By TN Media News | Oujda, Morocco:
Morocco marked the International Day of Family Remittances (IDFR) with a high-level event in Oujda, emphasizing the critical role remittances play in rural development, economic resilience, and financial inclusion.
Co-hosted by the International Fund for Agricultural Development (IFAD), Bank Al-Maghrib (BAM), and the European Union Delegation to Morocco, the event carried the theme: “Maximizing the Impact of Remittances for Inclusive and Sustainable Development.”
Rising Remittance Flows Boost Morocco’s Economy:
In 2024, Morocco received US$12.9 billion in remittances, up from US$11.5 billion in 2023. These funds represent over 8% of the country’s GDP, ranking Morocco among the world’s top recipients of remittances.
Stefania Gnoato, IFAD’s Country Director, noted, “Remittances are a lifeline for millions of rural families. Morocco stands out for integrating these flows into national development strategies.”
Digital Innovation and Financial Inclusion:
The event highlighted the DigitRemit Morocco project, supported by IFAD and the EU. This initiative focuses on expanding rural financial inclusion through digital tools, encouraging investment, and promoting savings campaigns.
Jean-Christophe Filori, Head of Cooperation at the EU Delegation, remarked, “Remittances are more than money; they are bridges of human and economic connection across the Mediterranean.”
Commitment to Lowering Transfer Costs:
A major goal discussed was to reduce remittance transfer costs below 3% by 2030. Fatima Zahra Echihabi of Bank Al-Maghrib reaffirmed Morocco’s commitment to improving financial access for underserved communities through innovative solutions.
Global Impact of Remittances:
With global remittance flows surpassing US$5 trillion in the last decade, the event reinforced the essential role these funds play in sustainable development and poverty reduction worldwide.
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