UPU Director General Bishar A. Hussein and IOM Director General William Lacy Swing made the commitment in Geneva last week, where they met to discuss the results of an ongoing joint project in Burundi.
The two organizations launched the project in late 2016, with the aim of designing a new money transfer product to help increase migrants’ access to remittance services, both domestic and international, and cut costs. Based on the UPU’s International Financial System, a new domestic remittance service will be rolled out in May, with international services following shortly after in July.
Thus far, all 142 post offices in the country have been equipped with the necessary mobile technology, and postal staff are receiving training to operate the new service.
The two organizations have expressed their willingness to replicate this cooperation model in other countries where migrants face challenges in finding low-cost remittance services. The two leaders discussed how expanding the project to include these vulnerable populations could contribute to the implementation of the UN Sustainable Development Goals—particularly Goal 10 on reducing inequalities, which includes the reduction of remittance costs by 2030.
“Through this partnership with the IOM, the UPU can demonstrate the relevance of the postal network in helping to reduce remittance costs, as well as in promoting financial inclusion, both of which are key targets for the international community as reflected in the SDGs,” said Hussein.
For his part, Swing confirmed the IOM’s continued support to the collaboration.Money transfers