The central objectives of the Forum were to share experiences and raise awareness among diverse stakeholders in the remittance market and to highlight the potential benefits that remittances can bring to the social and economic development of the African continent.
Partners such as AfDB, IDB, the World Bank and the International Network of Alternative Financial Institutions (INAFI) and private sector stakeholders contributeed their unique insights to the achievement of this objective.
The Forum brought both private- and public-sector stakeholders into the discussion and sought to foster an enabling environment for remittances. Focused on African remittance markets and international best practices, the 2009 Forum addressed regulatory, economic and social remittance-related issues in Africa. The two-day event included a series of round-table discussions and working groups devoted to an in-depth exchange of ideas and of business models for urban and rural remittances worldwide.
Central to the forum was the official release of a groundbreaking regional study entitled “Sending Money Home to Africa”. This study summarizes regulatory issues relating to foreign currency transfers, competition in the marketplace and areas in which remittances intersect with financial intermediation.
The Forum built on the ongoing efforts of the multi-donor Financing Facility for Remittances and sought to identify means of improving the development impact of remittances and to raise awareness of their rural dimension. Winning proposals from this year’s third call of the Facility, which now includes private sector projects were also announced.