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Yaoundé - 21 November 2019 -
Finance

Cameroon ranked top intra-African remittances provider in 2018, ahead of Côte d’Ivoire, South Africa, Ghana and Nigeria

Cameroon ranked top intra-African remittances provider in 2018, ahead of Côte d’Ivoire, South Africa, Ghana and Nigeria
  • Comments   -   Thursday, 16 May 2019 15:09

(Business in Cameroon) - The Ecobank Group has just published its financial report which provides data on Africa's place in global financial flows during 2018.

The document shows intra-African remittances represent 20% ($12.8 billion or XAF7,491.9 billion) of global financial flows during the period under review. With $2.15 billion (XAF1,258.4 billion), Cameroon was the first African country in terms of sending money to other African countries.

The central African country outperformed Côte d'Ivoire which sent $1.66 billion, or XAF971.6 billion, South Africa with $1.06 billion, or XAF620.4 billion, Ghana sent $1 billion, or XAF585.3 billion and Nigeria transferred $0.9 billion, or XAF526.7 billion.

Yet, Cameroon does not appear in the top 10 African countries that received remittances from abroad. Top 10 include Nigeria ($20.66 billion), Egypt ($19.71 billion), Tunisia ($2.35 billion), Algeria ($2 billion), Ghana ($2 billion), Senegal ($1.61 billion), Kenya ($1.56 billion), Uganda ($1.07 billion), Mali ($0.89 billion) and South Africa ($0.87 billion).

Sylvain Andzongo

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