The International Organization for Migration (IOM) of Belgium and Luxembourg organized, last Friday June 14 in Brussels, the first national summit on remittances from African diasporas as part of the O-REMIT project which analyzes remittances of funds from emigrants in Belgium to their country of origin. The latest data from the National Bank of Belgium shows that these transfers amounted to $7 billion in 2022.
The said summit was chaired by Ambassador SEM Hugo Verbist, Special Envoy for Asylum and Migration in the presence of Ms. Marise Habib, Head of Mission of IOM Belgium/Luxembourg, SEM Thérence Ntahiraja, Ambassador of Burundi to Belgium and both other stakeholders in the migration sector.
The Observatory of Senegalese Diaspora (OSD) represented Senegal by participating in the work and presenting the characteristics of the Senegalese diaspora in the Kingdom.
Sending money home is a way for migrants to stay in touch with their families and show love and support, no matter the distance.
The first edition of the IOM “National Remittance Summit 2024: Transforming diaspora remittances”, of particular importance, celebrates the O-REMIT project and the International Day of Family Remittances. Both dedicated to recognizing the essential contribution of diaspora remittances to families, communities and economies across Africa and around the world.
The opportunity was seized by the IOM to establish a framework for discussion and sharing between the main Belgian players in the global remittance sphere on the complexities and potential of remittances.
The first National Remittance Summit in Brussels facilitated thought-provoking discussions, interactive dialogues and networking opportunities with industry leaders, diaspora communities, policy makers and change makers.
It also appears that if we want to facilitate these much-needed transfers, transaction fees should not exceed 3% of the amount. This is currently only the case for a few African countries: Senegal 2.08%, Mali 2.11%, Burkina Faso 2.51%, Benin 2.81% and Niger 2.87% ) but they are far from being as accessible for the other countries analyzed, with at the end of the list Rwanda (6.66% fees), Guinea (6.6%), the occupied Palestinian territories (6.19% ), but also the Democratic Republic of Congo (5.21%).
Furthermore, the lack of data and the informal side, in around 35% of transactions, makes a precise overview difficult.
In addition, the O-Remit project also looked at the profile of people present in Belgium within the Senegalese community and contributing to the budget of their loved ones remaining in their country of origin. Mostly, these are people under the age of 40 with a high degree of education (university or high school) and employed.
Regarding the continuation of the O-REMIT project, supported by the Belgian State, the IOM reassures that after its implementation in the Moroccan, Congolese and Senegalese diasporas via the Observatory of Senegalese Diaspora (OSD), could be extended to other African communities in Belgium.
This summit is part of the O -Remit project financed by the Belgian government and implemented by IOM Belgium and Luxembourg in partnership with Zidicircle, Entrepreneurs for Entrepreneurs (OVO), and the National Bank of Belgium and which aims to offer diasporas in Belgium profitable alternatives for remittances and opportunities for investing their savings.
It provided support to diaspora entrepreneurs and businesses by providing a training program on how to invest in startups and small and medium enterprises (SMEs).
Special correspondence
Jamil Thiam
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