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