Family Remittances Day 2023: Theme, Importance, and Quotes

Family remittances play a vital role in supporting migrant workers and their families. These workers, often from rural areas, leave their homes and loved ones behind to earn meager wages in distant places. They face significant challenges, especially during disasters or economic downturns. To recognize their importance and address their needs, the International Day of Family Remittances (IDFR) is celebrated globally on June 16 each year.

The theme for the 2023-2024 IDFR campaign is "Digital remittances towards financial inclusion and cost reduction." This theme highlights the benefits of using digital technologies for remittances. Advancements in digital payments have reduced transfer costs, particularly benefiting vulnerable sections of society. According to the IDFR website, the average cost of remittance transfer worldwide is 6.3 percent, while mobile money transfer stands at 3.73 percent, making it the most affordable option.

The United Nations General Assembly adopted the IDFR on June 12, 2018, as part of the UN's commitment to meeting the basic needs of migrant workers and their families, thus reducing poverty as outlined in the UN 2030 Agenda for Sustainable Development. Remittance payments are crucial for these workers to support their families back home.

Over 200 million migrant workers sent money to low- and middle-income countries last year, demonstrating the significance of this initiative. The IDFR celebrates the resilience of these workers, promotes financial inclusion, strengthens communities, and helps create a better future for their children. By recognizing the contributions of migrant workers and the impact of family remittances, we can work towards a more equitable society.