The Global Compact for Safe, Orderly, and Regular Migration (GCM), as the first overarching international agreement of its kind, presents a unique opportunity for UN Member States to agree on a common vision on how to make migration work for the benefit of all nations and populations, and in particular to recognize the tremendous contribution of remittances to the development of migrants’ countrie. [...] In this context, the Global Migration Group (GMG) welcomes Objective 20 of the current GCM draft, to “promote faster, safer and cheaper transfer of remittances and foster financial inclusion of migrants”. [...] The 2030 Agenda for Sustainable Development highlights the significance of migrant contributions to inclusive growth and sustainable development in countries of origin, transit and destination. [...] Private actors, including money transfer operators (MTOs) and financial institutions, are hampered by a lack of actionable, disaggregated data on remittance markets, thereby reducing the expansion of access points for remittance services and exacerbating the lack of access to financial services, particularly in rural areas. [...] The GCM provides the opportunity to improve the current situation: the capacity of public authorities to implement standardized measurement and reporting protocols for remittance flows and related data should be strengthened.
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