Remittances to Africa grew 3.4% in 2015

Apr 18, 2016

Migrants sent more than $35 billion last year.

Transfers from African migrants to their country of origin increased by 3.4 per cent in 2015 to reach $35.2 billion (€31.2 billion), according to a new report from the World Bank.

Remittances to Africa grew in 2015 while global remittances decreased through the development of mobile banking as an effective way to transfer money.

Half of the 261 mobile money service providers across the globe are in sub-Saharan Africa, according to a report from operator WorldRemit.

However, remittances from African migrants represented only six per cent of total global remittances, whose overall volume is estimated at $581.6 billion.

According to the World Bank, this low percentage is explained by the high cost of operations which still represents on average 9.5 per cent of the total price in Africa, although it decreased compared to 2014 (11.4 per cent).

The largest immigrant populations in the world are those of Mexico, the Gulf states and satellites of Russia.

In Africa, the biggest beneficiaries of remittances are Nigeria and Egypt, followed by Morocco, Tunisia, Algeria, Senegal, Kenya, South Africa, Uganda and Mali.ADNFCR-2976-ID-801816711-ADNFCR