The United States was the most significant source country for remittances in 2020, followed by the United Arab Emirates, Saudi Arabia, and Switzerland. The cost of sending money across international borders remained high, around 6.4 percent on average in the first quarter of 2021.17 Nov 2021
Which country was the top remittance recipient in Africa in 2019?
According to the Africa Growth Initiative, the top recipient countries in 2019 were South Sudan, Lesotho, and The Gambia. In Sub Saharan Africa, most of the money sent to the continent in 2020, went to Nigeria.15 Sept 2021
How big is the remittance market in Africa?
Fenwick says that remittances are important because of the sheer size of the global market. “According to data from the World Bank, this market has grown from USD285 billion a year in 2005 to an estimated USD666 billion in 2020,” he says. “Of that USD666 billion, about USD77 billion is flowing into African countries.4 Jun 2021
How much remittance are sent to Africa?
Remittance flows to the Middle East and North Africa region rose by 2.3 percent to about $56 billion in 2020. The growth is largely credited to strong remittance flows to Egypt and Morocco. Flows to Egypt increased 11 percent to a record high of nearly $30 billion in 2020, while flows to Morocco rose 6.5 percent.12 May 2021
Which country receives the most remittances in Africa?
In 2020, Somalia registered the highest value of personal remittances received in Africa in terms of Gross Domestic Product (GDP). Received remittances covering around 35 percent of the country's GDP was registered. South Sudan and Lesotho followed with 29.5 percent and 20.6 percent, respectively.14 Oct 2021
Which country is the highest recipient of remittances?
Which region in the world received the most remittances in 2019?
Sub-Saharan Africa continued to have the highest average remittance costs, at about 8.2 per cent; South Asia had the lowest average remittance costs at 4.9 per cent.3 Jun 2021
How much money gets sent to Africa?
More than $40 billion is sent to sub-Saharan Africa annually via money transfers, according to the World Bank. Mali ranks ninth among African nations for remittances sent back to the country by those living abroad.8 Nov 2021