Synthesis study. A part of the report on Informal Remittance Systems in Africa, Caribbean and Pacific (ACP) countries

Abstract

It has become a commonplace observation that remittances - financial transfers by migrants to their country of origin - between the developed and developing world are larger than aid transfers. It is also often noted that the sums remitted through formal channels represent only a fraction of total remittances: a large though unknown amount of funds finds its way to families in migrants' areas of origin through informal changes. This study offers a synthesis of what is known about informal remittances to African, Caribbean and Pacific countries, and their influence on development in those countries. This synthesis report begins with a summary and introduction, and then chatpers as follows: African-Caribbean-Pacific migration and remittances, formal and informal remittance systems, principles of value transfer and hawala, a typology of informal remittance systems, regulations, informal remittance systems and development, and finally, conclusions and recommendations