The World Bank Releases the 2019 Global Remittance Report
A recent 2019 report by the World Bank has revealed that the East African region experienced an increase of remittance of more than 60 percent in 2018 with Kenya receiving the largest share of the remittance market.
Below is a breakdown of the highest-cost corridors according to the report:
It is clear from the report that Intra-African remittances are some of the highest globally with South Africa to China being the highest at 17% on remittances.
“Remittance costs across many African corridors and small islands in the Pacific remain above 10 percent. In the last quarter of 2018, sending money from Russia to Central Asian countries cost between 1.3 and 1.7 percent. At the other end of the spectrum, sending money from Angola to neighbor Namibia cost 22.4 percent on average.” Says the report.
When it comes to the type of providers, banks are the most expensive at 10.2%. Below is the cost breakdown per provider: