In 2018, about $40 billion will be sent to Sub-Saharan African countries from people working abroad. They will be charged exorbitantly. It doesn’t have to be this way.
A recently released World Bank report shows that the cost of sending remittances to Sub-Saharan Africa continues to be far higher than any other region in the world. On average, to send $200 to and from a country in the region will cost almost $19 in the first quarter of 2018. This is more than 20% higher than the charge for a remittance to any other region. (Globally, about over $600 billion in remittances were sent in 2017.)