Remittances to Africa rose by 11.7% to $86bn in 2018

Apr 12, 2019

If remittances to Africa were an economy, they would be the 6th largest in Africa, ahead of Kenya in the rankings. Within Africa, the largest recipient of remittances is Egypt ($29bn) – equivalent to almost 12% of its GDP.

Note – the data come from KNOMAD. Several countries do not supply data. Also, the data only captures recorded remittances data and excludes remittances through informal channels.

Remittances to Sub-Saharan Africa grew almost 10% to $46bn 2018. Remittances to North Africa grew by more than 14% to $40bn. In Egypt alone, growth was 17% year on year. Egypt is the largest recipient of remittances, followed by Nigeria, Morocco, Ghana, Kenya and Senegal.

As a share of GDP, Comoros ranks highest, followed by the Gambia , Lesotho, Cape Verde, Liberia, Zimbabwe, Senegal, Togo, Ghana, and Nigeria.

According to the World Bank’s Remittance Prices Worldwide database, the global average cost of sending $200 was 7% (i.e. $14). Remittance costs across many African corridors was above 10%.

 

 

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