Now reading: The Remittance Innovation Toolkit: Guidance on improving access to remittances

Payments and Remittances


Cross-border and domestic money transfers play a critical role in the financial strategies of low-income households and present many opportunities to extend financial inclusion.

Our extensive research on themes and imperatives for national and regional payment systems and remittances spans sub-Saharan Africa and forms part of our dedicated programme on risk, remittances and integrity in partnership with FSD Africa.

Africa’s financial service providers
Behavioural Science

The application of behavioural interventions

As we explore how behavioural science can narrow the gap between customer intention and customer action, we have started to look at examples from specific financial services. Two sectors identified as playing a role in improving the lives of the financially excluded are insurance and formal remittances. Behavioural interventions and

Governance

The Remittance Innovation Toolkit: Guidance on improving access to remittances

There’s no disputing the contribution of migrant remittances to the economic well-being of friends and family back home. For many African countries, the value of remittance flows exceeds that of foreign direct investment.   However accessing the money via formal channels can be challenging for recipients who are faced with Know

Digital Transformation & Data

Supporting the development of a digital finance index

Digital financial services are transforming global financial service provision and access. Rapid developments in fintech are disrupting and transforming financial landscapes worldwide, leading to new partnerships, including those with traditional financial service providers, to better serve existing customers and reach previously underserved consumer segments. However, the benefits of DFS are

Ecosystems & Economic Opportunity

The untold realities of women cross-border traders

A diagnostic study on women cross-border traders between South Africa and Lesotho, Malawi and Mozambique​  Informal cross-border trade plays a significant economic role in the Southern African Development Community (SADC), making up an estimated 30-40% of total intra-regional trade. It is valued at an estimated USD (United States Dollar) 17.6

Payments & Remittances

State of instant and inclusive payment systems in Africa

  Real-time retail payments that enable consumers to send and receive cross-border and domestic transactions digitally are on the rise globally. The increasing proliferation of QR codes, apps, tap-and-go card technology, and small-value payments using proxy identifiers (aliases) such as phone numbers and email addresses have made payments one of

Payments & Remittances

Remittances, a vital contributor to the SDGs

Remittances are a valuable lifeline for Africans, with over USD 100 billion flowing into the continent annually from a migrant workforce of 40 million individuals worldwide. In over a quarter of African countries, remittance flows are equivalent to more than 4% of GDP, a number that rises to more than

Digital Transformation & Data

Impact from the Remittance Access Initiative

KYC and CDD requirements can inhibit access to remittances for low-income, rural households and women. These are our findings from the Remittance Access Initiative where we provided technical assistance – in partnership with IFAD’s Financing Facility for Remittances – through a range of interventions across 7 African countries.

Payments & Remittances

Mutual digital infrastructure could drive formalised, inclusive payments in SADC

Interoperable payment systems improve the efficiency and effectiveness of retail and cross-border payments. Cenfri worked with BankservAfrica on a white paper that assesses the state of cross border payments within the Southern African Development Community (SADC). We examined the challenges in the cross-border payment market, and how instant payment systems

Financial Integrity & Identity

An assessment of customer due diligence and identity regulatory frameworks

Innovation opportunities for enhanced remittance access As part of our Remittance Access Ininitative (RAI), Cenfri conducted a regulatory assessment of seven countries (Ghana, Kenya, Morocco, Senegal, South Africa, The Gambia and Uganda) to consider whether the regulatory environment was conducive to innovations around the know-your-customer (KYC) and customer due diligence

Digital Transformation & Data

Understanding CBDC and its application in emerging markets

Central banks have cited several reasons for considering or piloting central bank digital currencies (CBDC). These include a desire to enhance financial stability and monetary policy, improve payment systems, and contribute to financial inclusion.  However, uncertainty still exists regarding how a CBDC can be designed to promote greater access and

Digital Transformation & Data

Digitisation contributes to improved remittance access and a better customer experience

The Remittance Access Initiative (RAI) is a programme set up through a partnership between IFAD’s Financing Facility for Remittances (FFR) and Cenfri. Cenfri is working with a range of remittance service providers (RSPs) to improve access to cheaper, faster, and safer remittance services. This article covers a related innovation that