AIR to provide Technical Assistances to African Central Banks on Remittances

The African Institute for Remittances (AIR) on 12 August 2016 concluded in Harare, Zimbabwe, a three-day Consultative and Stock-Taking workshop with African Central Banks, partners and other stakeholders on Remittances in the African Union Member States

HARARE - The African Institute for Remittances (AIR) on 12 August 2016 concluded in Harare, Zimbabwe, a three-day Consultative and Stock-Taking workshop with African Central Banks, partners and other stakeholders on Remittances in the African Union Member States. The workshop was organized by AIR, with the support of the Reserve Bank of Zimbabwe, aimed at: (1) raising awareness on the Mandate and Function of the Institute and (2) take stock of levels of advancement of AU Member States in their legal and regulatory frameworks and remittances data measurement, compilation and reporting methods so as to define/design necessary programmes for capacity building and technical assistances.

The workshop was attended by 19 National and regional Central banks, representing 25 AU Member States. In his welcoming remarks, the Interim Executive Director of AIR, Mr. Amadou Cisse, recalled the main objectives of the Institute, which are to (1) lower the cost of sending money to and within Africa, (2) improve the remittances data measurement, compiling and reporting systems in the AU Member States and (3) 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 AIR 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, AIR in collaboration with African Central Banks and Partners, will design TA programmes for specific countries where gaps are identified.