Remittances represent a major source of income for millions of families and businesses globally, and are an important pathway to financial inclusion.
In 2014, G20 Leaders agreed to the G20 Plan to Facilitate Remittance Flows through which they committed to implement the National Remittance Plans (NRPs) outlining country-led actions supporting effective remittance flows and reducing remittance transfer costs. The G20 NRPs were finalized under Turkey's Presidency in 2015 along with a monitoring framework, which outlines that the GPFI will review progress on the NRPs annually and update these plans every two years.
Timeline of the G20 work on National Remittances
Update of the 2017 G20 National Remittance Plans
In 2017, the GPFI carried out the first review of G20 National Remittance Plans (NRPs). Through this process, G20 countries outlined actions towards improving the environment for remittances against the following areas:
- Increase remittance market competitiveness;
- Improve financial system infrastructure and pursue policies conducive to harnessing emerging technologies;
- Discourage taxes on migrant remittance transfers; and
- Improve transparency and consumer protection of remittance transfer services.
Countries also addressed key G20 commitments of recent years in their NRPs, including the 2030 Agenda and the G20 High Level Principles for Digital Financial Inclusion.
For the first time, non-G20 countries were also encouraged to develop NRPs or policy actions aimed at improving and enhancing remittances flows alongside G20 countries.
For the 2017 G20 National Remittance Plan Overview view here.
The revised National Remittance Plans were delivered under Germany’s G20 Presidency in 2017:
Update to Leaders
G20 National Remittance Plans -per country
In September 2014, G20 leaders agreed to a plan to facilitate remittance flows including: working to reduce the global average cost of transferring remittances to five percent; supporting country-led actions to address the cost, and improve the availability of remittance services, particularly for poor people; and using remittance flows to drive financial inclusion and development.
The G20 National Remittance Plans were finalized under the Turkish G20 Presidency in 2015: