Remittances and Microfinance Networks

David QUIENADA

Rome, 17-18 November 2011

GIVING VALUE TO MIGRANTS’ SAVINGS

Corridor Italy-Senegal

Access to a remittance transfer service at a lower rate on the Italy-Senegal corridor and delivery of savings and credit products to migrants:

•1051 Senegalese migrants in Italy became MFI clients and subscribed to the new products offered (cash to account transfer; savings accounts; housing and business loans and business development services)

•Cash to account transfers of € 544 400 at a lower rate compared to the average market price

•Rural outreach with transfered paid in the 72 points of services of Pamecas located in all Senegal regions: Thiès, Diourbel, Touba, Kaolack, Tivaouane, Saint Louis, Louga, Matam, Kebemeer, Rufisque.

•€ 190 000 of medium-term savings

•20 loans disbursed in 2011 with €74 000 outstanding portfolio: 86% housing loans and 14% business loans

What we achieved

Key success drivers

•Products met migrants’ needs

• Marketing efforts took into account the migrants’ culture

• Transfer operators were selected on a competitive basis

• Avoid premature statements and build trust

• Capacity of MFIs was gradually built with technical assistance and training

Housing loan Dakar area

Information meeting on products

Information meeting on products