Remittances: the huge cost to Africa in money transfer fees | Overseas Development Institute (ODI)

Weak competition, concentration of market power and flawed financial regulation all contribute to high remittance charges. Just two money transfer operators (MTOs) – Western Union and MoneyGram – account for two-thirds of remittance transfers.

Why is the world’s poorest region paying the world’s highest money transfer fees? ODI has taken this issue up with African central banks and finance ministries, as well as UK and US regulators, to bring about change.

Source: Remittances: the huge cost to Africa in money transfer fees | Overseas Development Institute (ODI)

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