Learn how microfinance providers can offer a safe and affordable route to transfer money for communities in poverty.
Where local employment is scarce, families living in poverty often rely on work in other areas or countries to provide them with a livelihood. Small loans help offer an alternative, keeping families together to build their own business. But when that’s not possible and a family member has to live and work away from loved ones, remittance services are key.
Every year, more than 215 million migrant workers send home US$450 billion to developing countries (International Fund for Agricultural Development). Despite being the largest recipients of global remittances, many developing countries lack any viable money transfer services, and substantial volumes of global remittances continue to flow through informal and sometimes dangerous underground channels, outside government supervision and regulation. Many remittance services are not safe and operate with a high cost.
This is where microfinance providers can step in, offering a safe and affordable route to transfer money. In the Philippines, Opportunity International Australia is working on a remittance initiative that will provide safe, convenient and low-cost money transfers for families living in poverty.
With your support, we can help families make the most of their hard-earned income.