Browsing: World Remit

  • Remittance flows to developing regions were shaped by several factors in 2022 including reopening of host economies as the COVID-19 pandemic receded.
  • Remittances as a share of GDP are significant in the Gambia (28%), Lesotho (21%), and Comoros (20%).
  • Industry data shows most of the funds go towards supporting families in purchase of food and household goods

Remittances to Sub-Saharan Africa grew by 5.2 percent to $53 billion in 2022 defying the effects of the global crisis.

World Bank’s report on Migration and Development however noted that the growth slowed from the 16.4 percent  that was recorded in 2021.

“Remittances in 2023 are projected to soften to 3.9 percent growth as adverse conditions in the global environment and regional source countries persist,” noted the report.

Flows to Nigeria and Kenya have continued to dominate remittances to Sub-Saharan Africa although the region remains highly exposed to the effects of the global …

Leading mobile payments company WorldRemit saw a 43% growth in remittances to Africa from higher-income nations in 2019.

The top five countries receiving remittances from the diaspora in 2019 included Ghana, Kenya, Uganda, Zimbabwe, with Nigeria receiving the most remittances. The top sending countries to the region included the United States, Australia, Canada, and Sweden, with the UK sending the most remittances.

The diaspora plays a key role in Africa’s development story, today the value of remittances is three times larger than official development assistance (ODA) and forecasted to become higher than foreign direct investment for a handful of African countries in 2019.

WorldRemit has disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower-cost. We currently send from 50 to 150 countries, operate in 6,500 money transfer corridors worldwide and employ over 800 people worldwide.

On the …