The need to introduce measures to boost diaspora remittances have come to the fore as the COVID-19 pandemic continues to take a toll on government revenues, businesses and livelihoods, NIKE POPOOLA reports
Sub-Saharan Africa continued to have the highest average cost, at about nine per cent, yet intra-regional migrants in sub-Saharan Africa comprised over two-thirds of all international migration from the region. Experts said protecting the remittances market would require policy shifts, including breaking the current monopoly that limits fund receipts to only “few lucky” players at the detriment of the economy.
The President, ABCON, Alhaji Aminu Gwadabe, said it was important to break the current industry monopoly that put the remittances market in the hands of few players. He said, “Now is the time for government and financial sector regulators to promote contactless payment channels, leveraging on digitisation in the receipt of migrant remittances.
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In Africa, Nigeria is by far the top remittance recipient....accounting for over $25 billion (almost 8% GDP). It is now a major source of foreign-exchange earnings for the country and yet we do not have investment-friendly government policies.
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