Theme: Digitalization
This analysis is a working document that will be updated and modified as additional information is gathered. Currently, the report presents an assessment of the Senegal remittance market. This first report will be consolidated by analyzes relating to two specific remittance markets (corridors) to Senegal, accompanied by a study of demand.
The diagnostic covers key focus areas of Ethiopia’s formal remittance market. It also highlights the parallel foreign exchange market given its ever-present influence on Ethiopia’s financial environment.
This project fiche provides a detailed overview of the project goals and activities, along with expected results by the end of the project period.
Initiative goal is to improve access to cheaper, faster and safer remittance services through identity proofing and related customer due diligence (CDD) and know-your-customer (KYC) innovations. This project profile showcases some of the results achieved at mid term.
This project fiche provides a detailed overview of the project goals and activities, along with expected results by the end of the project period.
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.
The Remittance Innovation Toolkit developed by IFAD and Cenfri provides guidance on improving access to secure and swift remittance services through enhanced identity verification and customer due diligence (CDD) practices.
It enables regulators and remittance service providers to evaluate national regulatory frameworks, analyze risks and opportunities, and implement innovative solutions for challenges.
The toolkit builds on the Remittance Access Initiative which is active in seven African countries as part of the PRIME programme, co-financed by the European Union.
