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About US$82.7Bn Personal Remittances Sent To Africa Yearly, Almost Double FDI - Report

About US$82.7Bn Personal Remittances Sent To Africa Yearly, Almost Double FDI - Report

The Africa Report says COVID-19 shows Africa must reduce its dependence on personal remittances as about USD$82.7bn in personal remittances are sent to Africa every year.

The figure is nearly double the continent’s foreign direct investment (FDI) flow of USD$46bn.

Personal remittances to almost all African countries are also more than the official development assistance they receive.

It is estimated that three-quarters of remittances are used to cover essential things including food, medical expenses, school fees or housing expenses as well as loss of crops or family emergencies.

Imane Charioui, Head of North and Central Africa and the Middle East, WorldRemitsays statistics show that remittances are a real contributor to development.

WorldRemit is a financial services company that enables people to send money from the United Kingdom to Africa, Asia and other parts of the world.

Charioui says WorldRemit is proud to support the critical role of remittances by providing a quick and convenient way of transferring money amongst more than 130 countries and in over 70 currencies. Imane Charioui said:

Migrants send money home not only to help address the financial situation of their families but it helps them maintain long-distance household ties with people back at home.

Remittances give senders a sense of belonging and a way of showing solidarity and maintaining identity with the community, the true African spirit.

Imane Charioui added that WorldRemit continues to invest in technologies that optimise its service in a bid to actualise its founding objective of improving people’s lives.

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Baba Nhiya Makati vavavaaaa 1 month ago

The fire tender deal between the gvt and the local authorities has brought to my attention some hidden secrets. Belarus is a very close ally to Russia did you know. Our purchase of these equipment is not mainly centered on the case that Zanu wants to loot just to fatten itself, but they want to finance Russo-Ukraine war in favour of Russia which is likely to suffocate financially due to economic sanctions dzairi kupiwa.

They want to fund a war in a more diplomatic way, sekutengera Belarus iko kuri kuendesa Mari yekutsigira Hondo....

If you need to know a lot ask ...

CDE 1 month ago

Remember it's not Zimbabwe the only county on the side of Russia, I second that affore noted story, I myself. Ko when you supported the DRC war maiva nazvo here kana kuti nehumbavha ndopahwakatotangira. Muri vana vafana Hondo munongonzwa dzava ngano pane akamborara mubako pano?

Chatakarwadziwirwa nehondo hatichachioni minda hongu but iyo yakuita setakaita rent to buy chero ukarima Mari yaunopiwa neGMB & CMB haitengi kana chinhu.

Better of kuvhotera CCC yacho.

Pablo 1 month ago

Your speculation is irrelevant. Zim is too small to sponsor Russia.

Pragmatician 1 month ago

Rudimentary sloganeering is best left for villagers
We need constructive dialogue not mere slogans

Scobingo 1 month ago

Hamuna nyaya blaz. This war is more complex than your simplcity.

VYBZ KARTEL 1 month ago

Pamberi ne ZANU PF chete chete zvimwe zvese zvauri kutaura ingano

Jonathan Moyo 1 month ago

How will this party handle the national purse if they cannot account for mari yechema.

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