The 16th of June is once again the occasion to celebrate the International Day of Family Remittances, honouring the major positive impact created by remittances sent by migrant workers.
This day is also an occasion to remind ourselves of the work that remains to be done to make remittances more seamless. While progress can be made in all regions of the world, the Intra-African remittance market remains one that urgently needs to be improved. Challenges faced by remittance service providers to operate in certain countries of the region prevent them from offering services adapted to the customers’ needs. In some jurisdictions, acquiring a licence is difficult or impossible, especially so for businesses offering innovative services relying on technologies such as blockchain. Adapting regulation to the reality of the market will enable payment businesses to offer more accessible, cheaper and faster remittances across Africa. Many local entrepreneurs and businesses emerge with disruptive ideas for payments, and opening markets to these innovations and to competition would definitely mean a lot for African remittances.
A joint effort of the industry and regulators is necessary to push towards further digital and financial inclusion in Africa. Such a change will benefit millions of Africans, enabling them to save, send and receive money in a safe, seamless way.
Remittances make a difference, and this is why we celebrate the International Day of Family Remittances together with all our network. We honour our members for all the work they do to keep remittances flowing, in the benefit of millions of families in all regions of the world.