optimise remittance systems.

Focus on digitalisation: Tracks innovations such as mobile wallets and digital transfers, showcasing their potential to enhance affordability and financial access, especially in rural areas.

Market transparency: Furnishes insights into regulatory environments, competition and structural barriers, supporting the development of more inclusive financial ecosystems.

(IFAD/ile)

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