Remittances to Africa becoming smaller and more frequent, says expert
Lower fees and technological innovation have resulted in 60% drop in average transaction value as African diaspora remits smaller amounts of money more often.
London, October 2012 – While the overall amount of money remitted to Africa is on the rise, the average value of remittance transactions between the UK and Africa is falling, according to online money transfer specialist WorldRemit, which has seen the average amount sent per transaction drop by over 60 per cent in the last year
WorldRemit, which is the largest dedicated online international money transfer service processing tens of thousands of remittance transactions to Africa each year, has witnessed the average transaction value fall from £270 to £96 over the past year.
According to company found...