What are some effective strategies for engaging the remittance industry in philanthropy?

1 Understand the remittance market

The first step to engage the remittance industry in philanthropy is to understand the characteristics, needs, and preferences of the remittance senders and receivers. The remittance market is diverse and dynamic, with different segments, channels, and behaviors. For example, some remittance senders may prefer to use formal providers, such as banks or money transfer operators, while others may rely on informal networks, such as friends or relatives. Some may send remittances regularly, while others may do so sporadically or for specific purposes. Some may have a strong connection to their home communities, while others may have a broader or more global perspective. By understanding the remittance market, the philanthropic sector can tailor its interventions and messages to match the motivations and interests of the remittance senders and receivers.

3 Innovate and experiment

The third step to engage the remittance industry in philanthropy is to innovate and experiment with new and creative ways to harness the power of remittances for social good. The remittance industry and the philanthropic sector can leverage the opportunities offered by digital technologies, such as mobile money, blockchain, or artificial intelligence, to lower the costs, increase the access, and enhance the transparency of remittances and philanthropy. They can also design and test new products, services, and models that appeal to the remittance senders and receivers, such as matching funds, crowdfunding, or social impact bonds. They can also explore new thematic areas and sectors that can benefit from remittances and philanthropy, such as health, education, or environmental protection.

4 Educate and communicate

The fourth step to engage the remittance industry in philanthropy is to educate and communicate with the remittance senders and receivers, as well as the wider public, about the benefits and opportunities of philanthropic remittances. The remittance industry and the philanthropic sector can use various channels and tools, such as social media, newsletters, podcasts, or webinars, to raise awareness, inform, and inspire the remittance senders and receivers to support and participate in philanthropic initiatives. They can also showcase and celebrate the stories, achievements, and impacts of the remittance senders and receivers who have contributed to philanthropy, and to acknowledge and appreciate their generosity and solidarity.

5 Learn and improve

The fifth step to engage the remittance industry in philanthropy is to learn and improve from the experiences and feedback of the remittance senders and receivers, as well as the other actors and stakeholders in the remittance ecosystem. The remittance industry and the philanthropic sector can collect and analyze data, evidence, and insights on the trends, patterns, and outcomes of remittances and philanthropy, and use them to inform and refine their strategies, interventions, and messages. They can also create and participate in platforms, networks, and forums that facilitate the exchange of knowledge, best practices, and lessons learned among the remittance industry and the philanthropic sector, as well as with other relevant fields and disciplines, such as development, migration, or innovation.

6 Engage and empower

The sixth and final step to engage the remittance industry in philanthropy is to engage and empower the remittance senders and receivers as active and equal partners in the philanthropic process. The remittance industry and the philanthropic sector can recognize and respect the agency, voice, and choice of the remittance senders and receivers, and involve them in the design, implementation, and evaluation of philanthropic initiatives. They can also provide them with the information, tools, and resources that enable them to make informed and effective decisions about their philanthropic giving. They can also support them to develop their capacities, skills, and networks that enhance their philanthropic potential and impact.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?