A RAPIDLY IMPROVING AND MATURING REMITTANCE MARKET
Cabo Verde features a sound regulatory framework yet competition remains limited due to various factors including market size and a limited number of IMTOs present which is further hindered by exclusivity agreements for some cases. De-risking and related CBR termination have affected certain banks and corridors, increasing the cost to send to an account. Current country access point coverage is good and can be enhanced should an uptake of non-bank agents be fostered by the new Payment Instrument regulations. Financial access and inclusion could be enhanced if use cases were appealing to remittance recipients and if KYC was more proportionate to the risk associated with payment account services.
This research is part of a series of country diagnostics in selected African countries, in implementation of the Platform for Remittances, Investments and Migrants’ Entrepreneurship in Africa (PRIME Africa) initiative. The diagnostic report has been developed and presented to key stakeholders in the country. It details all aspects of the remittance market, including key players, stakeholders, and recommendations.
This report is in Portugese.