Remittance Revolution: Gambian Diaspora Seeks More Control Over Money Sent Home
The Gambian diaspora community is pushing for more control over remittances sent home, seeking to empower themselves and drive economic growth in their homeland.
The Need for Education
According to experts, while some businesses offer remittance-linked financial products, there is a need for education beyond the point of receipt to convert remittance receivers into active users. “Remittances can be a game-changer for the Gambian economy, but we need to educate people on how to use them wisely,” said [Name], a financial expert.
Fintech Sector Promotes Digital Payments and Financial Inclusion
The country’s growing fintech sector is playing a crucial role in promoting digital payments and financial inclusion. Several digital wallet providers have entered the market, offering services such as airtime top-ups and international transfers. However, more needs to be done to further digitize the economy, including merchant onboarding and interoperability.
Stakeholder Coordination Key to Success
To achieve success in the remittance sector, close coordination among stakeholders is essential. A few international organizations and local networks are working together to improve the market, while others are focusing on complementary areas.
Key Stakeholders
- IFAD
- Central Bank of The Gambia (CBG)
- United Nations Capital Development Fund (UNCDF)
- World Bank
- Private sector players
These organizations are working together to avoid duplication, confusing messaging, or engagement fatigue with stakeholders.
PRIME Africa Initiative
The Platform for Remittances, Investments and Migrants’ Entrepreneurship in Africa (PRIME Africa) initiative is playing a crucial role in promoting remittance-linked financial services in The Gambia. Co-financed by the EU, PRIME Africa aims to maximize the impact of remittances on millions of families in selected African countries.
Recommendations
To further develop the remittance landscape in The Gambia, experts recommend:
- Learning from the COVID-19 crisis to put measures in place to guard against future pandemics
- Continuing to leverage the National Remittance Stakeholder Network (NRSN) to maintain conversations around coordination and improvement
- Improving and making publicly available data on remittances and diaspora in The Gambia to inform policy and private sector decisions
- Continuing to support and develop The Gambia’s young domestic digital payments ecosystem
Conclusion
As The Gambia continues to navigate the complexities of the remittance market, one thing is clear: empowering the diaspora community with financial control will be key to unlocking economic growth and development in the country.