DUBAI

Diaspora sent $32.9 billion home to Sub-Saharan Africa in 2014

Remittances sent to Sub-Saharan Africa have increased by 2.2% in 2014, the World Bank estimates. Growth is expected to slow to 0.9% this year, and then bounce back to grow by as much as 3.8% in 2016 and 2017.

The money is crucial to many of the continent’s economies. In 2013, cash remitted by families outweighed Western aid, according to one analysis.

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Nigeria saw $21 billion flow in—two-thirds of all diaspora remittances to the region. The money financed a third of the country’s imports in 2013. Africa’s most populous country is the fifth largest recipient of remittances in the world, following India, China, Philippines and Mexico.

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