Sub-Saharan Africa most expensive globally to send and receive money
A customer (right) waits to collect money at the Juba Express money transfer company in Somalia’s capital Mogadishu. Nigeria, Ghana and Kenya were the top remittance recipients in sub-Saharan Africa. PHOTO | FILE | NMG
The cost of remittances in sub-Saharan Africa was the highest, averaging 8.17 percent in the fourth quarter of 2020 compared with 4.9 percent in South Asia, the lowest average cost.
The cost of diaspora remittances from Tanzania to Kenya and Uganda was among the highest in Africa in the past year, averaging between 17 percent and 21 percent per $200. These were some of the findings of a brief prepared by the Global Knowledge Partnership on Migration and Development for the World Bank.
