Improving the management of remittances and their use for development impact in Africa

Remittances sent by migrant workers to and within Africa totalled almost US$95 billion in 2023. These cover the daily needs of over 200 million family members, the majority of whom live in rural areas, while one quarter is invested or saved. When remittances are brought into the formal financial system, their impact increases.

With financial education and a range of financial services to choose from, remittance recipients can improve their financial resilience. However, this requires enabling regulatory frameworks, institutional capacity and a willingness to offer services to low-income people.

What is IFAD doing?

PRIME Africa, co-financed by the European Union, leverages these development opportunities through innovations, partnerships and products that promote cheaper, faster and safer remittance transfers.

By maximizing the impact of remittances, PRIME Africa fosters local economic opportunities across several African countries.