Imagine sending $200 to overseas relatives, only to be hit with a fee of $25! African migrant workers don’t need to imagine – for them it’s an everyday reality. Our new report reveals how a lack of competition among money transfer organisations is hurting development in the world’s poorest region. A 12% fee on money transfers (‘remittances’) – more than double the fee recommended by the global community – is costing Sub-Saharan Africa $1.8bn per year. This ‘super-tax’ is enough to pay for the primary education of 14 million children. odi.org.uk/remittances-africa Share our research on these excess fees and tell us what you think can be done differently.
Posted on: Thu, 17 Apr 2014 09:37:34 +0000
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