Foreign remittance has become increasingly significant in our globalised world. It serves as a lifeline for many families, contributing to economic development and stability. The funds sent through foreign remittance support basic needs such as food, education, and healthcare, while also stimulating local economies through increased spending and investment.
As our world becomes more interconnected, foreign remittance plays a vital role in facilitating financial inclusion and reducing poverty globally. It is essential to recognise the importance of foreign remittance and work towards ensuring accessible and efficient channels for its transfer. The government should root out corruption from the remittance sector. It is crucial for ensuring the integrity and effectiveness of financial transactions. Corruption in the remittance sector is having detrimental effects on both the economy and the welfare of individuals relying on these funds. It can lead to financial losses, inefficiencies in money transfer processes, and exploitation of migrants sending money back home.
There should be effective measures to combat corruption in the remittance sector. These include strengthening regulatory frameworks, enhancing transparency and accountability in financial institutions and promoting ethical behaviour among stakeholders. Additionally, leveraging technology to modernise remittance systems and increase oversight can help plug avenues of corruption.
Raising awareness about the negative consequences of corruption and fostering a culture of integrity within the remittance sector are essential steps towards combating this problem.
Imtiaz Khan, Student
North South University
imtiaz.khan@northsouth.edu