Objective of the project
To develop the savings for migrants and to optimize the costs of money transfers

Areas of intervention
Senegal, Mali, Europe

PAMECAS, CVECA Kayes, Nyesigiso

Project manager

Some key figures:

€ 1.86 million have been transferred by 1,239 migrants
€ 270.000 invested in savings products

Savings, microcredit and money transfers for migrants

  • Savings, microcredit and money transfers
  • Savings, microcredit and money transfers
  • Savings, microcredit and money transfers
  • Savings, microcredit and money transfers
  • Savings, microcredit and money transfers

Migrants working in Europe usually send a large portion of the money they earn back to their home countries, essentially through non-regulated channels or highly expensive, low-security channels. Developing a reliable, efficient and competitive service to this population enhances financial inclusion.

Once they have reached their destination, these remittances are often spent straight away, in part due to a lack of suitable financial services. Yet this money could be saved or invested.

In view of that wasted potential, ADA and its partners developed a migrant remittance-boosting project. The project’s objective is to offer transfers at a moderate price, as well as associated savings and credit products into which the transferred funds can be invested. This maximises migrant-remittances’ potential and gives the expatriated workers the opportunity to contribute to their home countries’ development.

The pilot project was launched in 2009. With ADA’s support, the PAMECAS microfinance institution set up a flow corridor between Italy and Senegal. Senegalese migrants in Italy can now save and invest better in Senegal. PAMECAS is now expanding its remittance-boosting project to new corridors such as Spain–Senegal, Gabon–Senegal and United States–Senegal.

Working together with two Malian microfinance institutions, CVECA Kayes and Nyesigiso, ADA replicated the flow-corridor model between France and Mali, in 2011.

New savings products have been developed for migrants, as have associated credit products – Family Expenditure savings, Project savings, Housing Credit savings and Return savings.

Since the project was launched in 2009, over 1.86 million euros have been transferred by 1,239 migrants living in France or Italy. Of this amount, they have invested 270 000 euros in savings products with microfinance institutions in their home countries.


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