O-REMIT

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 provided insights on cost-efficient remittance options and helped the diaspora in Belgium make meaningful investments in their home country.

Three streams will be implemented:

stream1 Stream 1: Understand the remittance flows and behaviour of diaspora in Belgium.

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

stream2 Stream 2: Raise awareness on remit options.

A campaign targeting multiple stakeholders such as diaspora organizations, diaspora members and the general public was implemented to increase awareness of remittance options and factors that affect remittance behaviour. Workshops were held for remitters and receivers from selected corridors to raise awareness on cost-effective remittance options.

O-REMIT was shortlisted in the top 3 of the IOM Impact Awards 2024 in the category 'Regular Pathways'. The category focuses on supporting States and other stakeholders in establishing, enhancing, and expanding regular migration pathways, including promoting migration as a driver of positive economic, social, cultural outcomes for both migrants and communities. O-REMIT was shortlisted with the following video:

stream3 Stream 3: Support turning remittances and savings into investments.

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

According to 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.

The O-REMIT project introduced a fresh and dynamic approach to sustainable diaspora investment through the successful implementation of a series of hybrid pitch events with Morocco, DRC and Senegal. These hybrid pitch events, held in Brussels, connected diaspora investors with entrepreneurs virtually, creating a collaborative platform to drive investments and foster long-term relationships between diaspora communities and local businesses.

Pitch events Morocco, DRC, Senegal