UN SDG

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Why Migrants Are Turning to Crypto: The Key to Attaining the UN Goal to Reduce Remittance Costs to Less Than 3% by 2030

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The cost incurred by African migrants or expatriates when sending funds via the so-called formal corridors remains way above the UN target of less than three percent, the latest data from the World Bank has shown. On the other hand, the cost is much lower than the target when cryptocurrencies are used. Global Average Higher … Read more

Nigerian Remittances Rebound as Country Tops Sub Sahara Africa — Sending Costs Still High

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Nigeria is once again Sub Sahara Africa’s biggest recipient of remittances into the region where the money transfers went up by 6.2 percent to $45 billion, a new World Bank report has shown. The Impact of Nigerian Policies on Remittances According to the November 17, 2021 press release, this increase in the value of funds … Read more

African Migrants Are Turning to Cryptocurrency Platforms for ‘Low-Fee Remittances’

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As central banks on the African continent fight to keep cryptocurrencies from going mainstream, many more migrant workers are increasingly turning to money-sending platforms that use cryptocurrencies when moving funds across borders. More Than Just an Investment Thus in addition to becoming a “hot investment for hedge funders and corporate moguls,” crypto-assets like bitcoin are … Read more

Remittance Costs Lower in Q3 World Bank Study Shows – Only Cryptocurrencies Meeting UN Goal

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The latest study by the World Bank shows that it costs 4.98% on average to remit funds to South Asia which makes it the least expensive region while sub-Sahara Africa is the most expensive with an average cost of 8.47%. The quarterly study also finds that it is costlier to remit funds when using service … Read more