The Financing Facility for Remittances (FFR) of the International Fund for Agricultural Development (IFAD) is pleased to announce the Remittance Innovation Champions 2022 – South Africa (RIC22-SA) Call for Proposals.
The FFR works to reduce poverty and promote development by leveraging both international and domestic remittances and migrant capital in rural areas of developing countries. Besides increasing private consumption and investment, enhancing financial and digital inclusion, and local and national economic growth, remittances contribute to achieving the SDGs of receiving families. In 2021, these flows to low- and middle-income
countries (LMICs) reached US$605 billion, proving to be highly resilient in times of crisis; in turn, African flows reached US$94 billion. South Africa is a net sender of remittances, with formal outflows reaching US$920 million in 2020. Several countries in Africa are reliant
on remittance inflows from South Africa.
IFAD’s FFR works in Africa under the Platform for Remittances, Investments and Migrants’ Entrepreneurship in Africa (PRIME Africa) initiative, a programme co-financed by the European Union to reduce inequality and enhance financial inclusion in Africa through the reduction of remittance costs and the maximization of their impact. In this context, and in line with the results of PRIME Africa’s South Africa country diagnostic,
IFAD is launching this Call for Proposals.