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The African diaspora remitted 650% more money to Sub-Saharan Africa in 2012 than the World Bank and IMF combined
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In Sub-Saharan Africa (SSA) alone, remittances in 2012 totaled US$31 billion, which is 650% more than the combined World Bank and IMF capital inflow. Remittances to the whole of Africa in 2012 totaled US$60 billion (excluding remittances via unofficial channels). The value is more than total Foreign Direct Investment valued at US$50 billion and more than the total 2011 foreign aid, valued at US$51 billion.
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Among the top 40 countries by migrant remittance inflows in 2012, Nigeria and Egypt lead the African countries, appearing in 6th and 7th position globally, outpacing Russia, the USA and Brazil among others. These figures suggest the existence of a business opportunity for financial service providers to facilitate the remittance process of these funds into Africa. Presently the African diaspora total population is estimated to be over 31 million people.
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