Governance And Political Inclusion (Remittances) | The Youth Cafe

Remittances are a focus of The Youth Cafe regarding international cooperation in Africa, helping to reduce poverty and generate domestic resources. Sustainable Development Goal (SDG) 10 aims to reduce the transaction costs of migrant remittances to under 3% and eliminate corridors with costs above 5%. Despite recent progress, costs stagnate around 7% with strong disparity between corridors. This disproportionately affects young people, who are more likely to be 'undocumented', 'unbanked', and poor. And yet youth are at the forefront in the use of new technologies like mobile money. In 2014, the AU established the African Institute for Remittances (AIR) with support from the EU. It provides statistical data (SendMoneyAfrica comparison database) and promotes change in legal and regulatory frameworks. However, further awareness and transparency about remittance fees and standards is needed, as well as more user-friendly applications and capacity support to innovative solutions from both regions.