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.
Theme: Market Insights
This research is part of a broader diagnostic series under the Platform for Remittances, Investments, and Migrants’ Entrepreneurship in Africa (PRIME Africa) initiative. Available for download on the RemitSCOPE web portal, this series provides an in-depth analysis of the remittance market across selected African countries. Senegal’s market shows competitiveness and progress towards achieving SDG 10.c on remittance costs, though there is still potential for improvement in digitalization and financial inclusion.
This diagnostic is a working document that will be updated and amended as additional information is collected and assessed. Currently, the report provides an assessment of the remittances market in Morocco. It will soon be consolidated with insights into three specific send-market corridors to Morocco, incorporating demand-side research from Germany, France, and Italy. This comprehensive analysis aims to enhance understanding and optimize the remittances landscape for Morocco.
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.
The Financing Facility for Remittances (FFR) of the International Fund for Agricultural Development (IFAD) introduces MobileRemit Africa, a pivotal component of the Platform for Remittances, Investments, and Migrants’ Entrepreneurship in Africa (PRIME Africa) initiative. Co-financed by the European Union, this innovative platform is initially launched in seven African countries—Ghana, Kenya, Morocco, Senegal, South Africa, The Gambia, and Uganda—along with their primary remittance corridors. MobileRemit Africa aims to enhance financial inclusion and economic growth by streamlining remittance processes, fostering investment opportunities, and supporting entrepreneurial ventures across the continent.
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.
PRIME Africa is a EUR15 million initiative implemented by the FFR of the IFAD in seven African countries and co-financed by the European Union. This brochure presents the initiative and its theory of change.
The 2021 Global Forum on Remittances, Investment, and Development (GFRID) Summit highlighted the critical role of remittances and diaspora investment in bolstering market recovery amid the global pandemic. The summit emphasized strategies to enhance the resilience of migrant workers and their communities, ensuring sustainable development and economic stability in these challenging times.
