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Cameroon: Remittances rose to about $300mln in 2018

Cameroon: Remittances rose to about $300mln in 2018
  • Comments   -   Thursday, 20 December 2018 14:53

(Business in Cameroon) - Money sent home by Cameroonian diaspora grew to $300 million (about XAF173 billion) in 2018 compared to $278 million (XAF150 billion) in 2017. This was reported by WorldRemit, the world’s leading online money transfer service provider, in a December 19 memo, citing figures provided by the World Bank.

According to the document, WorldRemit users who sent money to Cameroon carried out an average of 2 to 3 transactions per month. The company estimates that users based in Canada could save $4 per transaction, $9 for those in the UK and $2 for transfers from France. Highest savings are made on transactions carried out from the USA.

This year, it should be noted, remittances are lower compared to 2015 when they reached $1.2 billion (nearly XAF585 billion), according to WorldRemit.

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