All is set for the kickoff of the seventh edition of RemittanceAfrica Expo, the largest gathering of money transfer providers on the Africa continent, in Lagos Nigeria.
The conference which will host leading thought leaders in the remittance ecosystem in Africa and beyond, on October 23 and 24, 2018 has its theme as ‘Unlocking Opportunities in Money Transfer and Payment systems in Africa’.
According to a recent report by the World Bank, Remittances to low and middle-income countries rebounded to a record level in 2017 after two consecutive years of decline. Remittance inflows improved in all regions and the top remittance recipients were India with $69 billion globally and Nigeria ($22 billion) in Africa, closely followed by Egypt ($20 billion). According to the organizers of the event, Mobilemoneyafrica, while Remittance inflow is improving, there is significant leapfrogging of payment systems across the continent and there is a compelling need to better align remittances and payment systems in Africa to improve transaction efficiencies and further reduce cost.
Event Director at mobilemoneyafrica, West Ekhator, however, said ‘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, so we are at the forefront of delivering, highly engaging event platforms for supply-side decision makers in the remittance ecosystem to network and explore partners in the evolving remittance and payment ecosystem in Africa’.
He noted that the conference will aim to create a more competitive marketplace for players to foster and deepen their engagements across the ecosystem.