Despite Expansion of Digital Financial Services Such as Mobile Money, Obstacles Remain to Expanding Their Use in Remittance Transfers

WASHINGTON — In a world where remittances are a cornerstone in the lives of countless people in low- and middle-income countries, a new era of financial inclusion is dawning, albeit not without significant challenges. Migrants and others sent an estimated $860 billion in remittances through official channels in 2023 — a revenue stream long recognized as an essential tool for economic and social development.