Category: Remittance

The African Diaspora Network Gives Africans Living Abroad A Pathway To Invest At Home

By Meghan McCormick |Forbes

Global remittances to Sub-Saharan Africa (SSA) grew by 10% to $46B in 2018 (the last year for which we have complete data from the World Bank). Remittances, or money sent as a gift typically from family members working in a high-income country to family members living in low- or middle-income countries, are an important part of the global economy. They account for more transfer of funds to SSA than aid from the top 10 donor countries and institutions. The money sent to Africa through remittances is actually larger than many African-country GDPs. Remittances would be the 12th most productive economy in SSA, just behind the Democratic Republic of the Congo and ahead of Côte d’Ivoire.

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Remittances from Egyptians working abroad rose to about $3 billion in May

Egypt received about $3 billion in remittances from Egyptians living abroad in May, up 43% from $2.1 billion in April, the Egyptian Central Bank said on Monday.

Egypt received $2.6 billion in remittances in May 2018, the statement said. Remittances are a key source of foreign currency for Egypt.

 (Reporting by Ehab Farouk, Writing by Nafisa Eltahir, Editing by Andrew Heavens)

Kenyans in diaspora sent home $2 billion

By Kelvin J. Kelley
The estimate by the Pew Research Centre is based on statistics developed last year by the World Bank

The United Kingdom was Kenya’s single-largest source of remittances, with $663 million sent home in 2017.

Kenyans living in the US, which ranked second, sent back $584 million.

Ghana and Senegal each accounted for about $2.2 billion in remittances.

Kenyans living abroad sent almost $2 billion (Sh200 billion) to their families and others in their homeland in 2017, a US data-analysis group said.

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