The project, implemented by DMAG under the PRIME Africa Program, produced remittance market diagnostics in nine African countries, and developed seven Roadmaps for remittance market improvement. DMAG created a comprehensive database, consolidating 160+ indicators on remittance and remittance-related data across all 54 African countries. Data is available on the interactive, free-to-use RemitSCOPE.org platform. Please visit www.remitscope.org.
Programme: FFR Strategic Framework
IFAD is partnering with OnAfriq to harness the development benefits of using digital channels to send and receive remittances in five African countries: Ghana, Kenya, Senegal, The Gambia and Uganda. OnAfriq will make digital money transfer operators in European ‘sending’ countries, and mobile network operators in African ‘receiving’ countries interoperable in order for customers to initiate remittance online and terminate remittance directly into the recipient’s mobile wallets, with a particular focus on rural beneficiaries.
IFAD is partnering with InTouch and Orange Money under the PRIME Africa initiative to increase the usage of mobile money among rural remittance recipients, and rural merchants through international remittances and good payments in Senegal. The project will match rural areas of Senegal with high migration rates (identified through communication flows from France), with active diaspora organizations in France, committed to boost the usage of mobile remittances and digital payments.
IFAD is partnering with Credit Bank to expand the financial inclusion of remittance recipients in Kenya and promote affordable remittance services to Kenyan migrants abroad, particularly in Germany and Uganda. This project will enhance Credit Bank’s set of products designed specifically for customers in the diaspora. Credit Bank will offer international remittance transfers at a cost below the market rate through the newly established partnership with RIA. In an effort to expand financial inclusion, particularly in rural areas where most of the financially excluded people are, Credit Bank will partner with Savings and Credit Cooperatives (SACCOs) to extend the remittance service access.
IFAD is partnering with FSD Kenya under the PRIME Africa initiative to provide evidence of the current and potential role played by SACCOs in the remittance value chain. The expected result will Improve informed public policies and private sector strategies for enhancing the role of savings and credit cooperatives (SACCOs) in delivering remittances to the Kenyan rural population. These actors may involve traditional players such as banks and SACCOs and ground-breaking ones like fintechs.
IFAD is partnering with Moneytrans under the PRIME Africa initiative to accelerate the uptake of digital remittances among Moroccan migrants in the EU to enhance the benefit of these flows for families back home towards greater financial inclusion. Moneytrans aims at furthe developing and customising its digital product offering for financial inclusion of migrants,
IFAD and I&P partnered to launch this project aimed at mobilizing the Malian diaspora resources into a local Malian impact investment fund supported by I&P: Zira Capital. I&P has identified, trained and supported a core group of potential Malian diaspora investors in France. With the technical support of I&P and legal advisory brought by the project, diaspora investors created a company, Ciwara Capital, to pool their capital in France to be invested in Malian SMEs and start-ups. Ciwara Capital will invest through Zira Capital, and, on the long term, envisions direct investment into SMEs.
