The digitalization of the remittances industry, led by new digital MTOs is set to drastically disrupt the $466 billion money transfer industry currently dominated by the traditional MTOs and banks in Africa. By improving the speed and lowering the cost of money transfer to the Sustainable Development Goal (SDG 10c) target of 3% they could free up additional $32 billion which could be deployed to the development needs of Africa. However, they are faced with critical issues – lacking both scale and scope.
With over 250 million unbanked and underserved people yet to gain financial access, tackling the last mile issues will require the forging of new alliances by all players to adapt to the changing times. Therefore, the Remittances Leaders Conference will bring together key stakeholders in Africa’s remittance market to:
- Discuss how financial access could be enhanced to maximize the development impact of remittances within the region;
- Explore the key trends and critical issues, while proffering solution-based strategies to the impact on all players; and then
- Forge new alliances with MTOs, MNOs, banks, investors and the African diaspora to grow.
PFID’s CEO Mr. Boon was one of the speakers.
This article has originally been published at remittancesafrica.com
