Perspectives on Remittances in 2024 | Inter-American Dialogue | 16 February 2024 | Inter-American Dialogue, 1155 15th St NW #800, Washington, DC 20005

Remittances to the Latin America and Caribbean region in 2023 were over US$160 billion, five percent of the region’s income as part of continued growth. Recent data shows that a competitive and diverse number of money transfer operators are participating in this regional growth. Yet different developments in 2024 may point to shifts among underlying factors driving remittance growth. Typically continued migration, increases in principal remitted, new migrant senders, and market incentives are some determinants of growth. Additional issues include regulations or changes in the competitive landscape. A proposal to impose a tax on remittances in Florida and stricter immigration policies from the Biden administration present political challenges.

How does the industry expect remittances to evolve alongside migration patterns in the year ahead? What are the factors preventing or shaping these expectations differently? How are partners in Latin America and the Caribbean performing and what are they signaling in terms of payments? To what extent do US politics affect migration and remittance flows? Is there any foreseeable impact in the competition to watch? Will pricing exhibit any shifts or will it continue its regular performance?

2024 Speakers

PANELISTS:

Saema Somalya
Executive Vice President, Legal and Risk, Remitly

Paul Dwyer
CEO and Co-Founder, Viamericas

MODERATOR

Manuel Orozco
Director, Migration, Remittances and Development Program, Inter-American Dialogue