GFRID Summit 2023

GFRID Summit 2023

Promoted by the United Nations as a platform to engage all sectors, the GFRID Summit 2023 successfully took place at the UN Office at Nairobi (Kenya) on 14-16 June. 

Over 600 global and African delegates attended the three-day event, discussing opportunities and challenges in the post-pandemic landscape, with a major focus on main remittance corridors and diaspora investment innovations in Africa.

As for every summit, the GFRID 2023 has facilitated networking among sectors, particularly through the Remittance Marketplace, as well as the exchange of best practices and the creation of synergies towards joint, innovative initiatives aimed at unleashing the power of remittances and diaspora investment towards sustainable development.

Photos and Video recordings of the GFRID Summit 2023 available through the following links:

Latest news about Summit

Play Video
Over the past four years of implementation of the Global Compact for Safe, Orderly and...
Global
|Remittance families and development
“Making the most of remittances and diaspora investments can, paradoxically, curb the need for more...
Global
|Remittance families and development
Play Video
Over the past four years of implementation of the Global Compact for Safe, Orderly and...
Global
|Remittance families and development
In observance of the International Day of Family Remittances (IDFR), the Global Partnership for Financial...
Global
|Remittance families and development
Play Video
Over the past four years of implementation of the Global Compact for Safe, Orderly and...
Global
|Remittance families and development
“Making the most of remittances and diaspora investments can, paradoxically, curb the need for more...
Global
|Remittance families and development
Play Video
Over the past four years of implementation of the Global Compact for Safe, Orderly and...
Global
|Remittance families and development

Main objectives

More than 600 attended the GFRID Summit, both from the region and globally. With its unique and inclusive format, the GFRID Summit 2023 aimed at:

Creating a process for continuous engagement among key African and global public and private sector representatives, as well as the civil society.

Promoting both African and global best practices to reduce the cost of remittances, while fostering financial inclusion through market competition, innovative business models and the use of disruptive technologies.

Developing multi-stakeholder strategies and partnerships to scale up successful financial vehicles involving migrant/diaspora contributions, through investment and entrepreneurship.

Contributing to global processes on remittances, investment and development, such as the SDGs achievement and implementation of the Global Compact on Migration.

Sectors and
representation

Sectors and representation

The African context

Remittances and diaspora investment represent a significant financial inflow for African markets, and a vital source of income for millions of individuals and families. Reliable data is still unavailable for several countries, where informality is still predominant. However, it is estimated that remittances to several African countries are equal to a high share of their GDP. The diaspora members have US$500 billion in accumulated savings. To allow the diaspora to invest safely, conditions need to be put in place to enable safe and impactful investments.

Source: RPW, Q3 2022 for sub-Saharan Africa, World Bank

Private sector

  • Commercial banks
  • FinTech companies
  • Microfinance institutions
  • Mobile network operators
  • Money transfer operators
  • Private foundations
  • Private postal financial operators
  • Rural banks
  • Insurance providers

Public sector anddevelopment organizations

  • Central banks and fi­nancial regulators
  • Ministries of agriculture
  • Ministries of finance
  • Ministries of foreign affairs
  • Ministries of industry
  • Ministries of migration and labour
  • Permanent missions to the United Nations
  • Chambers of commerce
  • Postal networks
  • Development agencies and organizations
  • International financial institutions

Civil society

  • Academic institutions
  • Community groups
  • Cooperatives
  • Think tanks
  • Diaspora organizations
  • Non-governmental organizations