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Enhancing risk assessment processes for improved remittance access

Early insights from IFAD’s Financing Facility for Remittances and Cenfri

Our work with IFAD to improve remittance access across seven African countries has shown that overly restrictive know-your-customer (KYC) and customer due diligence (CDD) requirements continue to hold back remittances. This is partly due to blanket labelling of customers as high-risk based on one risk factor (such as country of origin) and thereby applying enhanced due diligence measures across entire customer segments.

The Remittance Access and Innovation Initiative works with RSPs like FlexMoney in Kenya to tap into this large underserved market by rethinking their approach to risk assessments as well as KYC and CDD requirements in line with existing regulatory frameworks. This article showcases benefits of implementing improved risk assessment processes from the perspective of Flex Money in Kenya.

Read the full blog here