As the African diaspora continues to grow, especially in the wake of globalization and increased opportunities abroad, the remittances sent back to the continent have swelled in volume. It’s not just pocket change; it’s a game-changer for Africa’s economic stability and growth. According to the World Bank, in the post-COVID period, remittances have become even more important as a source of external financing for countries globally. They have proved to be resilient, and in 2022, remittance flows to low- and middle-income countries increased by 8 percent, to reach $647 billion. The World Bank in its “Migration and Development Brief” revealed that in Africa, Egypt was the largest recipient of remittances in the region with $28.3 billion in 2022. However, this represents a 10 per cent decline after reaching a record high of $31.5 billion in 2021.
SOURCE: BUSINESS INSIDER