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Economic Brief - High Remittance Costs in Africa: Is Building Regulatory Capacity for Microfinance Institutions the Answer?

26-Dec-2012

Remittances constitute an increasingly significant flow of funds to the developing world. In 2004, remittances totaled more than USD 160 billion, an increase of over 65% since 2001,when their flows stood at an estimated USD 96.5 billion; the figures went up to US$300 billion during 2006, $328 billion in 2007 (IFAD, 2009), rising to $372 billion in 2011 and to an estimated $406 billion in 2012 (World Bank, 2012). Remittance flows to and within Africa are currently about US$40 billion.

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