Diaspora remittances up by 70 per cent

Flutterwave has said more people have embraced remitting to family members to lessen their burden in the face of the current economic realities.  

 
The revelation from Send App data, its flagship cross-border remittance app, was in commemoration of the International Day of Family Remittances (IDFR) 2024.
 
Every June 16, the global event is celebrated to acknowledge migrant and diaspora communities’ support to millions of families through contributions to their poverty alleviation, education, healthcare and others. 
 
The IDFR highlights the economic impact of these remittances on households, communities, and nations, and equally recognises the sacrifice, separation and generosity often involved.
   
The data reveal culturally rich and unique remittance behaviours, reinforcing the thought previously shared by the company’s Founder and CEO, Olugbenga Agboola, that, “no matter where we find ourselves as Africans, we remain tied to our homes and always seek measures to support, appreciate and stay connected with our loved ones.”

Over 70 per cent of remittances sent via Send App since 2021 were for family support, including education and medical bills.  These remittances play a critical role in supporting the personal needs and survival of millions of people across Africa. It aligns with the growing global remittances trend, with migrants’ remittances to low- and middle-income countries (LMICs) estimated to be over $5 trillion.
   
Since the option was added to the app’s transfer description in December 2023, thousands of people have used Bride Price as the reason for remitting on the Send App. Notably, there was 86.37 per cent increase in the use of this from February to March 2024. This growth could indicate a possible increase in preparation for upcoming weddings across the African continent.
   
Over the past 15 months, more than 50 per cent of Send App’s users are millennials and Gen Z, which constitute 22 per cent. 
 
This indicates that the younger generations are embracing digital remittance services as a reliable and trusted means of supporting their families, friends and loved ones back home. However, older generations are not left behind. Gen X, which made up 20 per cent of users, along with other generations completed the distributions.

The post Diaspora remittances up by 70 per cent appeared first on Guardian Nigeria News.