AFFORD Offering Remittances Plus™ in Partnership with Fadugu - Oct. 2007

Research conducted by AfricaRecruit suggests that substantial amounts of money Africans in the UK remit home is for business purposes. Amounts vary in the range from an average of $50-$300 a month. Anecdotal evidence gleaned through regular interaction with such investors points to considerable dissatisfaction with the performance of these investments. A common scenario is that diaspora investors are supporting relatives & friends to establish ventures at home. However, these budding entrepreneurs often lack the full range of skills & support necessary to succeed in their venture. Common mistakes include failure to plan the business & failure to take into account all the necessary costs associated with the business resulting in cashflow crises & under-investment over time.

Remittances Plus™ provides business advice & support to the remittances recipient while involving the investor. AFFORD’s existing & growing network of business development/support centres & partners will form the basis of provision of such support linking the UK & different African countries.

In addition to being directed towards known recipients by the remitter, Remittances Plus™ also enables a remitter/investor to invest their money in a small business venture identified by AFFORD’s or partners’ operations on the ground in target countries.

By sending money home to Sierra Leone through Fadugu, an innovative online money transfer operator serving a worldwide community of remitters to Sierra Leone (with more countries coming on-stream in 2008), & opting for Remittances Plus™ business support for the recipient, senders win on two fronts. First, because this is money for investment in an enterprise that will support the country’s recovering economy, Fadugu shall offer a free money transfer service. Second, the sender gains reassurance that the recipient shall have access to high-quality, affordable business support to ensure that the money goes into a venture that is well-thought-through & planned & thus more likely to succeed.

Furthermore, by working with a network of financial service providers on the ground in recipient countries, AFFORD & Fadugu shall ensure that remittances recipients have every opportunity to bank their money & have access to a full range of other important financial services.

In the first instance, AFFORD, Fadugu, and Ghana-based microfinance institution, SINAPI ABA TRUST intend to offer Remittances Plus™ services of investment targeted at a recipient known by the remitter & investment targeted at an entrepreneur identified by SINAPI ABA TRUST.

Tell your Friend about Fadugu Prepaid Card