Despite the rise in remittance inflows to Nigeria and Africa in general, the average cost for money transfers to sub-Saharan Africa remains the highest in the world. According to Remittance Prices Worldwide (Q3 2018), the average cost to send money to Africa is 8.96%, compared with a global average of 6.94%.

On average migrants sending money home to Africa lose 12% to fees. Moving money between African countries can cost much more – sending money to Tanzania from neighbouring Kenya or Rwanda, for example, costs an average of 22% (or a $44 cut on $200 transferred).

One way to cut costs, and to ensure fast and efficient transfers, is to use a money transfer platform such as Korapay