The document summarizes a remittance and microfinance program between Italy and Senegal. The program offered Senegalese migrants in Italy lower-cost money transfer services and savings/loan products through local microfinance institutions (MFIs). Over 1,000 migrants participated, transferring €544,400 at lower rates than average. Funds were paid out at 72 locations in Senegal. Migrants deposited €190,000 in medium-term savings and received 20 housing and business loans totaling €74,000. The program's success was attributed to offering products tailored to migrants' needs, culturally-sensitive marketing, competitive transfer operators, building trust over time, and gradually strengthening M

1. Remittances and Microfinance
Networks
David QUIEN
ADA
Rome, 17-18 November 2011
GIVING VALUE TO MIGRANTS’ SAVINGS
Corridor Italy-Senegal

2. Access to a remittance transfer service at a lower rate on the Italy-Senegal
corridor and delivery of savings and credit products to migrants:
•1051 Senegalese migrants in Italy became MFI clients and subscribed to the new
products offered (cash to account transfer; savings accounts; housing and business loans
and business development services)
•Cash to account transfers of € 544 400 at a lower rate compared to the average market
price
•Rural outreach with transfered paid in the 72 points of services of Pamecas located in all
Senegal regions: Thiès, Diourbel, Touba, Kaolack, Tivaouane, Saint Louis, Louga, Matam,
Kebemeer, Rufisque.
•€ 190 000 of medium-term savings
•20 loans disbursed in 2011 with €74 000 outstanding portfolio: 86% housing loans and
14% business loans
What we achieved

3. Key success drivers
•Products met migrants’ needs
• Marketing efforts took into account the migrants’ culture
• Transfer operators were selected on a competitive basis
• Avoid premature statements and build trust
• Capacity of MFIs was gradually built with technical assistance and
training

4. Housing loan Dakar area

5. Information meeting on products

6. Information meeting on products