Business Drive

Global remittances, the hard-earned money sent by migrant workers to their family members in low- and middle-income countries also grew by 8.6 per cent in 2021. The President of IFAD, Gilbert F. Houngbo says the digitalisation of remittances, particularly through mobile channels was a great opportunity to boost rural development as over half of these funds go to rural areas. He says digitalisation reduces fees and other transactions costs like travel time, making the process more convenient and safer while promoting digital and financial inclusion.