Remittances are a vital source of income for many African countries, with millions of people sending money back to their families and friends each year. According to the World Bank, remittance flows to Sub-Saharan Africa increased by 2.3% in 2020, despite the COVID-19 pandemic. In this blog post, we will take a closer look at the top 10 African countries receiving the most remittances, and explore how these remittances contribute to social and economic growth in these countries.
- Nigeria
Nigeria is the largest recipient of remittances in Africa, with an estimated $24.3 billion received in 2020[1]. The country has a large diaspora population, with many Nigerians living and working abroad. These remittances play a crucial role in supporting families and communities, as well as contributing to the country’s economy. In recent years, Nigeria has also been focusing on digital payments transformation, which has made it easier and more efficient for people to send and receive remittances.
- Egypt
Egypt is the second-largest recipient of remittances in Africa, with an estimated $22 billion received in 2020[2]. The country has a large number of expatriates working in the Gulf countries, as well as in Europe and the United States. These remittances have helped to support families and communities, and have also contributed to the country’s economic growth.
- Morocco
Morocco is the third-largest recipient of remittances in Africa, with an estimated $7.4 billion received in 2020[3]. Many Moroccans work in Europe, especially in France and Spain, and send money back to their families. These remittances have helped to support families and communities, and have also contributed to the country’s economic growth.
- Ghana
Ghana is the fourth-largest recipient of remittances in Africa, with an estimated $3.6 billion received in 2020[4]. The country has a large diaspora population, with many Ghanaians living and working in the United States, the United Kingdom, and other countries. These remittances have helped to support families and communities, and have also contributed to the country’s economic growth.
- Kenya
Kenya is the fifth-largest recipient of remittances in Africa, with an estimated $3.1 billion received in 2020[5]. The country has a large number of expatriates working in the United States, Canada, and Europe, as well as in other African countries. These remittances have helped to support families and communities, and have also contributed to the country’s economic growth.
- Senegal
Senegal is the sixth-largest recipient of remittances in Africa, with an estimated $2.5 billion received in 2020[6]. Many Senegalese work in France, Italy, and Spain, and send money back to their families. These remittances have helped to support families and communities, and have also contributed to the country’s economic growth.
- Zimbabwe
Zimbabwe is the seventh-largest recipient of remittances in Africa, with an estimated $1.8 billion received in 2020[7]. Many Zimbabweans work in South Africa and send money back to their families. These remittances have helped to support families and communities, and have also contributed to the country’s economic growth.
- Uganda
Uganda is the eighth-largest recipient of remittances in Africa, with an estimated $1.4 billion received in 2020[8]. The country has a large number of expatriates working in the United States, the United Kingdom, and other countries. These remittances have helped to support families and communities, and have also contributed to the country’s economic growth.
- Mali
Mali is the ninth-largest recipient of remittances in Africa, with an estimated $1.3 billion received in 2020[9]. Many Malians work in France and send money back to their families. These remittances have helped to support families and communities, and have also contributed to the country’s economic growth.
- South Africa
South Africa is the tenth-largest recipient of remittances in Africa, with an estimated $1.2 billion received in 2020[10]. The country has a large number of expatriates working in the United Kingdom, Australia, and other countries. These remittances have helped to support families and communities, and have also contributed to the country’s economic growth.
In conclusion, remittances play a significant role in the economies of many African countries. The money sent back by migrants helps to support families, fund education and healthcare, and drive economic growth. As such, it is important for governments and financial institutions to continue to support and facilitate remittance flows, and to focus on digital payments transformation to make the process more efficient and secure.
References:
Sources:
- https://www.worldbank.org/en/topic/migrationremittancesdiasporaissues/brief/migration-and-remittances-data
- https://www.statista.com/statistics/1178222/egypt-remittance-inflow/
- https://www.worldbank.org/en/topic/migrationremittancesdiasporaissues/brief/migration-and-remittances-data
- https://www.worldbank.org/en/topic/migrationremittancesdiasporaissues/brief/migration-and-remittances-data
- https://www.worldbank.org/en/topic/migrationremittancesdiasporaissues/brief/migration-and-remittances-data
- https://www.worldbank.org/en/topic/migrationremittancesdiasporaissues/brief/migration-and-remittances-data
- https://www.worldbank.org/en/topic/migrationremittancesdiasporaissues/brief/migration-and-remittances-data
- https://www.worldbank.org/en/topic/migrationremittancesdiasporaissues/brief/migration-and-remittances-data
- https://www.worldbank.org/en/topic/migrationremittancesdiasporaissues/brief/migration-and-remittances-data
- https://www.worldbank.org/en/topic/migrationremittancesdiasporaissues/brief/migration-and-remittances-data