With foreign aid budgets under strain, everyone from governments to NGOs is rummaging through the metaphorical couch cushions for extra cash — and remittances are increasingly in the spotlight.
In 2024, global remittances totaled around $685 billion, outpacing both foreign direct investment, or FDI, and official development assistance, or ODA. And that figure likely undercounts the true scale, with billions more flowing through informal channels.
The power of remittances — or the transfer of funds from the country where someone works to their home country — is undeniable: They help pay school fees, put food on the table, cover medical bills and, in some cases, help communities stabilize after conflict.
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About the author
Ayenat Mersie
Ayenat Mersie is a Global Development Reporter for Devex. Previously, she worked as a freelance journalist for publications such as National Geographic and Foreign Policy and as an East Africa correspondent for Reuters.
