By Wayan Vota on June 1, 2020
As the world suffers coronavirus’ socioeconomic repercussions, global remittances are slowing substantially. Countries with high COVID-19 cases host 75% of the world’s migrants, sending 90% of global remittances. This means global remittances may decline by 20% in 2020, with dire consequences for people in low and middle income countries.
Digital remittances present several advantages for migrants seeking to send money back home, including:
- Alternatives to in-person interactions at bricks-and-mortar RSP branches, resulting in large time and cost savings during travel restrictions
- Increased access to additional financial services, such as digital savings, credit and insurance, which could provide safety nets and strengthen resilience.
Yet, many migrants are not yet aware of the benefits and use-cases of digital financial services, and may not know how to register for a digital transaction account such as a mobile wallet.
Grant Funding for Digital Remittance Solutions
UNCDF is seeking remittance provider partners for their COVID-19 Digital Response: innovative use-cases, products or business models that support migrants and their families through continued access to inclusive and affordable remittance options and resources for their financial and physical wellbeing.
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UNCDF Digital Remittance RFA will provide $50,000 to $250,000 performance-based grants for solutions that address one of these three areas of impact:
- Access: Promoting access to and the adoption of digital remittance channels
- Usage: Scaling digital remittances use-cases for migrant workers and families
- Financial Services: Linking remittances with value- added products and services for migrant workers and their families
The interventions can be linked to any country, but should impact migrants from Senegal, Ethiopia, Nepal, Bangladesh, and Myanmar or be regional interventions facilitating digital solutions for migrants within Central Africa, East Africa and West Africa.
Apply Now! Deadline is June 8, 2020
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