INAFI International Implements a User-Owned, Low Cost Remittance Service, based on UMVA

International Network of Alternative Financial Institutions (INAFI International) is delighted to announce that it secured funding from IFAD (International Fund for Agricultural Development) under its Financing Facility for Remittances to start with the implementation of a User-Owned, Low Cost Remittance Service. This service will

• 1. provide an alternative to the current cash-to-cash dominated remittance services;
• 2. increase financial literacy among remittance senders and recipients; and
• 3. link remittances to microfinance services allowing access to bank accounts, savings, credit services and innovative remittance-based products and services. Initially, under the scope of the grant agreement signed between INAFI and IFAD, the service will target the important Spain-Senegal corridor and it will therefore be implemented at two INAFI member Micro Finance Institutions in Senegal (FDEA and U-IMCEC).Once the expected results are achieved, the service could easily be rolled out to other countries.
  
  

INAFI believes that low-cost transfer of remittances is a necessary tool to bring financial services closer to poor people and expects that this innovative new service will serve as a platform to promote local, social and economic development.

Read more: This month story

Report 3d quarter 2011

This quarter was focused on further development of the local projects.

New Projects:

New MFI’s and Sacco's:

• 1. Hortmul
• 2. Arise and Shine
• 3. FDEA-DAKAR
• 4. FDEA-Diourbel
• 5. FDEA-Touba
• 6. U-IMCEC Ziguinchor Grand Dakar
• 7. U-IMCEC Ziguinchor Tilene
• 8. U-IMCEC-Bignona
  
  

New Schools:

Misikhu Polytechnic, Mois girls kamusinga 

Read more: Report 3d Quarter