PILOT project Remittance service Sweden to Ghana

Remittance transfer alternatives – connecting to microfinance. Electronic transfer with bank cards –VISA –Swedbank, VISA account, P2P – Visa account/ Cash

 Whom will it benefit?

  • A remittance service that is convenient, fast, secure and low-cost for the sender and receiver
  • A system that facilitates the operation of MFI’s and p2p credit providers and a rational credit rating that is beneficial for both credit receivers and providers
  • VISA Money Transfer for person to person transfer a platform based on a verified functional description is created: prevalidation and registration of sender/receiver links, transfer initiation via mobile or internet and receiver notification
  • A communication and information support for senders into specific regions for promoting MFI’s, investments and township associations
  • Incentives and facilitators for remittance receivers to develop finance relations and saving
  • Cost of transfer: 5 dollars per transaction.

Receiver Banks:

  • Ghana Credit Union
  • Eco Bank

Q3 - Implementation: How will you implement your business idea? Describe the activities your project will undertake to realize its objective(s).

  • A recruitment and training program by Ghana Union in Stockholm. The objective of the training is to learn how to use a credit card, bank independent, form a transfer link with his kin and choose the transfer pattern that best uses his frequent sender policy.


Pilot Target group The project will address Ghana Union in Stockholm.
The remittance service will also be developed in cooperation with Ghana Union.

The concept of contracted links implies a data base containing addresses of senders and receivers and a record of made transactions and this can subject to the consensus of the individual be used for important additional services:

  • The sender can use a “frequent sender” policy to minimize his fees
  • The transfer account of the receiver can be used for credit rating in the receivers contact with MFI’s or p2p credit providers
  • The data base can generate an address (e-mail, mobile, etc.) list of senders into a particular region and this list can be used for sending information from the region concerning investments, development project, starting or expanding micro-enterprises, etc and be used for forming “virtual township associations”
  • To have a simplified procedure where the transfer can be initiated through, mobile, internet or ATM and where the sender and receiver can use VISA card, bank account or cash.
  • To enroll MFI’s as bank agents and support MFI’s and microcredit suppliers with   credit rating and other services.
  • To use the recorded due diligence on senders for promotion to senders to selected regions with the purpose to communicate investment opportunities and development projects in the selected region.
  • Support individuals, African diaspora and others, who for regional development purposes want to open saving accounts in local banks and MFI’s.

Outputs and expected results

  • An operative wireless remittance service serving African diaspora from Sweden to Ghana.
  • A remittance service that is less costly and more convenient for the senders and receivers.
  • Involvement of MFI’s and credit unions in the service, sharing transfer rates and using possibilities for credit rating
  • A communication and information service that can selectively address senders and benefactors related to specific regions
  • Reports analyzing the remittance senders motivation, impact of remittances, possibilities for more development contributions and results from the action

Diaspora is increasingly recognized as a crucial factor for the regional development as.

  • Source of remittances to kinship in the home region
  • Over seas entry points for national products
  • Opportunity for cross-border joint ventures 
  • Professional and mentor pool for national development


  • To develop and launch a wireless person to person remittance service that uses internet and mobile phones and offers substantially lower rates, is convenient to use and meets security regulations.
  • To complement the remittance service with features that facilitates and encourages senders to use part of the rate decrease to support savings, microfinance and investments.
  • To supply remittance senders and diaspora with information on trade and partnership opportunities, job and mentor positions, development, investment and microfinance funds

Diaspora Link services
Remittance service
The remittance service is based on VISA Money Transfer within the VISA system. Diaspora Link has contract with Swedbank as a VISA Service Provider Member.

  • It can remit person to person from a sender, who holds a card in any bank in Europe.
  • The receiver is a person who holds a VISA card in any receiving VISA bank, worldwide. The receiver can also collect cash from a VISA clearance account managed by a financial institution e.g. microfinance or credit union.
  • The remittance service is based on prevalidation of the sender/receiver link, which gives added security individually and for bank authorities. This allows that after prevalidation the successive transfers can be initiated via internet or mobile phone.
  • The prevalidation of the sender will require a recruitment agent that in a face to face contact validates the identity of the sender at the start up. The recruitment agent takes part in promotion and in the initial validation but has no role in the remittance transfer

Microfinance and investment services

  • The transfer rate is structured, so that part of the transfer rate is used to build up a microfinance fund.
  • Non-bank institutions such as credit unions and MFI’s are part of the value chain for transfer of money in cash or to receivers account. This can be based on managing a clearance account or be a contracted VISA bank agent.
  • A data base containing all due diligence data (address, e-mail, telephone number, etc.) and all completed transactions is created and can support credit rating based on the receivers accumulated transfers.
  • Receivers can be a variety of regional investment, savings and mutual funds
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