How International Remittances Shape Lives and Livelihoods?

Fatou is working in Manchester United and sends money to Gambia each month to the family. The Gambia is one of Africa’s smallest nations, with a population of just 2 million people. Despite its small size, migration is essential in Gambian society.

Overseas money transfer to Gambia from an estimated 118,000 Gambians living abroad account for more than 20% of the country’s GDP, and rural-to-urban migration has accelerated urbanization. The desire for socioeconomic advancement, especially among youth, has driven many to engage in irregular migration to reach Europe in recent years. Between 2014 and 2018, over 35,000 Gambians entered Europe illegally, with many more in Africa and the Central Country in Europe preferring for voluntary return.

Do You Also Think Online Money Transfer Services Do Not Involve Real Human for Assistance?

Customer support is not available with online money transfer to Nigeria, according to common perception. Banks encourage their customers to use online transactions because it saves them money and makes doing business more straightforward. Many banks promote online banking by offering unique online support programs, some of which are much better than the bank’s regular customer service.

How Is Remittance Supporting the Economy of Gambia with Tourism Losses?

According to the IMF, Gambia’s record-high online money transfer to Gambia inflows has more than compensated for its decrease in tourism revenue due to coronavirus-related travel bans.

Following the first review of the new IMF scheme, Mamadou Barry, the IMF’s resident representative, said that remittance and capital transactions totalled $588 million in 2020, up 78 per cent from 2019. This resulted in a positive balance of payments overall. He said, “This has more than compensated for the losses in tourism and re-export trade inflows.” According to Barry, “gross foreign reserves continued to rise,” creating the conditions for a stable currency.