Tapping into the expertise of the remittances stakeholders, the GFRD Awards showcase innovative models and best practices that can contribute to strengthen the remittance market through replication and/or scale. The first GFRD Awards were open during the GFRD2013, where three of the 50 IFAD co-funded projects saw their efforts officially recognized as being the most innovative and with a great potential for scaling Awards2015up. For GFRD2015, the FFR extended the award to participants from all organizations working with remittances around the world. This year, applicants’ initiatives were framed within three goals that represent the work that IFAD and the FFR promote:
• Promoting access to remittances in rural areas
• Linking remittances to financial services and products
• Developing innovative and productive rural investment opportunities for migrants and community-based organizations
The GFRD 2015 Awards’ call for proposals received an outstanding response from organizations and initiatives from around the world. Submissions focused on a variety of topics related to: (i) increasing competition and reducing the cost of remittances and related financial services; (ii) broadening the geographical reach of financial services; (iii) improving transparency and accessibility to promote migrant protection; (iv) enabling migrant workers to best use their resources through financial/entrepreneurial education; (v) increasing the variety of financial services available to the diaspora and their families; and (vi) encouraging the diaspora to channel remittances for entrepreneurial activities.
Awardees were chosen not only on the basis of innovation, but also on their capacity to involve key partners in their operations while demonstrating impact, sustained commitment and scalability. From a number of outstanding organizations and initiatives worldwide, the following three organizations and one individual were awarded in the categories of private-sector and project awards. All have demonstrated excellence in remittances for social and economic development.
The four runners-up deserve to be recognized for their commitment, innovation and unique contributions to the field of remittances and development: