Remittance Markets in Africa
A substantive literature suggests that migration generates benefits for migrants, the host societies, and the countries of origin. The economic benefits for the countries of origin are realized primarily through the receipt of remittances. These la...
| Main Authors: | , |
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| Format: | Publication |
| Language: | English |
| Published: |
World Bank
2012
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| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000386194_20110425022055 http://hdl.handle.net/10986/2292 |
| Summary: | A substantive literature suggests that
migration generates benefits for migrants, the host
societies, and the countries of origin. The economic
benefits for the countries of origin are realized primarily
through the receipt of remittances. These large and stable
resource flows remained relatively resilient during the
global financial crisis compared to steep declines in
private capital flows, and they have quickly recovered to
the pre crisis levels. African countries are estimated to
have received $40 billion in officially recorded flows in
2010, but the true size is believed to be far larger.
Remittances are associated with reduction in poverty,
improved education and health outcomes, and increased
availability of funds for small business investments.
Remittances represent a positive and relatively
noncontroversial outcome of migration. This volume brings
together studies of remittance markets in eight Sub-Saharan
African countries and two key destinations for African
migrants outside the African continent. It provides an
overview of the remittance markets, and the policy and
institutional environments in both sending and receiving
countries. Based on primary surveys of remittance service
providers about the types of remittance services, barriers
to entry and exit, legal and regulatory environment,
remittance costs, and innovative technologies, the chapters
of this volume provide a unique window into the functioning
of remittance markets in this region. the volume, measures
to reduce remittance fees, increase market competition and
consumer protection, increase the involvement of post
offices and other non-bank institutions, and encourage the
extension of mobile money transfer services to cross-border
remittances will benefit the ultimate clients, the people of
Africa. I hope that the findings of this volume will
motivate more research, improved data collection, and policy
action in the area of migrant remittances in Africa. |
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