Global Remittances Conference has named Africa as the most expensive place to send money globally
Thursday, July 20, 2017
A new global report published at the Global Remittances Conference in New York shows sending remittances to Africa is more expensive than anywhere else in the world.
The reports state that more than 1 million migrants in the U.K. are paying on average £80 a year more than they should send remittances to friends and families in Africa.
“The absence or weakness of a digital payments infrastructure and acceptance network, a financially included population, and/or an identification system means that many of the traditional acceptance services, such as terminating into a bank account or mobile wallet, are not always available,” the report says.