1. IFAD Financing Facility for Remittances Global Forum on Remittances 2009 Tunis, 23 October 2009

2. IFAD Financing Facility for Remittances Global Forum on Remittances 2009 The following recommendations were drawn from panel and plenary discussions held at the Global Forum on Remittances 2009. The forum, co-hosted by the International Fund For Agricultural Development (IFAD), the African Development Bank (AfDB) and the Inter-American Dialogue (IAD) was held in Tunis, Tunisia on 22 and 23 October 2009. The recommendations are intended to fuel the debate between the private and public sectors and the donor community on how to maximize the benefits of migrant remittances. The recommendations reflect the general consensus of the audience, and are not put forth or specifically endorsed by individual persons or institutions.

3. IFAD Financing Facility for Remittances Global Forum on Remittances 2009  Increase competition  Empower market actors  Achieve effective and efficient regulation  Adopt new technologies  Expand access to financial services  Make more financial services available in rural areas

4. IFAD Financing Facility for Remittances Global Forum on Remittances 2009  Encourage more actors to enter the marketplace.  Widen the types of payment networks.  Discontinue exclusivity agreements when they hamper competition.

5. IFAD Financing Facility for Remittances Global Forum on Remittances 2009  Facilitate market actors’ access to payment system infrastructure to the maximum possible extent.  Build the capacity of market actors to meet regulatory requirements.  Foster cooperation and partnership between stakeholders.

6. IFAD Financing Facility for Remittances Global Forum on Remittances 2009  Ensure that regulations are robust, but also commensurate to the level of risk and to the benefit of all.  Encourage consistent standards of regulations across jurisdictions.  Consult and evaluate impact before regulating.  Identify and adhere to minimum standards of client protection.

7. IFAD Financing Facility for Remittances Global Forum on Remittances 2009  Modernize technology in payout networks.  Improve payment systems infrastructure and integrate at regional and sub-regional levels.  Encourage development of standards and interoperability.  Minimize the risk for end users.

8. IFAD Financing Facility for Remittances Global Forum on Remittances 2009  Encourage remittance recipients to maintain their assets in financial institutions.  Promote financial literacy to all stakeholders, particularly to migrants and their families.  Encourage the ability of the undocumented to access formal financial channels.  Design financial services with the specific needs of women and men in mind.  Use the worldwide postal network to give customers access to financial services.  Ensure that remittances are not subject to specific taxation.

9. IFAD Financing Facility for Remittances Global Forum on Remittances 2009  Encourage market actors, especially MFIs, postal offices, credit unions, etc., to act as pay-out locations.  Build the capacity of MFIs and non-bank financial institutions in rural areas to provide remittance services.  Encourage the ability of MFIs to take deposit of rural savings.  Identify specific ways to link rural areas with non-cash (including mobile) instruments.

10. IFAD Financing Facility for Remittances Global Forum on Remittances 2009 For more information: Financing Facility for Remittances (FFR) International Fund for Agricultural Development (IFAD) remittances@ifad.org www.ifad.org/remittances