Dar es Salaam, June 3 -- REMITTANCES have emerged as important source of financial inflows to Africa, surpassing Development Aid and Foreign Direct Investment. In 2024, Sub – Saharan Africa received an estimated 56 billion US dollars in remittance making it a significant recipient region.

Thanks to its massive diaspora population, Nigeria usually receives a huge share of remittance inflows followed by Ghana, Kenya and Senegal. On the other hand, South Africa is the largest sender of remittances to other African countries.

In East Africa, remittances reached 4.95 billion US dollars with Kenya receiving 4.8 billion US dollars, making it the leading recipient nation. Tanzania saw a surge of inflows between July and December 2024 with...