Menu
The Platform for Remittances, Investments and Migrants’ Entrepreneurship in Africa (PRIME Africa) programme, co-financed by the European Union, is addressing development opportunities through innovations, partnerships, and scalable products that promote cheaper, faster, and safer remittance transfers both in the EU-Africa and intra-Africa corridors. By maximizing the impact of remittances for millions of families, PRIME Africa is fostering local economic opportunities in seven African countries.
In line with SDG 10.c to reduce remittance costs to 3% of the send amount by 2030.
PRIME Africa aims to reduce costs of remittances to senders in the European Union sending money to Africa and for intra-African remittances.
The past decade has shown that digitization is one of the most effective ways to reduce remittance costs, by standardizing processes and removing cash and agents.
Digitisation offers improved access in rural areas, financial inclusion, gender equality, security, remote onboarding and transaction authentication.
Access to a wallet or bank account removes the need for a agent and cash and helps to reduce cost, improve access, convenience and security.
Remittances are also a use-case for financial inclusion and remittance-linked financial products strengthen their transformative impact.
It is estimated that a large proportion of remittances are still sent through informal channels.
For many people access to formal remittance services is challenged due to proximity to services, as well access to the formal identification and documentation.
Strategic market data to facilitate and inform decision making across government, policy makers, projects and programmes, and businesses. Targeted capacity building to key stakeholders for improved remittance data creation and use and market intelligence.
Expand access to remittances through close cooperation with public and private sectors, and additionally reduce significantly direct and indirect costs, and spur market competition.
Mainstream gender into all activities. Projects focused on targeting women to improve financial inclusion and and financial resilience and empowerment of migrants and women receiving remittances. Promote and support gender disaggregated data and impact analysis.
Coherent national regulatory frameworks in both sending and receiving countries can foster competition in remittance corridors and enable safe, cheap and fast transfers.
Co-finance and promote innovative, replicable and scalable business models and technologies that link remittances to financial services, towards greater financial inclusion.
Collaboration mechanisms in place among central banks, regulatory bodies, the private sector and diaspora communities in sending
and receiving countries; and strengthened capacity to adapt and scale up best practices within an operational framework that allows cooperation among partners.
Innovation is at the core of PRIME AFRICA. The programme identifies, applies and promotes a range of both innovative products and business models
PRIME Africa benefits from partnerships with public, private, and civil-society actors, to enhance its impact and raise further awareness on the importance of leveraging remittances in Africa.
PRIME Africa is carrying out initiatives in selected countries with the involvement of key partners, to leverage local resources and institutionalize core achievements for project sustainability.
PRIME Africa focuses on leveraging achievements and impact in countries to promote policy changes, mobilize resources and enhance partnerships to bring the results to scale.
Regulators, development agencies and private sector convene quarterly in National Remittance Stakeholder Network (NRSNs) meetings to influence policy, improve data, consumer protection and address market challenges.
Over 140 remittance service providers and 16 regulatory and government representatives have become active members of the NRSNs, set up in all countries of interventions.
Copyright ©2024 FFRemittances. All rights reserved
