Promote digital solutions for faster, safer and cheaper remittances transfers and the financial inclusion of migrants and their families

Digital solutions are key to foster faster, safer and cheaper transfers of remittances and the financial inclusion of migrants and their families. Due to the consequences of the COVID-19 pandemic (such as lockdowns) many more senders and receivers have tried digital products for remittances transfers, savings and investments. Germany will make use of this momentum and commits to strengthen innovative start-ups operating in the remittances technology sector in and from receiving countries.

Through scaling-up the “Remittances Tech Pilot Accelerator” programme, German Development Cooperation will offer support, networking opportunities and coaching for remittances start-ups, whose products improve remittances transfers, savings and investments for migrants and their families. The RemTech Pilot Accelerator was launched in 2021 to support start-ups from partner countries offering innovative technology-based solutions to facilitate better, faster, and cheaper remittances. Twelve start-up teams received a week of acceleration and coaching followed by a pitch day with potential investors. A special focus lies on female-led businesses.