Christine Lagarde

I want to talk about something very important that often goes unnoticed—remittances. These are the money transfers sent by millions of people working abroad back to their families in their home countries.

Every year, hundreds of billions of dollars flow across borders through remittances. For many developing countries, these funds are a lifeline. They help families pay for food, education, healthcare, and start small businesses. Remittances reduce poverty and promote economic stability where it’s needed the most.

But despite their importance, sending money across borders remains costly and difficult for many. High fees and slow transfer times eat away at the money that families rely on. This is unacceptable.

At the International Monetary Fund, we believe it is crucial to lower the costs of remittances. Our goal is to make sending money affordable, fast, and safe for everyone. If we can reduce these barriers, more money will reach those who need it most, enabling millions to build better lives.

We also see remittances as a powerful tool for financial inclusion. When recipients receive money, they often open bank accounts or use digital wallets. This helps integrate them into the formal financial system, giving them access to credit, insurance, and other services that can improve their economic future.

Technology will be key to achieving this. Mobile money, blockchain, and other digital innovations can revolutionize how remittances are sent and received—making the process more transparent and efficient.

In conclusion, remittances are more than just money transfers—they are a global force for development, resilience, and hope. By working together—governments, financial institutions, and technology providers—we can build a future where remittances fully unlock their potential to transform lives and economies.