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Africa records a strong recovery in remittances

Remittances to sub-Saharan Africa grew 14 per cent to US$49 billion in 2021, the strongest gain since 2018, even as the continent remained the costliest developing region to send money. According to the latest World Bank Migration and Development Brief (May 2022), aggregate regional remittance costs averaged 7.8 per cent between October and December last year.

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