The World Bank and other development partners have revealed that the total money transfers by African migrants to their region or country of origin surged by 3.4% to $35.2 billion, in 2015. The sum which includes intra-African transfers, represents 6 percent of total transfers by migrants worldwide to their region or country of origin, Ecofin agency reports. The total migrants transfers worldwide, though lesser compared to the previous year is estimated at $581.6 billion.
Africa is seen as number one in terms of migration and as such, some European countries have raised barriers thus making it more difficult for Africans to get visas. Over the past four years, transfers by African migrants to their homes reached $134 .4 billion. A relatively low figure compared to licit and illicit financial flows from Africa. According to a report published in 2015 by African Union High Level Panel against illicit financial flows, fiscal optimization allows Africa-based multinationals to send out up to $50 billion each year. The report said high operations costs were behind the low level of money transferred by African migrants. It adds that these costs, though lower as compared to the year before (11.4%) represent 9.5% of total transferred. Read more about Africa’s diaspora remittances here.
