Browsing: Cross-border remittances

Remittances to low and middle-income economies have enjoyed considerably strong growth over the last year, a sign of economic recovery as nations resume normalcy post-Covid-19.

According to the latest World Bank’s migration and development, analysis show a 7.3 per cent growth to clock $589 billion this year. Overall speaking, despite the devastating effects of the Covid-19 lock downs and resulting economic slowdown, remittances is one area that remained strong as the Diaspora did its best to continue sending money home.

The World Bank says last year, while other areas struggle, remittances showed resilience slipping down slightly by only 1.7 per cent and as mentioned, this despite the global recession due to Covid-19.

Generally speaking, remittance inflows to Sub-Saharan Africa grew by 6.2 per cent to clock $45 billion this year. The World Bank is optimistic that next year, remittance inflows will grow by 5.5 per cent riding on the back …