NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

The role that overseas remittances play in African economies is well-known. An estimated $95.6bn a year flows into the continent, making it one of the most important sources of foreign currency. African banks compete with global money transfer companies, mobile money operators and increasingly, fintech firms for this huge market.

There is now also growing enthusiasm for much of this money to be used to support infrastructural development and other long-term projects – but much depends on the ability of African governments to build relationships with their diaspora.

Photo courtesy of Monito.