The British company WorldRemit has just announced that Cameroonians in 2015 sent back home USD 1.2 billion, approximately FCFA 585 billion. The digital money transfer agency made it known in its communiqué obtained from the World Bank.
This amount represents roughly 33% of the Cameroon Public Investment Budget (PIB) for 2016 (FCfa 1,500 billion). It also represents 60% of the funding necessary to implement the three-year emergency programme of the Cameroonian government (FCfa 900 billion), as well as close to 120% of the funds sought for the construction of the Natchigal dam (FCfa 400 billion), with a capacity of 400 MW, under development in Cameroon.
These transfers from the Cameroonian Diaspora doubled within the last two years. As of 2013, the amount sent was FCFA 218.7 billion against FCfa 181 billion in 2009 .
Most often these transfers are used to meet the basic needs of Cameroonian families in the Cameroons. The Money sent back home plays a major role in the economy of Cameroon- WorldRemit stated as they launched their digital money transfer service in Cameroon, through a partnership with the Cameroonian subsidiary of the Ivorian banking group Banque Atlantique.
Cameroonians in the Diaspora thus contribute heavily to Cameroon economy. In recent days, some Cameroonians back home have accused Cameroonians in the Diaspora for not doing enough. It should be recalled this money alone sent home for family and business-wise if stopped could lead to serious destabilization of the Biya’s regime. The effects could be rippled.
God is still saying something.