Expanding digital remittances and microfinance products towards financial inclusion in The Gambia

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Expanding digital remittances and microfinance products towards financial inclusion in The Gambia

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Project Goal

To enhance the financial resilience and economic empowerment of remittance families through cost‑effective, digitalized remittance flows and innovations towards financial inclusion.

Implementing Partner

APS International Ltd is an International Money Transfer Operator and a registered Microfinance Institution in The Gambia, holding 12 per cent of the country’s market share, with 17 branches and 50 agents. It operates in 18 countries across the world. APS was the first Gambian remittance service provider (RSP) in the industry to introduce an online money transfer software and to use a mobile app.

Geographic Target

All six regions in The Gambia, with a particular focus on rural areas outside the greater Banjul Area, and its corridors from France, Germany, Italy, Norway, Spain and Sweden.

Project Objectives

Cost Reduction

Contribute to reducing international remittance transfer costs to The Gambia, and increase access to and use of transparent and gender-responsive low‑cost services.

Digitalization

Accelerate the use of digital products and strengthen the digital payments ecosystem to facilitate international remittance transfers to The Gambia.

Financial Inclusion

Leverage international remittances to The Gambia to enhance financial inclusion and resilience of senders and recipients.

Formalization

Promote greater access and use of formal international remittance transfers to The Gambia.

Project Description

IFAD is partnering with APS under the PRIME Africa initiative to accelerate the uptake of digital remittance services among remittance recipients, and of remittance-linked microfinance services.

Project Activities

The APS online remittance platform will be adapted to the needs of Gambian migrants in the six EU selected countries.

APS will extend its payout network by 100 agents in rural areas, equipped to onboard new customers and to cash out international remittances terminating into mobile wallets.

APS staff will promote microfinance products among Gambian remittance recipients, particularly current accounts, savings accounts and a financing product.

APS will push the switch from cash and informal remittances to mobile channels through marketing and awareness, particularly in rural areas. Financial education and inclusion through the use of social media, local radio stations and sponsored events, combined with a mobile banking caravan, will bring information on APS’s digital remittances, cash-in/cash-out and microfinance services to the last mile.

Expected Results

Supporting Sustainable Development Goals

Supporting Sustainable Development Goals