What impact does social distancing have on global remittances?
Measures such as social distancing to curb the spread of Coronavirus have handicapped people used to cash-to-cash transactions. Migrants and their families have not been spared. This blog focuses on the extent to which digital channels provide attractive alternatives and opportunities for partnerships between money transfer services, governments and FinTechs to ease this challenge.
Use of remittances to encourage the unbanked to open accounts—a missed opportunity
The activities of many entrepreneurs in Senegal require financial flexibility that banks and microfinance institutions find difficult to provide. Life would be much easier for people like Abdoulaye, if financial institutions were to partner with money transfer companies to create digital profiles and develop an alternative credit history to extend them credit. Read Abdoulaye’s story.
Demand analysis on remittances in West African Francophone countries: Côte d’Ivoire, Mali, and Senegal
Countries in West Africa, with their large inflow of remittances, offer opportunities to create cash-to-account services linked to demand-driven value-added services. This report highlights barriers and opportunities in the use of remittances in formal financial services.