In Asia, the funded projects have been extended to India, Nepal and Tajikistan. In India, the Indian Grameen Services has partnered with private banks to implement projects in the poorest regions of the country where through male migration is very high, yet access to credit back home is low, knowledge about microfinance products is limited and there are various socio-economic problems existing. The project is working to provide credit and savings services to migrants and their families, improve remittance transfers and also undertake policy advocacy for delivering financial services to the targeted groups.
In Nepal, UNIFEM in partnership with the government and local NGOs is implementing a project to build the economic security of WMWs (Women Migrant Workers), who though send substantial money back home, yet that money is mostly used by families for unproductive purposes like paying of debts, medical treatment etc which does not guarantee long-term livelihood development. The project is addressing the issue by pilot-testing nine enterprise development schemes and implementing local capacity development programmes so that WMWs can make the investments in them and ensure the long-term sustainability of their families. In another Nepal project, the Centre for Microfinance (CMF) is developing financial products for migrants such as the innovative unemployment insurance product. It is also organizing migrant awareness campaigns for increasing financial and business literacy so that migrants can make investments in profitable activities.
In Tajikistan, the Habitat for Humanity in partnership with First MicroFinanceBank is implementing a project to improve the quality of life in the country by effectively channelling remittances into savings schemes and investment practices towards home improvement activities. The other project in this country is about increasing access to innovative, cost-effective and international remittance services, savings and credit products for Tajik migrants in Russia and it is implemented by FINCA International Inc in partnership with other agencies.
All the above projects discussed clearly demonstrate the use of innovation and technology with tailor-made strategies most suitable for local communities as per their need. These ideas can deepen our knowledge about the practical uses of remittances and their importance in reducing poverty in poor regions around the world. These can further help us build newer concepts and test them for better results and scalability.
