There’s no disputing the contribution of migrant remittances to the economic well-being of friends and family back home. For many African countries, the value of remittance flows exceeds that of foreign direct investment.
However accessing the money via formal channels can be challenging for recipients who are faced with Know Your Customer (KYC) and Customer Due Diligence (CDD) requirements such as the need to present proof of address, or to receive remittances in person despite living in an area without access to a branch of the remittance service provider (RSP).
Cenfri and IFAD have now developed the IFAD Remittance Innovation Toolkit. The toolkit builds on our experience under the Remittance Access Initiative (RAI), which we rolled out in seven African countries as part of the PRIME programme, co-financed by the European Union.
