Low cost remittances arrive to Africa

Ria Social Opportnities

Ria has sending operations in five African countries.

Ria, the low-cost money transfer company, has commenced sending operations from African countries starting with Ivory Coast in February 2013, The Gambia in April, Gabon and Togo in July, and with Equatorial Guinea to follow. The main destination countries for these remittances are other African countries such as Burkina Faso, Mali and Niger. In some cases, such as Ivory Coast, Ria will also provide internal remittances.

Very few African countries send “formal” remittances while most of them receive remittances, largely from the US and Europe.  This is fairly surprising because African countries host as many migrants (both internal and international) as the whole of Europe. The reason for the absence of African remittances is the lack of reliable and economic transfer services. This means that most African migrants are limited to “informal” services like Hawala and other unregulated alternatives.

Ria is the sole low-cost money transfer service in Africa, helping those immigrants who wish to share their means with their families. This effort has involved the creation of a regional processing center in Dakar, Senegal, staffed with 15 dedicated specialists.

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