Jan 29, 2013

How can we cut the high costs of remittances to Africa?

Africa's migrants pay average price of 12% more than any other group to send money home.
  
The excessive cost of sending remittances drains money from the world’s poorest. About $60 billion was sent to the African continent in remittances in 2012. An average cost per transaction of 11.89 percent means that more than $7 billion is “lost” in processing the service.

Cutting remittances fees to 5% puts $US 4 billion back in pockets of migrants who send money to Africa.