Sub-Sahara Africans living outside their home countries sent US$35.2 billion home in 2015, according to the latest figures released by the World Bank. Nigerians alone accounted for $21bn of all remittances to the region. The Bank’s figures also show that officially recorded remittances to developing countries amounted to $431.6bn in 2015, an increase of 0.4 percent over $430bn in 2014.
India retained its global top spot in 2015, attracting about $69bn in remittances. Other large recipients in 2015 were China, with $64bn, the Philippines ($28bn), Mexico ($25bn) and Nigeria ($21bn).
The global average cost of sending $200 was about 7.4 per cent in the fourth quarter of 2015, down slightly from the previous quarter and 0.6 percentage points below the end of 2014. Sub-Saharan Africa, with an average cost of 9.5 per cent, remains the highest-cost region. // Sola Jolaoso
Top 10 remittance receivers in Sub-Sahara Africa
(in US$)
- Nigeria 21bn
- Ghana 2.0bn
- Kenya 1.6bn
- Senegal 1.6bn
- Uganda 1.0bn
- Mali 0.9bn
- South Africa 0.9bn
- Liberia 0.7bn
- Ethiopia 0.6bn
- Sudan 0.5bn
Source: World Bank 2016