Promoting digital financial inclusion through remittance-linked micro-savings in Ghana

Piloting the launch of innovative financial solutions aimed at enhancing the access and usage of remittance services by Ghanaians in Germany and the Netherlands, and their families back home. The project focusses in adapting its recently-launched app for international remittance offering affordable prices, pioneering Ecobank’s first ever digital financial literacy initiative to strengthen users’ ability to manage remittances and other financial resources and link a gender-sensitive micro-savings product to the existing remittance offering.

Budget:

Financed: EUR 499,924
Co-Financed: EUR 298,146

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Duration: 2022 ~ 2024

Project Category Financial Inclusion
Remittances & Digitalisation

Target Groups:

Remittance-receivers in Ghana and Ghanaian migrants based in Germany and in the Netherlands.

Programme

FFR Strategic Framework

PRIME Africa

Project Goals

To enhance the financial resilience and economic empowerment of remittance families through cost-effective digital channelling of remittance flows and financial inclusion innovations.

Implementing Partners

Ecobank Ghana PLC (Ecobank) is one of the market leaders in Ghana’s financial sector, with over 30 years of experience and often recognized as a “digital-first” innovator. Ecobank has the license to operate payment services, including remittances, in 25 European countries. Ecobank’s partner is Digital Disruptions, a digital finance consulting firm based in the United States, focusing exclusively on financial inclusion in emerging markets.

Geographic Target

Ghana

Outcomes

In partnership with Digital Disruptions, the project formally commenced in January 2023 followed by a research phase, followed by the design of all the innovative solutions expected under this project. These solutions included UI app redesign, marketing incentives, referral programme, and marketing awareness in the Netherlands, and a new app-based savings product, financial literacy initiatives, agent training, and agent marketing collateral on the Ghana side.
Re-building of Ecobank’s remittance App, named Rapid Transfer International (RTI), at the Ecobank Group level, means the project is facing delays in implementation, as the business innovations are to channelled through the RTI App.

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