African Postal Financial Services Initiative
The African Postal Financial Services initiative is a joint regional programme launched by IFAD and the European Commission in collaboration with the World Bank, the Universal Postal Union (UPU) – a specialized United Nations agency for the postal sector, the World Savings Banks Institute/European Savings Banks Group (WSBI/ESBG) and the United Nations Capital Development Fund (UNCDF). This uniquely broad-based partnership seeks to enhance competition in the African remittance market by promoting and enabling post offices in Africa to offer remittances and financial services. Post offices are ideally placed to deliver remittances in rural areas, but they often lack the business model, technology and expertise to process real-time payments such as remittances in an efficient and safe manner. The goal of this initiative is to promote, support and scale up key postal networks in Africa in the integration of remittance services.