Africa will receive 100 billion dollars from people working overseas during 2025 according to development bank predictions. The money could grow three times larger and reach 283 billion dollars within ten years. Zimbabwe stands among countries that will benefit most from workers sending cash home to families. The African Development Bank released these numbers during meetings held this week. Money transfers help families survive and support local businesses across the continent.
Zimbabwe collected 2.2 Own dollars from citizens living abroad during 2024 which was much higher than previous years. Workers overseas sent 22 percent more money home compared to 2023 totals. These funds help stabilize currency markets and provide foreign cash for the economy. Economist Honest Ngwenya said the money helps families and creates jobs for local people. The Reserve Bank wants more transfers to come through official banking channels.
High fees make people use unofficial money transfer methods instead of banks and formal services. Transfer costs range from 35 to 75 percent through normal business channels. The United Nations wants these fees to drop from 7 percent to just 3 percent. Cheaper transfers would bring more money through official systems where governments can track the flow. African countries could also earn 125 billion dollars extra each year from making informal businesses become official companies.
Zimbabwe collected 2.2 Own dollars from citizens living abroad during 2024 which was much higher than previous years. Workers overseas sent 22 percent more money home compared to 2023 totals. These funds help stabilize currency markets and provide foreign cash for the economy. Economist Honest Ngwenya said the money helps families and creates jobs for local people. The Reserve Bank wants more transfers to come through official banking channels.
High fees make people use unofficial money transfer methods instead of banks and formal services. Transfer costs range from 35 to 75 percent through normal business channels. The United Nations wants these fees to drop from 7 percent to just 3 percent. Cheaper transfers would bring more money through official systems where governments can track the flow. African countries could also earn 125 billion dollars extra each year from making informal businesses become official companies.
