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WSBI begins Africa Postal Financial Services Programme in Bénin

WSBI begins Africa Postal Financial Services Programme in Bénin


WSBI experts travel to Bénin to start project supporting La Poste du Bénin in improving remittances business

​​COTONOU, Bénin,​ 10 December 2014  Following signature on 27 November of a Grant Agreement between WSBI and IFAD (International Fund for Agricultural Development), two WSBI experts have travelled to Cotonou in Benin to commence a project to support La Poste du Benin in improving its remittances business. 

The project takes place in the framework of the Africa Postal Financial Services Programme (APFSI), a regional programme seeking to enhance competition in the African remittance market place by promoting and enabling African post offices in selected countries to offer remittances and financial services. 

The initiative has four main objectives;
(1) Reduce the costs of remittances to/within Africa, which are among the highest in the world, especially for the rural poor;
(2) Reduce transaction times via modernization of procedures for transferring money;
(3) Broaden the network of rural locations where remittances can be picked up, reducing the time lost and risks for rural dwellers;
(4) Deepen the range of financial services to remittances senders / receivers (savings, loans, insurance).

In order to assist in achieving the above objectives, WSBI, as partners of a group of renowned international institutions led by IFAD and including the World Bank, United Nations Capital Development Fund (UNCDF) and the Universal Postal Union (UPU), will provide support to postal operators in Benin and Senegal in developing their commercial and financial management capability. In addition, WSBI will deliver training at these two institutions, as well as to the post offices of Ghana and Madagascar. 

The programme is scheduled for completion in 2016.

Remittances; Banking Distribution Channels; Financial education; Financial inclusion; Digitalisation; Banking Technology