Remittances: African diaspora hit by high fees

Africans living abroad pay on average 9.5 percent of the total transfer sum in fees - the highest transactions costs in the world, according to a new World Bank report.

It said that these costs place a heavy burden on Africans and limit productive investment by the diaspora into their home countries.

To address this issue, the Africa Institute for Remittances, International Monetary Fund (IMF), World Bank and leading African diaspora organisations have created the Nairobi Action Plan on Remittances, the African business review reports.

Full story on mfw4a.org