Migration, diasporas and the growth of remittances are key contemporary development trends which impact directly the lives of one in seven persons and often some of the most vulnerable and as such are critical to achieving the Sustainable Development Goals and the 2030 Agenda of “leaving no one behind”. Migration is captured in four Goals and five Targets in the SDGs however it is argued that the developmental potential of migration for LDCs is an underexploited asset. The paper offers critical perspectives on the SDGs targets by analysing the impact of remittances (including South-South remittances) and other financial investments such as diaspora savings and bonds. The analysis then focusses on financial innovation through the growth of money transfer organizations in LDCs (i.e. Haiti, Tonga and Bangladesh) and the rise of mobile money. The impact of these trends on financial inclusion and the banking of unbanked populations is then considered. The paper concludes with some key recommendations and insights.
The Journal of Globalization and Development (JGD) publishes academic research and policy analysis on globalization, development and the complex interactions between them. It is dedicated to stimulating a dialogue between theoretical advances and rigorous empirical studies to push forward the frontiers of development analysis and seeks to combine academic insights with the in-depth knowledge of practitioners to address important policy issues.