Global Forum on Migration and Development
Published on the Global Forum on Migration and Development Web Portal (https://www.gfmd.org)


Date Shared: 
Friday, August 9, 2019 - 15:25
Title: 

Deepening financial inclusion and enhancing rural people's resilience

Countries and areas: 
Kenya, Uganda
Partner(s): 
IFAD, Equity Bank
Thematic Area: 
Remittances, Strategies for minimizing costs/maximizing human development
Tags: 
Public-Private Partnerships, Remittances, Diaspora Investment and Entrepreneurship, Local Development
Summary: 

Deepening financial inclusion and enhancing rural people’s resilience by providing low-cost, cross-border mobile money transfers across the Kenya-Uganda corridor, linked with savings, loans and other financial services, and by promoting entrepreneurship for migrant family investment. With the existing technology, this mobile remittance channel aims at improving rural coverage, proximity and convenience for users, while transforming mobile wallets from a transactional to an advisory tool that manages remittance origination and used in conjunction with bank accounts and related products. The model is being up-scaled and expanded in neighbouring countries. In terms of outcomes, the project aims to reach 5,000 migrant workers and remittance recipients using the mobile channel linked to banking services and to reduce the transaction cost to 5 per cent on average for both ways of the corridor (i.e. Kenya to Uganda and Uganda to Kenya).

GFMD Source: 

GFMD 2019 - Background Paper RT 3.2 "Harnessing migration for rural development"

Link: 

https://www.ifad.org/documents/38714170/39269250/ffr_brochure.pdf/0a570874-ee95-4e93-9c0c-c02968747215

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Source (retrieved on 07/12/2025 - 10:26): https://www.gfmd.org/pfp/ppd/11274