African Union executives attend workshop on remittances

The African Institute for Remittances concluded a three-day consultative and stock-taking workshop with African central banks, partners and other stakeholders on remittances, in Harare, Zimbabwe. The workshop was organised by African Institute for Remittances, with the support of the Reserve Bank of Zimbabwe.

The objectives of the workshop included:

• Raising awareness on the mandate and function of the Institute
• Take stock of levels of advancement of African Union member states in their legal and regulatory frameworks and remittances data measurement
• Take stock of levels of advancement of African Union member states in their compilation and reporting methods
• Design necessary programmes for capacity building and technical assistances

The workshop was attended by 19 national and regional central banks, representing 25 African Union member states. In his welcoming remarks, the Interim Executive Director of African Institute for Remittances, Amadou Cisse, recalled the main objectives of the Institute, which are to:

• Lower the cost of sending money to and within Africa
• Improve the remittances data measurement, compiling and reporting systems
• Leveraging the social and economic impact of remittances in Africa

Ambassador Olawale Maiyegun, Director, Department of Social Affairs, in his opening remarks, highlighted that remittances, apart from its economic impact, should be seen from the point of view of its significant contributions on improving the livelihood of beneficiary families and as a gateway to financial inclusion agenda in Africa. He drew particular attention to the increasing number of women as senders of remittances and as recipients. “Women make better use of remittances than men,” the Director said.

The workshop was also addressed by Dr Mpulo, Director External Reserves Management, Reserve Bank of Zimbabwe.

The workshop was an opportunity for Central Banks and other stakeholders to share their experiences and challenges on remittances data measurement, compiling and reporting systems as well as on remittances markets legal and regulatory frameworks.

The workshop also allowed African Institute for Remittances to identify gaps in these areas that would enable the Institute to start engaging a few of African countries towards addressing the main challenges to improve remittances data accuracy and make African remittances markets more competitive and efficient.

Going forward, African Institute for Remittances in collaboration with African central banks and partners, will design programmes for specific countries where gaps are identified.