consider better use of money transfers

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In a report published last year, the World Bank predicted a 23% reduction in remittance rates due to the impact of the Covid-19 pandemic on the employment of migrant workers. In Mali, diaspora money officially and according to the latest available figures represents more than 5% of the country’s GDP.

as reported from Bamako, Kaourou Magassa

Behind the counter in his money transfer shop, Boubacar Gambi has bowed his head over his mobile phone. In one hour he had not received any clients.

“We used to get a lot of money from abroad. There were many outlets at that time. For example, I got about 50 customers a day for withdrawals, but now there are about 20-22 withdrawals a day, he says.

Attendance decreased by more than half, as so much less money to pay for families’ living costs, education and health costs.

Use better diaspora money

According to figures compiled by the Malian Diaspora Council, 77% of Malians abroad support their relatives abroad.

“We considered it useful and necessary to learn a good lesson from this pandemic to guide the diaspora towards productive savings and transfers and thus allow our parents who were left to create jobs and let them be dependent on them. – also so as not to be permanently dependent on what we send from outside, explains Chérif Mohamed Haïdara, President of the Board of Directors of the Malian Diaspora.

So bounce back to try to take advantage of foreign money. Despite the expected reduction in funding from abroad, Chérif Mohamed Haïdara and his team are working with the help of their partners to create an investment bank for the Malian diaspora.

In 2019, remittances to Mali through official channels reached more than $ 1 billion, according to the World Bank.

Read also: Africa: transfers from the diaspora victims of Covid-19

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