Challenges Faced by Remittance Service Providers and Initiatives Taken

Global remittance volumes are on the decline. As the COVID-19 pandemic sweeps across the globe, remittance service providers (RSPs) have undoubtedly felt its impact. In a recently conducted survey by the International Association of Money Transfer Network (IAMTN) in collaboration with the UNCDF, 91 percent of the 75+ RSP respondents from 30+ countries state that they have experienced changes in remittance volumes. The majority (69 percent) have noted a sudden decrease. This downward trend corresponds to recent estimates by the World Bank, according to which the flow of global remittances is projected to decline by about 20 percent in 2020, from US$554 billion in 2019 to $445 billion this year.