Globally, an estimated 281 million people, or roughly 4 percent of the world’s total population, live and work outside their countries of origin. Nearly half of them are women. For individual migrants, moving abroad for work can mean income volatility, uncertainty, and insecurity, both back home and abroad. The financial products that could help reduce these vulnerabilities—savings, credit, insurance, pension, etc.—are seldom easily accessible outside one’s home country. At the same time, many migrants are determined to send part of their incomes – remittances – back home. 

In 2021, official global remittances to low- and middle-income countries reached $589 billion. Yet the potential of remittances to further sustainable development is limited by high fees, long transfer time, the use of informal channels and cash-based transfers. It is also a missed opportunity if remittances are not linked up with a range of financial services such as insurance and pension products that can significantly contribute to the financial resilience and social protection of migrants and their families. 

What is the incentive for the private sector to ensure the financial inclusion of migrants? Is there a business case around products such as insurance and pension for migrants?
How to reach woman migrants and build meaningful partnerships to reach particularly vulnerable migrants? 

This S&C Forum delved into these questions, brought in the latest research on the market size of financial products for migrants and showcased innovative modalities towards gender- and migrant inclusive financial products.