High Remittance Costs in Africa: Is Building Regulatory Capacity for Microfinance Institutions the Answer?
- Publisher:
- African Development Bank
- Publication Date:
- 1 December 2012
- Tags:
- Africa, Banking and Insurance, Economy, Business and Finance
The top five recipients of remittances in Africa are: Morocco: $6,116mn, Algeria: $5,399mn; Nigeria: $5,397mn; Egypt: $3,637mn and Tunisia: $1,559mn. Unfortunately, remittances seem to attract high transaction costs. High costs shrink the size of remittances, which is unfortunate given the often low incomes of migrant workers and their families. But why are the costs high?
