Maximising the development potential of remittances in Southern Africa

News published on Jan 9, 2024 @ 7:56 am

To address the lack of an effective and efficient payment infrastructure for low-value remittances in Southern Africa, the UN’s International Fund for Agricultural Development (IFAD) and the European Union (EU) have joined forces through the PRIME Africa initiative.

“Overall, this initiative aims to harness the potential of cross-border flows to promote socio-economic development and growth. Improvements in remittance services will significantly enhance the lives and financial well-being of migrant workers in South Africa and their families in the region,” said Francesco Rispoli, Country Director and Head of IFAD’s Southern Africa Multi-Country Office.

Notably, through the Prime Africa initiative, IFAD and the EU have teamed up with two leading private sector players in South Africa: BankservAfrica, dealing with payment systems, and Mama Money, a fintech company.

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