In 2018, the National Bank of Rwanda (BNR) revealed that remittances from diaspora rose from US$ 98.2 million in 2010 to US$ 250 million within eight years.
In 2019, the remittances stood at US$261 million before plummeting to US$241 million in 2020 due to COVID-19 pandemic which put the global economy at a downturn.
The World Bank has also revealed that remittance inflows to low-and middle-income countries will reach US$589 billion, translating into a growth by 7.5% in 2021 compared to last year.
The contribution from members of diaspora have been helping countries to earn foreign currencies used by beneficiaries for improved wellbeing through access to education, healthcare, feeding families and building houses among others.
Despite the growth, high cost of sending US$200 across international borders is reported to have remained high, at approximately 6.4 per cent of the amount transferred which varies depending on the location of countries where the money is transferred.
Diaspora remittance inflows to Africa are also expected to reach US$45 billion translating into a growth by 6.2 percent this year.
A remittance is a transfer of money by a foreign worker to an individual in his or her home country.
In 2022, remittance inflows are projected to grow by 5.5 per cent due to continued economic recovery in Europe and the United States.
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