Remittance flows to Sub-Saharan Africa reached $54 billion in 2023, a slight decrease of -0.3% from the previous year [2022]. Remittance flows to the region are projected to rise by 1.3% in 2024.
Nigeria remains the leading country for remittances received on the continent and accounted for 38% of the $54 billion remittance inflows into sub-Saharan Africa in 2023.
🇳🇬REMITTANCES | Nigeria Sees 6.28% Drop in Remittances in Q1 2024
Remittances into #Nigeria declined 6.28 percent from $301.57 million in Q1 2023 to $282.6 million in Q1 2024, according to data from the Central Bank of Nigeria.https://t.co/kgzG6xMMVe pic.twitter.com/3oVxM1orHz
— BitKE (@BitcoinKE) May 14, 2024
For the MENA region where North African countries belong, remittance costs dropped by 15% in 2023 mainly propelled by a decline in remittances to Egypt.
Among all African countries, the top ten countries received $72.5 billion.
Below is a list of the top 10 countries in terms of remittance value received in 2023:
- ) Nigeria: Nigeria was the highest recipient of international remittances in Africa with remittances for the period coming at $19.555 billion
- ) Egypt: International remittances payed to Egypt in 2023 stood at $19.53 billion, a decline of 31% when compared to the $28.33 billion recorded in 2022
- ) Morocco: Remittances came to $11.75 billion, increasing from $11.17 billion in 2022
- ) Ghana: Remittances payment to Ghana in 2023 remained unchanged from the figure in 2022 at $4.63 billion
- ) Kenya: The East Africa nation received $4.16 billion in remittances in 2023, a slight increase from the $4.06 billion received in 2022
- ) Zimbabwe: The southern African nation received $3.08 billion in 2023, unchanged from the figure recorded in 2022
- ) Senegal: Senegal raked in $2.94 billion in 2023, a decline of $71 million from the $3 billion received in the previous year
- ) Tunisia: Total remittance payment received in 2023 was $2.65 billion. This represents a decline of 5.5% when compared to the figure for 2022 at $2.86 billion
- ) Algeria: The North African country recorded 1.86 billion in remittances, $163 million above the figure recorded in 2023
- ) Democratic Republic of Congo: Total remittance payment to D.R Congo in 2023 stood at approximately $1.4 billion in 2023
Sub-Saharan Africa remains the most expensive region to send money to, recorded at 7.39% of the total cost of sending $200, says the World Bank.
REPORT | Sub-Saharan Africa Remains the Most Expensive Region for Sending #Remittances, Says Latest World Bank Research
On a regional outlook, Sub-Saharan Africa remains the most expensive region to send money to, recorded at 7.39 percent total average cost in Q3 2023.… pic.twitter.com/xA8qJSsyRV
— BitKE (@BitcoinKE) May 13, 2024
In comparison, the average cost for sending $200 across the world declined slightly from 6.20% to 6.18% in 2023, the report said.
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