Cross-border money transfers to and within Africa are among the most expensive in the world.
According to World Bank Remittance Prices Worldwide data, the average cost of sending $200 to the region stood at approximately 8.4% in recent quarters, compared with a global average of around 6.2%.
Costs vary sharply by corridor and amount. Intra-African routes often prove particularly expensive. For example, the Tanzania to Uganda corridor has recorded average costs as high as 61% in some periods, while sending money from Senegal to Mali has averaged around 25.7%.
What do you think are the main reasons it’s so difficult to move money to and across Sub-Saharan Africa, and what needs to happen to change this?