When we think about sending money back home, it’s more than just a transaction—it’s a powerful tool that transforms economies and uplifts communities. In Africa, remittances play a crucial role in economic development, often surpassing foreign direct investment and official aid.
At Afriex, we’re excited to be part of this transformative journey, making cross-border payments as simple as sending a text message. Let’s explore how remittances are making a significant impact in countries like Nigeria, Ghana and Cameroon.
The Economic Power of Remittances
Remittances are a vital source of income for many African nations, contributing to economic stability and growth. Here’s how:
- Nigeria: With a vast diaspora, Nigeria receives substantial remittance inflows.In recent years, remittances from Nigerians abroad have significantly contributed to the nation’s economy, at times surpassing revenues from crude oil. For instance, in 2018, diaspora remittances totaled $25.1 billion, while oil revenues stood at $18 billion. In 2024, the Central Bank of Nigeria reported remittances reaching $600 million per month as of September, with a target of $1 billion monthly.
- Ghana: In 2021, the primary countries from which Ghana received remittances included the United States, the United Kingdom, Ivory Coast, Italy, and Germany. The inflow of remittances has seen significant growth over the years, increasing from $117.6 million in 2007 to an estimated $3.8 billion in 2018, equating to 7.4% of GDP at that time. In 2023, Ghana received approximately $4.6 billion in remittances, making it the second-largest recipient in Sub-Saharan Africa, following Nigeria. These remittances accounted for about 3.18% of Ghana’s Gross Domestic Product (GDP) in 2023.
- Cameroon: In 2021, the primary countries from which Cameroon received remittances included France, the United States, Gabon, Nigeria, and Germany. In 2023, Cameroon received approximately $580 million in personal remittances, marking a 7% increase from the previous year. Remittances constituted about 0.78% of Cameroon’s Gross Domestic Product (GDP) in 2023. These remittance inflows are vital for many families, aiding in education, healthcare, and small business development, thereby fostering economic growth and reducing poverty within the country.
Real Stories, Real Impact
- Empowering Education: Meet Amina, a professional working in Canada. Every month, she sends money through Afriex to support her brother’s university education in Lagos. With Afriex’s fast, low-cost transfers, Amina ensures her brother can focus on his studies without financial worries.
- Boosting Small Businesses: Kwame, residing in the UK, uses Afriex to send funds to his cousin in Ghana, who runs a local bakery. This support has enabled the bakery to expand, hire more staff, and contribute to the local economy.
- Providing Health Security: Maria, a nurse in the U.S., sends money to her parents in Cameroon for medical expenses. Afriex’s reliable service ensures her parents receive timely healthcare, giving Maria peace of mind.
How Afriex Makes a Difference
Afriex is committed to bridging the world wealth gap by enabling seamless cross-border payments. Here’s how we help:
- Simplified Transfers: Send money to Nigeria, Ghana, Cameroon, and beyond with ease.
- Multi-Currency Accounts: Hold and transfer funds in multiple currencies without hidden fees.
- Scheduled Payments: Set up regular transfers for consistent support to your loved ones.
- Global Mobility: Support your family and community from anywhere in the world.
Join the Movement
Ready to make an impact back home? Here’s how to get started:
- Download the Afriex app on the Google Playstore or iOS Appstore.
- Create your account and verify your identity.
- Start sending money instantly.
With Afriex, you’re not just sending money—you’re empowering communities and fostering economic growth.
![](https://cdn.prod.website-files.com/62d8ae776a9b17ca0851134c/66cc48526ee7431959df86aa_63d2204ca42a7b4d9360fd93_Download%2520Button%2520(1).png)