Kenya Backs Plans To Review Costly Remittance Regulations
ADEPT’s Interim Director, Gibril Faal was interviewed by PaymentsCompliance on the outcome of DDD5 and the Nairobi Action Plan to reduce remittance costs to less than 3% by 2020. A section of the article is featured below.
Kenya’s government has backed proposals to review regulatory and market factors that make sending money to Sub-Saharan Africa the most costly remittance channel in the world.
The initiative is being spearheaded by ADEPT, an international organisation for supporting diaspora development, which is currently considering which ten countries will be part of the initial scheme.
According to ADEPT, the purpose of the campaign is “to reform regulation, facilitate competition, promote interoperability, create social enterprise [money transfer operator] platforms and stimulate innovation in the money transfer sector”.