Africa: Remittance fees punish poor Africans

The World Bank has identified South Africa and Tanzania as having some of the highest costs for remittance payments in the world, with some charges as high as 25 per cent of the money being transferred. Remittance payment is the transfer of money across borders, often used by immigrant workers to send money home to family members. In 2010, the African diaspora sent home $40-billion in remittance payments to the continent, with these money transfers representing close to 10 per cent of some African countries' gross domestic products