O-REMIT

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O-REMIT Project

In 2022, Belgium has sent 7.03 billion in remittances, making it one of the top sending countries in Europe. The O-REMIT project by the International Organization for Migration will use data from various sources to analyze transaction costs and aim for a threshold below 3%. This will provide insights on cost-efficient remittance options and help the diaspora in Belgium make meaningful investments in their home country.

Three streams will be implemented:

Stream 1: Understand the remittance flows and behaviour of diaspora in Belgium.

IOM will analyse remittance streams from Belgium and the top 20 recipient countries, including Belgium's partner nations. Results will be shared publicly to provide insights on remittance trends and progress towards the 3% cost threshold. IOM will also conduct survey research and focus groups with diaspora members from Belgium's partner countries to understand their remittance behaviour and share the results with policymakers for evidence-based policy-making.

Stream 2: Raise awareness on remit options.

A campaign with diaspora organizations will increase awareness of remittance options and factors that affect remittance behaviour. Workshops will be held for remitters and receivers from selected corridors to educate them on cost-effective remittance options.

Stream 3: Support turning remittances and savings into investments.

A strategy will be developed with Zidicircle and OVO to attract potential diaspora investors, and workshops will be offered to first-time investors. Diaspora investors will be connected with small and medium-sized enterprises (SMEs) in DRC, Morocco, and Senegal, and supported throughout their investment journey.

According to recent estimations (2022) about remittances from Belgium to countries that are classified by IMF as "developing countries", Morocco is still the absolute leader with almost 500 million, followed by Romania, Turkey, Poland, Bulgaria and Congo (DRC). These countries account for almost 2 billion in remittances from Belgium. Other developing countries in the top 15 remittances from Belgium are: Algeria, China, India, Brazil, Afghanistan, Cameroon, Iraq, Tunisia and Albania.

Timeline

SDGs

Partners

The Belgian government is the sponsor for the O-REMIT project, with as goal to create a more meaningful insight on the remittance flows and the different forms under which remittances leave Belgium.

OVO strengthens sustainable entrepreneurship in Africa. They select, guide, finance and monitor African businesses and organizations to help them achieve their goals.

The NBB is the prudential supervisor of the Belgian financial sector and functions as the central bank. Moreover, NBB provides data sources and meaningful insights on banking behaviour in Belgium.

Zidi leverages on the knowledge and resources of the diaspora and in-country resources to bridge both the capacity and funding gap for diaspora’s and Africa’s small and medium enterprises.

Countries

Morocco

According to data of KNOMAD; Morocco received about 8 % of the GDP in inward remittances.

Democratic Republic of Congo (DRC)

According to data of KNOMAD; DRC received about 2.6 % of the GDP in inward remittances.

Senegal

According to data of KNOMAD; Senegal received about 9.8 % of the GDP in inward remittances.

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Meet the team

Ariana Naser

Krystel Sil Sikana