How can we turn Gambia remittance into savings?

Do you know why expatriates send money to Gambia from abroad? In a very surprising move, the Government of the Gambia from the Ministry of Foreign Affairs, Gambians Abroad and International Cooperation, in January 2012 said the first Consultative Meeting in the Government of Republic of Gambia and Gambians in Diaspora.  As per the press release from the Office of the Gambian President. The main objective of the Consultative Meeting is to harness the potentials and skills of Gambians in Diaspora. It includes serving International Organizations, and others engage in private ventures that may benefit this country.

The release has also indicated that the meeting will help evaluate the extent to which latent potential residing in Diaspora nationals may be utilized to the full support of Vision 2020 goals and objectives. For most Gambians, this came to be a surprise as the rocky relationship between the Government of Gambia and Gambians in Diaspora. Mainly those that disagree with the policies of the Government.  While most Gambians in Diaspora continue expressing their dismay on the democratization process, the Government continued to move from the Diaspora Gambians, accusing them of not wishing to contribute to the economic development of this country through online money transfer to Gambia from the country of residence.

Turn Gambia remittance into saving:

Remittances for workers and compensation for all employees include all the current transfers by workers who have migrated and salaries and wages earned by nonresident workers.  Workers remittances, migrant’s transfers, and compensation of employees. Remittances are known as the current money transfer to Gambia emerging from migrant worker’s resident in host countries in over a year, irrespective of their status of immigration, to the recipients in their country of origin. And that is sent from one country to another at the time of migration. The compensation of employees is the main income of migrants that have lived in the host country for less than a whole year.

The remittance, that is, the portion of migrant’s workers’ earnings, is sent back to their homeland to their families and has been the critical source of having financial support for many generations. But mostly, these flows have historically been kept hidden in plain views, often uncounted and ignored. Everything is changing as, over the scale of migration increases, the corresponding growth in the remittances is gaining widespread attention.

The impact of remittances is recognized in all of the developing regions globally, constructing an important flow of foreign currency to many countries and directly reaching millions of households. This equalled around 10 percent of the world’s population, the importance of remittance to poverty alleviation is quite obvious. Still, the potential of a multiplier effect on economic growth and investment is also important.

The initial driving force behind this process is the estimated 150 million migrants in the world that have sent over US$300 billion to their families in developing countries in 2006, which is typical US$100 or US$300 at a time.  These funds are used basically to meet immediate family needs, but a huge portion is also available for savings, credit mobilization, and other investment firms.  In all other words, the world’s greatest poverty alleviation program may also become an effective grassroots economic developmental program.

It mainly is the case with rural areas that show some of the greatest challenges to financial inclusion. The worldwide remittance map compiles the best information available drawn from data gathered on migrant populations, percentage of migrants sending remittances, average amounts remitted annually.  The central banks and all other official government sources, money transfer companies, institutions were used for countries, most for the first time to calculate exact send money to Gambia online and in cash.