BY EABW REPORTER
KAMPALA, UGANDA- With Uganda having already slapped a 1% tax on Mobile Money transactions, a tax that will likely discourage the frequency of Mobile Money transfers, dealers in Mobile Money business and remittances transfers from across the continent are set to meet in Lagos Nigeria to see how they can deepen the trade.
They will also aim to create a more competitive market place for players to foster the trade across the continent.
“The formal market for international and cross border money transfer to Africa is still young and faces typical emerging markets challenges when compared to more established markets.
“We are at the fore front of delivering, highly engaging event platforms for supply -side decision makers in the remittance ecosystem to network and explore partners in the evolving remittance and payment ecosystem in Africa,” says West Ekhator a Director at Mobile Money Africa.
According to a recent report by the World Bank, Remittances to low- and middle-income countries rebounded to a record level in 2017 after two consecutive years of decline. Remittance inflows improved in all regions and the top remittance recipients were India with $69 billion globally and Nigeria ($22 billion) in Africa which is closely followed by Egypt ($20 billion).
The 7th Remittance Africa Expo that will take place on 23 and 24 of October in Lagos, Nigeria will bring together the largest gathering of money transfer providers on the Africa continent with the compelling headline theme ‘Unlocking Opportunities in Money Transfer and Payment systems in Africa’.
While Remittance inflow is improving, there is significant leapfrogging of payment systems across the continent and there is a compelling need to better align remittances and payment systems in Africa to improve transaction efficiencies and further reduce cost.