Digital money transfer operator Azimo offers free remittances

The International Day of Family Remittances was launched in 2015 to raise awareness of the contribution that migrant workers make to the economies of their home countries. During 2020, despite the challenges caused by COVID-19, the total volume of remittances sent home by migrant workers fell by just 1.6%, according to data released by Azimo. This result was in contrast to a World Bank forecast in April 2020 that global remittances would decline by 20% in 2020.

In Latin America and the Caribbean (+7%), in South Asia (+5%) and in the Middle East and North Africa (+2%), remittance flows actually increased, the press release continued to inform. Individual countries with strong remittance growth included Colombia, Morocco and Bangladesh. Meanwhile, foreign direct investment into low- and middle-income countries sank by more than 30% in 2020.