Edited by Sanket Mohapatra, Dilip Ratha
Remittances sent by African migrants have become an important source
of external finance for countries in the Sub-Saharan African region. In
many African countries, these flows are larger than foreign direct
investment and portfolio debt and equity flows. In some cases, they are
similar in size to official aid from multilateral and bilateral
Remittance markets in Africa, however, remain less developed than
other regions. The share of informal or unrecorded remittances is among
the highest for Sub-Saharan African countries. Remittance costs tend to
be significantly higher in Africa both for sending remittances from
outside the region and for within-Africa (South-South) remittance
corridors. At the same time, the remittance landscape in Africa is
rapidly changing with the introduction of new remittance technologies,
in particular mobile money transfers and branchless banking.
This book presents findings of surveys of remittance service
providers conducted in eight Sub-Saharan African countries and in three
key destination countries. It looks at issues relating to costs,
competition, innovation and regulation, and discusses policy options
for leveraging remittances for development in Africa.
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