Law event
Remitters' rights stressed
Speakers at a consultation demanded that remittance transfer mechanisms be made more transparent and accountable. They urged the money transfer agencies to lower the fees and establish fair exchange rates. Calls were made for these agencies to reinvest in migrant communities and undertake socially responsible investment. These observations were made in a national consultation on Remittances and Corporate Social Responsibility of Money Transfer Institutions held on Tuesday, 15 April 2008 at the Dhaka Reporters' Unity jointly organised by WARBE Development Foundation and the Refugee and Migratory Movements Research Unit (RMMRU). Quoting World Bank figures the keynote speaker Debayani Kar of Migrant Forum in Asia and Transnational Institute for Grassroots Research and Action informed that migrants send back home more than US$ 300 billion annually, of which US$ 260 flow to the developing countries. She said that the governments, along with businesses and international financial institutions view migrants as newest market to tap into. She regretted that despite such positive contribution migrants' rights are often overlooked. In this context she urged the governments and the money transfer industry not to overlook their responsibilities towards remitters and demanded that they undertake programmes to improve their services to migrants and reinvest in migrant communities from whom they profit.
Dr QK Ahmad, President of Bangladesh Economic Association, underscored the fact that migrant workers are often socially excluded. He urged for an attitudinal change in all sectors to recognise the positive contribution of migrants. Explaining the concept of corporate social responsibility Dr Ahmad stated that private companies and banks that benefit from transfer of remittances should invest in skill development of migrants, support research initiatives on labour migration and provide loan to migrants so that they do not have to sell property to finance migration.
Anisur Rahman Khan, Secretary General of WARBE Development Foundation, in his address asked the money transfer institutions to undertake welfare activities for the migrant communities.
Mohammad Abdul Mannan of Islami Bank stated that specialised investment products should be developed targeting the migrant workers and members of their families. He said banks should be allowed to post more representatives in labour receiving countries.
Farida Akhter of UBINIG highlighted that re-integration programmes may be financed by companies that profit from money transfer business.
In his address as the chair of the session Dr CR Abrar observed that migrants often have to pay hefty sums as fees for remitting money. He called upon the money transfer companies to initiate and support projects that directly benefit migrants and members of their families. He urged the government to frame a consumer protection law for remittance transfer that would ensure that remitter is adequately informed about the fees, the exchange rate and transfer time involved.
Among others, Nazrul Islam of Agrani Bank, AKM Mosharraf Hossain of Bangladesh Krishi Bank and Ashit Das of Ain O Shalish Kendra participated in the session that was attended by representatives of UNIFEM, IOM, ACILS and BRAC.
