While sub-Saharan Africa will still receive over $40 billion in remittances this year, the cost of sending the money to the region remains the highest globally with only marginal progress made recently. On average, sending $200 to sub-Saharan Africa costs 8.5%—down from 9% last year. However, the cost rate is still much higher than the global average of 6.8% and nearly triple the Sustainable Development Goal target of 3% cost rates by 2030.

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