Remittances from African migrants and Diaspora play a significant role in supporting local health, education, food security and productive investment in commerce, agriculture and building projects across Africa. Despite the positive contributions, many of the benefits of remittance transfers are lost in intermediation as a result of high charges by the providers from the out-bound countries which are above the global average. For Africans, It is not just on international remittances that African migrants face excessive charges, some of the world’s most expensive remittance corridors are within the African borders. These high charges associated with remittance transfer to Africa have long been recognized as a constraint on development.
Africa has made great strides in mobile technology adoption and penetration however the pervasive coverage of such mobile networks across Africa, technological innovation has yet to drive down costs in remittance markets. The barriers to cost-reduction are some of the compelling reasons to be considered at the Remittance Africa conference that will hold in Africa’s largest remittance market, Nigeria in October, 2015.
This conference will host top executives from money transfer operators, financial services providers, mobile network operators, Banks, regulators, card processors, switch providers, systems and application providers and more. The conference hosted by MobileMoneyAfrica, will showcase more case studies on digital financial services, agency banking, policies, mobile payments, cards, micro finance and innovators providing international and cross border remittance services into and across Africa. The conference will explore cost-reduction on remittances and discuss the barriers presented.
It will also address the role of postal network and non- bank financial institutions on expanding remittance services in Africa, the emerging role of digital remittances such as mobile money, online transfers and crypto-currencies in lowering remittance cost for Africans. The conference will aim to create a more competitive market place for players to foster and deepen their engagements across the ecosystem.