The program’s overarching strategic goal is to improve the overall market for remittances and ultimately achieve further financial inclusion, broader usage of electronic payments and the reduction of the cost of remittances while maintaining financial stability. This will allow migrants and their families a net increase of the available resources for their daily needs, savings as well as investments.

The program is executed by the World Bank’s Financial Infrastructure and Remittances Service Line, which is part of the joint WB/IFC Finance and Markets Global Practice.

The program is expected to contribute to the following outcomes:

• Improvement of the legal and regulatory framework and elimination of barriers to the remittances market, balancing cost with prudence regarding Anti-Money Laundering and Combatting Terrorism (AML/CFT) and increasing the level of competition in the market thanks to the promotion of a level playing field for all formal operators.

• Improvement of the financial infrastructure for remittances, i.e. payment systems modernization and interoperability and appropriate access to clearing and settlement systems, which will facilitate the entry of new and more innovative payment services, products, providers, and mechanisms.

• Increased responsible financial inclusion and exploiting remittances as an inroad to formerly underserved areas. This will allow migrants to better manage their finances and take advantage of reduced costs and more convenient solutions.