Ghana bagged $2.2 billion from remittances in 2017 from a total of $38.4 billion that Sub Saharan Africa recorded, according to the World Bank’s Migration and Development Brief.
The largest remittance recipient was Nigeria with remittances of $21.9 billion. Remittances to Sub-Saharan Africa increased 11.4 percent to $38 billion in 2017.
However, developments in Ghana’s mobile financial services space has put the country in a solid position to claim the number one spot from Nigeria.
One of such many developments is the termination of remittances directly into bank accounts and mobile money wallets. It is now possible for Ghanaians to receive remittances from friends and families abroad directly into their bank account and into any mobile money wallets.
Recently, one of Ghana’s leading fintech, Zeepay Ghana Limited entered into a partnership with MoneyGram a global giant in the remittances space to provide direct to wallet services dubbed “twa tum direct”.
Sources indicate that such partnerships and development within Ghana’s remittance ecosystem are expected to help reduce the cost of sending monies to Ghana so that families can receive more of the money.
Notwithstanding, Sub-Saharan Africa remains the most expensive place to send money to. South Africa however is the costliest G20 country to send remittances from.