Dollar transfers from migrants living abroad to their home nations are diaspora remittances. They are essential in many African countries’ economies, providing a source of household income and contributing to economic progress.
According to the World Bank Migration and Development Brief “officially recorded remittance flows to low- and middle-income countries (LMICs) are estimated to grow by 1.4% to $656 billion in 2023 as economic activity in dollar remittance source countries is set to soften, limiting employment and wage gains for migrants”
