Published On: Tue, Aug 25th, 2015

Nigeria to host global remittance summit

Money remmitanceLAGOS, (CAJ News) – NIGERIA, the continent’s largest remittance nation, will in November host the RemitAfrica Conference to discuss trends in the sector.

Hosted by MobileMoneyAfrica, the event will see the gathering of
remittance providers and stakeholders such as money transfer operators, financial services providers, financial technology providers, vendors, agent network operators, mobile financial services providers, regulators and stakeholders from the supply and demand side of the remittance industry.

RemitAfrica 2015 comes on the back of realization the formal market for
international and cross border money transfer to Africa is still young and faces typical emerging markets challenges when compared to more
established markets.

A competitive market space is required to foster technology innovation,
access and drive the expansion necessary to reduce cost and reach
underserved areas.

According to a recent report by the World Bank, the growth of remittances to Sub-Saharan Africa is projected to slow to 0,9 percent in 2015, amounting to $33 billion.

Globally, it is expected to reach $586 billion in 2015, though at a slower growth rate of 0,4 percent due to economic conditions and is expected to accelerate again to reach an estimated $636 billion in 2017.

Africa has made great strides in mobile technology adoption and
penetration; however, despite the pervasive coverage of such mobile
networks across Africa, technological innovation has yet to drive down
costs in remittance markets.

The barriers to cost-reduction, challenges and opportunities in the
African remittance market, improving efficiency at the last mile, the role of non- bank financial institutions and the emergence of digital
remittances such as mobile money, online transfers and crypto-currencies
in lowering remittance cost for Africans are some of the subject matter
areas to be considered at the conference scheduled for the Lagos Oriental hotel.

First round of speakers from leading providers have been confirmed for the event scheduled for November 4-5. – CAJ News

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