The African Postal Financial Services Initiative: A success story on remittances at the post office in Africa

The African Postal Financial Services Initiative (APFSI) was a unique broad-based partnership led by IFAD’s Financing Facility for Remittances (FFR), and bringing together the World Bank, the Universal Postal Union (UPU), the World Savings and Retail Banking Institute (WSBI) and the United Nations Capital Development Fund (UNCDF), and was cofinanced by the European Union (EU). The joint goal of this regional programme was to enhance competition in the African remittance marketplace through supporting and enabling African post offices in offering financial services. More specifically, it aimed at promoting a cheaper, faster, more convenient and more client-friendly transfer of remittances, particularly to rural areas, while fostering dialogue among stakeholders, regulators and policymakers.