According to the most recent World Bank Migration and Development report, remittance inflows to Sub-Saharan African countries increased by 14.1 percent in the last year to $49 billion. This increase has been attributed to the use of official remittance channels.
Nigeria and Ghana, respectively, are the top two African countries with the biggest remittance inflows because of their huge diaspora population.
Nigeria has regularly received the highest remittance inflows in Africa because of its massive diaspora population. According to a recent World Bank report, Nigeria received $19.2 billion in remittances in 2021, with the inflow predicted to rise to $29 billion by the end of 2022 because of increasing food prices and the continuous use of official bank channels.
Ghana is Africa's second-largest beneficiary of remittances, receiving $4.5 billion in remittances in the past 12 months. Ghanaian officials have stated that inflow remittances may increase by more than 50% if informal channels are closely regulated. Most Ghanaians who send money back home are based in the United States, the United Kingdom, Italy, Germany, and Canada.
Kenya has seen an increase in remittances, which has been attributed to financial innovations that have opened up more convenient channels for families to send and receive money. In the previous year, Kenya received $3.7 billion in remittances, with inflows from the United States accounting for 63.2 percent of the total. The United Kingdom, Germany, and Canada are also important sources.
According to the World Bank Migration and Development report, Senegal ranked fourth in Africa, receiving $2.7 billion in 2021. Senegal has a sizable diaspora population, with the majority of Senegalese working in Europe and America and sending money home to their families.
In 2022, remittances from Zimbabwe's diaspora reached a new high of $2 billion. A large number of Zimbabweans abandoned the nation due to economic difficulties during the early 2000s, resulting in a rise in diaspora remittance. Remittances will continue to be a major source of revenue for Zimbabwe's balance of payments and economy.
6 Democratic Republic of Congo (DRC)
Migration from the Democratic Republic of Congo has been fueled by severe economic and political turmoil. As a result, remittances given by Congolese migrants are disproportionately essential to the homes that receive them, and many receivers rely on them to keep their household income stable. In the past 12 months, the country received $1.3 billion in remittances. Authorities have stated, however, that if all transactions are conducted through the legitimate channel, the total might be higher.
Uganda is ranked seventh among Sub-Saharan Africa's top ten remittance recipient countries (SSA). According to the latest figures, Uganda received $1.1 billion in 2021. Remittances provide food security, health care, savings, and investment opportunities for millions of households in the country. Uganda's mobile money service has also made receiving money from the diaspora more convenient.
Mali has a sizable diaspora, with many people fleeing the nation due to insecurity and economic and political turmoil. By sending money home to their families, these expatriate workers in Europe and North America have made a significant contribution to the Malian economy. According to the latest World Bank Migration and Development report, the West African country received $1.1 billion in remittances in the last 12 months.
9 South Africa
South Africa is ranked ninth and received $900 million in remittances in 2021. On the other hand, the Southern African country is the largest sender of remittances to other African countries, especially those in the SADC region. Countries like Zimbabwe, Malawi, and Mozambique have a huge population in South Africa that sends money home every month.
According to the World Bank's latest migration and development report, Togo is the last country on our list to receive $700 million in remittances in 2021. In search of greener pastures, many Togolese have traveled to Europe, the Gulf states, and North America and are sending money back home. The formalization of sending and receiving channels in Togo has also resulted in a rise in remittances.