Nigeria Is Africa’s Top Remittance Recipient Nation
Friday, August 28, 2015
MobileMoneyAfrica will host the RemitAfrica conference on Nov 04 – 05 in Lagos, the economic capital of Nigeria, Africa’s largest remittance nation.
According to a recent report by the World Bank, the growth of remittances to Sub-Saharan Africa is projected to slow to 0.9 percent in 2015, amounting to $33 billion.
Globally, it is expected to reach $586 billion in 2015, though at a slower growth rate of 0.4 percent due to economic conditions and is expected to accelerate again to reach an estimated $636 billion in 2017.
Africa has made great strides in mobile technology adoption and penetration; however, despite the pervasive coverage of such mobile networks across Africa, technological innovation has yet to drive down costs in remittance markets.