The UN’s International Fund for Agricultural Development (IFAD) and Belgium-based Moneytrans Payment Services recently partnered on an effort to encourage migrants from Morocco who live in Europe to use electronic channels rather than cash-based systems to send money home. This can allow migrants to spend less in transfer fees as well as boost access for senders and recipients to savings and credit opportunities. IFAD Program Manager Pedro de Vasconcelos said, “IFAD’s support will promote the digital transition and financial inclusion of a category of migrant workers who are particularly resistant to the idea of using non-cash transaction methods and who know little about the advantages offered by the financial services that would become accessible.” The goal is for 18,000 workers to adopt digital channels for sending money to 31,000 family members, of whom 30% live in rural areas. During 2021, Moroccans living abroad sent USD 10 billion home. Moneytrans serves 140 countries.

Author: Pranav Agarwal