Leveraging on remittances to drive financial inclusion in rural Ghana though an innovative financial literacy scheme

Leveraging on remittances to drive financial inclusion in rural Ghana though an innovative financial literacy scheme
Date Shared:
Countries and areas:
2030 Agenda related targets:
GCM Objectives:
Contributors:
Chairmanship:
Geographical Relevance:
Tags:
Summary:

IFAD is partnering with Fidelity Bank Ghana under the PRIME Africa initiative to enable remittance recipients in high-migration rural areas to increase their share of remittances saved in formal bank accounts.

Remittance recipients without proximity to a bank branch end up having to foot costly journeys to cash out their remittances. By targeting un(der) banked remittance recipients, Fidelity Bank will enable termination of remittances directly into a savings account. As a result, rural customers will incur lower costs and will save time and expenses as a result of not having to travel long distances. Fidelity Bank is uniquely positioned to support a sustainable shift from cash-based remittances to digital account based transfers in rural areas due to its network of 5,000 agents across the country.

Link:
GFMD Source:

GFMD 2022-2023 - GRT 3 Background Paper " Diasporas as actors of economic, social and cultural development"

Partner(s):

IFAD
Fidelity Bank Ghana