AFRICA SHOULD BE TOP GLOBAL PRIORITY TO BRING DOWN COST OF REMITTANCES

Sending money to Africa is more expensive than anywhere else in the world, according to new research due to be published at this week’s Global Remittance Conference in New York. The report argues that existing technology – like regional automated clearing houses, remittance payment processing hubs and aggregators – could all make sending money from the UK to Africa much, much cheaper.

In Mozambique, £2 million is sent each year by 6,368 Mozambicans living in the UK. The average cost of sending £120 from the UK to Mozambique is 12% of the amount sent, one of the highest average cost in the region, significantly higher than the cost of sending money to neighboring Zimbabwe, where it costs just 7%.

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Author
Denise Alves