Accounting for almost half (135) of global mobile money deployments (276), Africa has huge potential to leverage digital financial services to make cross-border remittances cheaper and more efficient.

The framework for cross-border remittances aims to address the cost and efficiency challenges of remittances in Africa. Sub-Saharan Africa (SSA) is the most expensive remittance corridor in the world, with the average cost of sending USD 200 29 percent higher (9.4 percent) than the global average (7.1 percent). Conversely, the global average cost of sending remittance via a mobile operator channel is 3.2 percent compared to 10.4 percent using bank channels.