About US$82.7Bn Personal Remittances Sent To Africa Yearly, Almost Double FDI - Report
The Africa Report says COVID-19 shows Africa must reduce its dependence on personal remittances as about USD$82.7bn in personal remittances are sent to Africa every year.
The figure is nearly double the continent’s foreign direct investment (FDI) flow of USD$46bn.
Personal remittances to almost all African countries are also more than the official development assistance they receive.
It is estimated that three-quarters of remittances are used to cover essential things including food, medical expenses, school fees or housing expenses as well as loss of crops or family emergencies.
Imane Charioui, Head of North and Central Africa and the Middle East, WorldRemit says statistics show that remittances are a real contributor to development.
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WorldRemit is a financial services company that enables people to send money from the United Kingdom to Africa, Asia and other parts of the world.
Charioui says WorldRemit is proud to support the critical role of remittances by providing a quick and convenient way of transferring money amongst more than 130 countries and in over 70 currencies. Imane Charioui said:
Migrants send money home not only to help address the financial situation of their families but it helps them maintain long-distance household ties with people back at home.
Remittances give senders a sense of belonging and a way of showing solidarity and maintaining identity with the community, the true African spirit.
Imane Charioui added that WorldRemit continues to invest in technologies that optimise its service in a bid to actualise its founding objective of improving people’s lives.
