The World Bank and other development partners have revealed that
the total money transfers by African migrants to their region or country of
origin surged by 3.4% to $35.2 billion, in 2015.
The
sum which includes intra-African transfers, represents 6 percent of total
transfers by migrants worldwide to their region or country of origin, Ecofin
agency reports.
The
total migrants transfers worldwide, though lesser compared to the previous year
is estimated at $581.6 billion.
Africa
is seen as number one in terms of migration and as such, some European
countries have raised barriers thus making it more difficult for Africans to
get visas.
Over the past four years, transfers by African migrants to their
homes reached $134 .4 billion. A relatively low figure compared to licit and
illicit financial flows from Africa.
According
to a report published in 2015 by African Union High Level Panel against illicit
financial flows, fiscal optimization allows Africa-based multinationals to send
out up to $50 billion each year.
The
report said high operations costs were behind the low level of money
transferred by African migrants. It adds that these costs, though lower as
compared to the year before (11.4%) represent 9.5% of total transferred.
There
are presently 250 million migrants worldwide, refugees included. Populations
with highest levels of migrants include Mexicans (migrating to the USA), Gulf countries and Russia’s
satellites states.
The
World Bank’s report however shows that African nations host at least four
million migrants.
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