Since the onset of the covid-19 crisis, flows of money transfers from Africans who live in Europe to their families in Africa have been significantly disrupted. On a global scale, The World Bank has predicted a decline of more than 20% in worldwide remittances due to the economic downturn.
A vital source of income for families in Africa, the French parliament is taking steps to facilitate such transfers and in particular, by improving “bi-banking” (bibancarisation), a coordination process between banks in France and in Africa that was implemented in 2014 in France and would simplify money transfers and reduce commission fees. When asked about the bi-banking mechanism, Alain Gauvin explained in an article published in Le Monde on June 16, that by increasing the volume of remittances, it not only helps the economy of the countries of origin, but also lessens the burden of aid provided by donor countries. He went on to explain that the mechanism is also effective in the fight against money laundering and terrorist financing since it ensures the traceability of transfers.
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