The Remittance Grant Facility (RGF) is a challenge fund established by the Government of Ghana and Switzerland. The RGF is financed by Switzerland through the State Secretariat for Economic Affairs (SECO) and managed by KPMG International Development Advisory Services (IDAS). The overall aim of the RGF is to facilitate the flow of remittances through formal channels to poor and rural Ghanaians and, in the process, enhance the impact of remittances on economic growth and poverty reduction. Put simply, the RGF seeks to reduce the cost of remittances and increase access to such products and services for the poor.
Light touch: The RGF will provide financial support to assist companies develop or introduce innovative remittance products and services.
Innovation: Funded projects must demonstrate innovation.
Additionality: Preference would be given to projects for which applicants cannot readily obtain commercial finance or other sources of finance.
Targeted: The fund is targeted at banks, non-bank financial institutions, money transfer operators (MTOs), mobile network operators (MNOs), other commercial entities, and consortia of such entities.
Risk sharing: The facility will share risks with private firms. Grantees must match the funding provided.
The poor as beneficiaries: The primary beneficiaries of funded projects must be the poor.