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Remittance, mobile money experts to meet in Lagos

04 December 2015, 13:05

Lagos – More than 250 delegates from over 20 countries will converge in Lagos early next year for the sixth Remittance and Mobile Money Expo.

The summit is scheduled for February 2-3 in Africa’s largest remittance recipient nation.

Remittance providers and stakeholders such as money transfer operators, financial services providers, financial technology providers, vendors, agent network operators and mobile financial services providers are scheduled to attend.

These will participate alongside regulators and stakeholders from the supply and demand side of the remittance industry will be meeting at the event to address lowering transaction cost by leveraging new innovations in the African mobile financial services ecosystem.

The barriers to cost-reduction, challenges and opportunities in the African remittance market, improving efficiency at the last mile, the role of non- bank financial institutions and the emergence of digital remittances such as mobile money, online transfers and crypto currencies in lowering remittance cost for Africans are some of the subject matter areas to be considered at the conference.

According to the event director at Mobile Money Africa, Emmanuel Okoegwale, the continent had made great strides in mobile technology adoption and penetration.

“However, despite the pervasive coverage of such mobile networks across Africa, technological innovation has yet to drive down costs in Africa’s remittance markets,” he said.

Africa pays nearly $2 billion a year due to the higher-than-average cost of sending money to the continent with average cost to transfer money to sub-Saharan Africa at about 12 percent, compared with a global average of
7,2 percent, according to the Overseas Development Institute, a United Kigdom think-tank.

- CAJ News

Tags business

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