Remittances from the African diaspora have buoyed households in African countries for decades, often paying for housing, school fees, hospital bills, and other life necessities for families and communities. In 2012, Africans in the diaspora worldwide sent home to their relatives nearly $60 billion in remittances, exceeding official development assistance to Africa.
The Africa-America Institute’s next Speaker Series panel discussion will delve in to whether remittance flows can boost economic growth and prosperity on the African continent. The panel discussion, “Can Remittances from the African Diaspora Promote Economic Growth in Africa?” will be held on June 5th from 6:30-8:30 p.m. at TKP New York Conference Center, 109 West 39th Street in New York City. Doors open at 6:00 p.m.
The Africa-America Institute (AAI) is a U.S.-based international education and policy organization dedicated to strengthening the human capacity of Africans and promoting the continent’s development through higher education and skills training, convening activities, partner engagement, and research.
Top panelists from the private, public sectors, and Diaspora community will offer insight in to how to maximize and sustain the economic development potential of remittances in sub-Saharan Africa and will grapple with whether Diaspora contributions can be channeled for sustainable development.
Solome Lemma, co-founder and director of Africans in the Diaspora, will moderate the panel discussion. Panelists include Linus Adaba, group remittance & diaspora manager at Ecobank Transnational Incorporated; Isseu Diouf Campbell, photojournalist and founder of Afrikanspot.com; Dr. Rose Ngugi, advisor, office of the executive director, Africa Group at International Monetary Fund; Dr. Sonia Plaza, senior economist, migration and remittances team at The World Bank; and Teddy Ruge, chief marketing officer, Redcore Money Transfer and Founder of Remit.ug.
The World Bank recently noted that Africans in the Diaspora pay more to send money to their home countries — in some cases twice the global average — than other diaspora groups worldwide.
The panel discussion will highlight innovations in mobile money transfers and weigh in on what actions African governments and private organizations can take to drive down the cost of money transfer fees and reduce regulatory impediments to increase competition.
“Remittances have become the sustaining force for many African households and communities,” said Amini Kajunju, AAI president and CEO. “Panelists for our next Speaker Series panel discussion on remittances will explore the power and potential of remittances in improving communities and national economies, creating jobs, and fostering innovation in Africa.”
Remittance flow in to African countries has continued to grow, and in Sub-Saharan Africa, they have increased by 3.5 percent in 2013 to reach $32 billion, according to official reports. This trend and the impact of these flows on the well-being of recipient households and their communities are attracting increasing attention from a myriad of global financial institutions.
“With increasing remittance inflows in to sub-Saharan Africa — corresponding with the increase in well-to-do Africans in the diaspora — Ecobank is properly positioned in 35 Sub-Saharan Africa countries, with over 1,250 locations for users to take advantage of our product and services,” said Linus Adaba, Group Remittance & Diaspora Manager. Ecobank is the Exclusive Presenting Sponsor of the panel discussion.
“To facilitate these flows, Ecobank is in strategic partnerships with most of the key Global Money Transfer Companies, driving convenience and trust for the funds of recipient,” said Adaba. He added that to further meet the convenience needs of users, Ecobank is investing in making remittance services available via electronic channels to facilitate 24/7 service availability across the Ecobank network.
For more information and to register for the event, please visit the Remittances panel discussion event’s page.