Comoros Micro finance: 336 millions of profit margin June 20, 2009
Posted by iogateway in Business Opportunities.Tags: financial institution, Meck, micro credit, micro finance
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According the comorian micro finance institution – Meck , it has become to be profitable. 336 millions of comorian franc of margin in 2007. Definitely Meck has become one of the serious financial institution in the country.
- From 40 millions of CF to 5 billions of CF 10 days ago.
- More than 23 000 members
- 2007, 1964 personal loans around 1,916 millions of fc
- growth rate 29,41% since 2006.
When Internet development would help migrants money transfer to boost local investments May 16, 2009
Posted by iogateway in Uncategorized.Tags: bank fees, binational, diaspora, ecommerce payments, financial institution, formal fund, GDP, Internet banking, paypal, western union service
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More than 100,000 Comorians are living in France without adding binationals. They will bring up to comorian GDP 20 billions of FC.
- Average bank fees: from 50 – 200 euros.
- Formal funds recorded by financial institutions sent by the comorian diaspora: 40 millions of euros.
- Comorian national budget: 48 millions of euros.
- 75% of funds are dedicated to the daily expenses.
Source: http://www.banquedefrance.fr/fr/eurosys/telechar/transferts/transfert_des_migrants_BCC.pdf
As seen bank fees for an international transfer will cost too much because local banks are not really developped partnership with international banks. Internet banking service is almost inexistant because there is no high speed internet. Any webservice such as paypal or ecommerce payment solutions cannot use by comorian because bank users cannot link their bank account to any ecommerce payments services. Most of 40 millions of euros are sent by informal way or western union service without passing through local comorian financial institutions. With the high speed internet E-commerce sites, internet banking and ecommerce payments solutions will make easier the migrants money transfer by for example shopping online goods to deliver to families based in the country. Bank wire will be democratized and transfer cash will be affordable for the 100 000 comorians migrants. Comorian government is working to better use migrants funds in order to boost domestical economy. By the way government needs support from middle and small companies to create business channels which can absorb these annual 40 millions of euros.
If we can reduce the bank fees and increase affordable migrants money transfer services by developping internet money transfer services and passing through domestical companies, they will inject enthusiasm into all indian ocean economy because malgache, maurician, comorian actors would be created and proposed indian ocean products and services for migrants living in Western developped countries. One of the development solutions is the increasing of fast information.
