Conference on remittances to Africa underway in Accra

Accra, June 17, GNA - Oxfam Novib and International Network for Alternative Financial Institutions (INAFI) are implementing a project to foster the linkage between migration and development in Africa.

The project aimed at achieving financial access for migrants and their families, and to enhance money transfer competition by providing knowledge, technical assistance and building partnership.

In addition, it would partner with immigrant associations in Europe, Microfinance Institutions (MFI) in Africa and money transfer operators.

Mrs Soukeyna Ndiaye Ba, Executive Director of INAFI, who made this known at a two-day conference on remittances to Africa in Accra on Thursday said the project would train and enable 10 microfinance institutions in 10 sub-Saharan Africa countries to increase their competitive edge in money transfer service and other financial driven instruments.

The conference is on the theme: 93Harnessing the Potentials of Migration for Development: Linking Microfinance Institutions and Immigrant Association."

She said it would enable the MFIs to build partnerships including a co-development programme with immigrants associations working or residing in European countries.

She said the objective was to improve the capacity of immigrant associations based in 10 European Union countries to actively support the development of their countries of origin and to enable MFI to facilitate their transfer of migrant remittances in a safe and cheaper manner.

Mrs Ba said it is expected that technical assistance programme would be provided for MFIs in 10 Sub-Saharan African countries to enable them perform money transfer worldwide.

"Develop and market remittance based financial products and service and other investment opportunities targeting potential individual migrants would be ensured," she added.

She said the project would also identify barriers to entry and competition among MFIs, develop financial literacy toolkits, and conduct financial literacy training of trainers for migrant leaders and remittance receivers among other issues.

It would investigate needs and wants of migrant remittance senders and receivers and also organise work conference in Ghana by establishing partnerships between MFIs and money transfer operators.

Mrs Janny Bosscher, Representative of Oxfam, an international NGO said the discussions have revealed that the problems faced by remittance receivers were communication and security in receiving the money.