Socio-Economic Development and Remittances in Cameroon's Bamenda III Subdivision. Implications for Sustainable Development.

Abstract

The study examines socio-economic development and remittances in Cameroon’s Bamenda III Subdivision. We applied techniques from both qualitative and quantitative research. Using a multistage sampling technique, in-depth interviews and structured questionnaires were distributed to 150 participants; 145 filled out the surveys and sent them back, yielding a 96.7% return rate. Secondary data comprised both published and unpublished studies. The Statistical Package for Social Sciences (SPSS) version 25 and Microsoft Excel were utilized for descriptive analysis. Triangulated results were presented using a variety of visual aids, such as tables, pie charts, and bar charts. Of the participants, only 6.4% disagreed or strongly disagreed with the findings on how remittances affect education and health. The vast majority, 93.6%, agreed or strongly agreed with these assertions. The statistics showed that 86.6% of respondents clearly agreed or strongly agreed with the statements on the influence on socioeconomic growth, while just 13.4% disagreed or strongly disagreed with them. Financial institutions should enhance their cooperation and expedite the interbank transfer procedure to facilitate the sending of additional remittances to communities. Financial institutions should enhance their cooperation and expedite the interbank transfer procedure to facilitate the sending of additional remittances to communities.