African Foundation for Development (AFFORD)

21 Jun African Foundation for Development (AFFORD)

AFFORD congratulates the hard work and immense contributions of migrants and diasporas around the world, especially those from Africa who sent over $86 billion to loved ones.

The African corridor is the most expensive global corridor for remittances, with average costs of 10-12 per cent compared to the global average of 5-7 per cent.

AFFORD is working with different stakeholders – Central Banks, Money Transfer Organisations, Bureaux de Change; Commercial Banks, etc) to reduce the average costs in the Gambian, Rwandan and Sierra Leonean corridors to 3 percent by 2030 as part of the global target under Sustainable Development Goal (SDG) 10.c.

Stakeholder typology: Public sector