IFAD is partnering with Mama Money under the PRIME Africa initiative to maximize the impact of remittances sent by low-income migrants in South Africa to their remittance receiving families in Mozambique and Zimbabwe. The project responds to the growing need of migrant workers in South Africa to maximize their net income, and that of their families back home, by receiving money sent at an affordable price. Mama Money’s RemittancePlus account offered to low-income migrants will be expanded to current informal and cash-only senders, providing a low-cost digital remittance product.
Country: South Africa
IFAD is partnering BankserveAfrica under the PRIME Africa initiative to promote competition among a diversity of RSPs through a regional and interoperable platform, TCIB, that promotes more affordable low-value cross-border payments in the SADC region. TCIB will improve the cross-border payment process, standardize compliance requirements, remove the need for complex bilateral cross-border arrangements, and create more competition in the formal financial system.
