A conference on the development of financial services in Africa wrapped up yesterday in Ouagadougou, Burkina Faso.
Jointly organized by the Pan African Postal Union, the African Union and the UPU, the gathering aimed to promote the worldwide electronic postal payments network. Ministers of posts and finance, central bank governors, experts from the sector and representatives of economic institutions from all the non-Maghreb African countries discussed the impact and utility of the financial services offered by Posts.
The conference highlighted the need to connect African citizens, living in small settlements or in the country, who are currently not linked.
Today, 40% of transfers sent via the UPU worldwide electronic payments network are destined for people in rural areas.
Providing migrant workers with secure, affordable money-transfer services is a priority for the UPU. The UPU is putting in place the necessary infrastructure to extend money transfers into still more rural areas.
UPU Global network
"The countries attending the conference have to adopt the vision and strategy of the UPU postal payment services in order to mobilize the financial resources they need for their social and economic development," said Alexandre Rodrigues, a UPU financial services expert, who presented the organization's activities at the conference.
Through its global network, the UPU contributes to the development of money-transfer corridors – not only from North to South but also from South to South. According to World Bank figures, 73% of Africa's migrants are currently living in more prosperous neighbouring countries. The World Bank also estimates that money transfers in Africa total 54 billion dollars a year.
A first successful project led jointly with the International Fund for Agricultural Development linked six African countries and 29 million people living in rural areas, thanks to the connection of 355 rural post offices to IFS – the UPU's International Financial Service network.