Remittance in Africa: market trends, regulations, challenges, and opportunities

The cradle of human civilization – Africa is continuously showing economic development for the past few decades. 

Many nations have emerged as a shining beacon of progress in the African continent.


It won’t be wrong to say that this prosperity and economic development is driven by the increase in the remittance payments in the continent. After all, remittance is the best indicator to show the relationship between migration and development.

As per World Development Indicators 2019 database of 80 developing countries for the period of 1974-2014, an average 1 per cent increase in remittance can raise the GDP of the country by almost 0.07 per cent in the long run.

Another study by Pew Research Remittance shows that 8 out of the 10 fastest-growing populations of expats are nationals of the countries from the sub-Saharan Africa region. This expat population can be one of the major reasons behind the increased cross-border remittance transfers in future years.


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