Remittance is a massive cash cow in Africa and the rest of the developing world. The service fees for transacting money from across the continent or abroad amounts to an estimated US$60-billion. A ridiculous amount that’s even said to outweigh Western aid in the continent. But the cost isn’t limited to taxing financial fees. The value of time and security also affects a massive portion of the developing world.
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Africans sending money home from abroad are charged an average of 12% according to the World Bank.
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