UPU, IOM and Burundi Post proud to expand money transfer service to country’s diaspora

24.11.2018 - Remittance service enables individuals from isolated rural areas to receive money from abroad at fair rates in line with the 2030 Agenda for Sustainable Development.

A new money transfer service launched today in Brussels offers tremendous benefits to the people of Burundi and its diaspora.

Burundians living outside the country will have the chance to send money back home to their intended beneficiaries via a network of 139 post offices in cities and, for the first time, isolated rural areas.

Available through the Universal Postal Union’s acclaimed International Financial System (IFS), the new service aims to increase financial inclusion and reduce the cost of remittance transfers, a key aim of Goal 10 of the 2030 Agenda for Sustainable Development.

IFS provides a platform, which offers secure, reliable, and affordable international and domestic electronic postal payments.

The project also recognizes the linkages between migration, financial inclusion and sustainable development.  

Olivier Boussard, UPU project coordinator, said, “Our migration and development project provides accessible and affordable money transfer solutions for migrants, and it is responsive to the needs of the diaspora and their families.”

UPU, IOM, the National Postal Service (RNP Burundi) and RIA Money Transfer (Euronet Worldwide Inc.) collaborated on the project so Burundians living outside the country can pay a fair rate for remittance transfers.

The new service expands upon an existing domestic money transfer system called “Rungika” (“send”) in the Kurundi language widely spoken in Burundi and launched in 2017 with the support of UPU and the International Organization for Migration.

Held at the Salle Excelsior in Brussels, participants at the launch included members of Burundi’s diaspora, IOM colleagues and RIA staff.

According to World Bank studies around 2 billion people—including many women—do not have access to financial services. Many of these individuals are impoverished.

Recognizing this global challenge, UPU created The Financial Inclusion Technical Assistance Facility (FITAF) in 2017.

FITAF’s objective is to deepen the digitalization of postal financial services so that posts can further support financial inclusion and meet the needs of unbanked individuals and small business.

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The Universal Postal Union is a UN specialized agency with its headquarters in the Swiss capital Berne. Established in 1874, it is one of the world’s oldest international organizations and is the primary forum for cooperation between postal sector players.

Press release
 

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  1. Dirk at 19.01.2016
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