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  • LocationWest Africa
  • SectorRemittances
  • Type of investmentEquity investment
  • Project stageTest & Transition

A $2.2 million preferred equity investment in Afrimarket, an innovation which seeks to increase remittance flows to West Africa, especially regional and rural areas, through a cash-to-goods approach and reduced sender costs.


Investment Overview


The percentage of GDP that remittances represent in the 5 West African countries where Afrimarket operates


The percentage of the amount sent that is taken in remittance fees on average

The development problem.

Remittances play an important role in domestic resource mobilization, representing up to 5% of GDP in West Africa and acting as a form of insurance against macroeconomic shock. However, several major barriers to the use of remittances exist. These include high fees and trust issues, with average global remittance costs reaching 8% of the amount sent.

The innovation.

Afrimarket provides a low-cost cash-to-goods service for sending remittances such as food products, sanitation products and construction materials to West Africa, serving as a compliment to traditional money transfer operators. The innovation increases remittance flows through reduced sender costs using a mobile, no-middleman model, and also increases trust levels by allowing users to send specific products to recipients or to make use of a voucher system.

GIF’s investment.

A $2.2 million preferred equity investment (as part of Afrimarket’s Series B equity round)

Investment objective(s).

Build out distribution operations and acquire new customers.

Why we invested

Unique solution applying an eCommerce approach to a development problem

Remittances are an important source of funds for GIF’s target beneficiaries

Significant traction with key cash-in partners

Strong team with significant logistical and eCommerce experience in Africa

Click here to read Afrimarket’s Impact Brief.

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