The 6th remittance and mobilemoneyexpo kicks off today at the Lagos Oriental hotel in victoria Island, Lagos – Nigeria.
With the theme ‘Lowering transaction cost’, the event will feature an extensive schedule of speakers from the remittance, fintech and payment ecosystems over two days.
Remittances are a large source of funding in many African countries: In Egypt, remittances are larger than the revenue from the Suez Canal and in Morocco, they exceed tourism revenue.
Africa’s largest remittance destination, Nigeria, recorded more than $21 billion in remittances made from outside the continent in 2015.
Remittances from African migrants and diaspora play a significant role in supporting local health, education, food security and productive investment in commerce, agriculture and building projects across Africa.
Despite the positive contributions, many of the benefits of remittance transfers are lost in intermediation as a result of high charges which surpass the global average.