International Day of Family Remittances 2023: Theme, Significance and Quotes – News18

INTERNATIONAL DAY OF FAMILY REMITTANCES 2023: Remittance refers to the amount of money that is given as a payment or gift. Migrant workers, mostly from rural areas, make meagre wages, far away from their native place to help sustain their families. They suffer the most during disasters or economic downturns. The International Day of Family Remittances (IDFR) is a global celebration that takes place on June 16, every year. The day recognises the importance of migrant workers and the efforts needed to help sustain and uplift their families. Below, we look at the theme and significance of the day and share a few quotes.

International Day of Family Remittances 2023: Theme

“Digital remittances towards financial inclusion and cost reduction,” is the theme for the 2023-2024 IDFR campaign, shared with the hashtag #FamilyRemittances across social media. The theme puts special emphasis on the benefits of digital remittances. Emerging digital technologies and growing digitisation has helped to lower costs of monetary transfer.

Recent technologies such as mobile payments have benefited senders and recipients belonging to the most vulnerable sections of society. As noted on the IDFR website, average remittance transfer costs are at 6.3 per cent worldwide, while mobile money transfer is at 3.73 per cent and is the least costly transfer rate at the moment.

International Day of Family Remittances 2023: Significance

IDFR was adopted by the UN General Assembly on June 12, 2018. The initiative began with the aim to meet the basic needs of migrant workers and their families and reduce poverty as per the UN 2030 Agenda for Sustainable Development. Payment through remittances helps such workers sustain their families back home.

As noted by the United Nations, last year, more than 200 million migrant workers sent money back home to low-and middle-income nations. The initiative celebrates the resilience of such workers and creates better financial inclusion for them, strengthens their communities and helps create a better future for their children.

International Day of Family Remittances 2023: Quotes

1. “If a free society cannot help the many who are poor, it cannot save the few who are rich. – John F. Kennedy, Inaugural Address, January 20, 1961
2. “Money often costs too much” – Ralph Waldo Emerson
3. “An empty stomach is not a good political adviser.” – Albert Einstein