Remittances Archives - AfricaBusiness.com

11Jun

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Fintech

Investment bank predicts Africa’s remittance market will reach $500bn by 2025

Increased competition, stakeholder collaboration and investment in financial infrastructure can all contribute to lower global remittance fees, says Risana Zitha, Managing Director and Head of Africa at DAI Magister Remittances comprise a significant portion of African Gross Domestic Product (GDP), with the total value of remittances across the continent reaching nearly $100 billion in 2022 − $20 billion of which was intra-African flows. Despite the importance of remittances to the African economy, the cost of sending money to the continent remains very high. The UN Sustainable Development Goals state that remittance fees should be less than 3% by 2030, but data from the World Bank suggests that at present the global average is twice this target, with the figure as high as 20% in some pa...

High-level Seychelles delegation and ProgressSoft at Connected World Forum

after nationwide mobile money launch 1000+ mobile lifeline experts gather in Dubai this month The global payment solutions giant ProgressSoft will share details of the countrywide roll-out of its mobile payment solution in the Republic of Seychelles at the upcoming Connected World Forum in Dubai from 20-21 November. ProgressSoft CEO, Mr. Michael Wakileh, the Seychelles Minister of Finance, Trade & Investment, H.E. Mr. Pierre Laporte and the Governor of the Central Bank of Seychelles, H.E. Ms. Abel, head up a distinguished list of more than 100 leading industry experts who will address the conference while some 70 exhibitors will display the latest lifeline technology and services. More than a thousand lifeline services experts will gather for the Connected World Forum, whi...

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...