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Africa: most expensive place to send money in the world

At an estimated USD 66 billion in 2015, formal remittances to Africa are three times larger than overseas development assistance and more stable than most other sources of finance. Remittance flows have become one of the largest sources of external finance to African countries after foreign direct investment and are attracting increasing attention because of their rising volume and impact on the receiving countries. Yet, despite the ever-increasing attention on them as a potential development tool, sending money to Africa is more expensive than sending to any other region in the world.

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