Despite the critical role remittances play in supporting families, financing education, and stimulating African economies, high transaction costs continue to undermine the full potential of these inflows.
According to recent data from the World Bank, the cost of sending $200 to Africa averages around 7.9%—well above the global average and far from the United Nations’ Sustainable Development Goal target of reducing remittance fees to 3% by 2030.
In Q3 2024, the global average cost of sending remittances stood at 6.62%, a slight decrease from 6.65% in Q2 2024.
The global average has remained below 7.00% since Q1 2019, reflecting a steady downward trend. Overall, this marks a decline of 3.05 percentage points from Q1 2009, when the average cost was 9.67%.
In the same quarter, the average cost for digital remittances was 4.95%, compared to 7.29% for non-digital services. Digital channels accounted for 29% of all remittance services tracked by the Remittance Prices Worldwide (RPW) database in Q3 2024.
In certain countries, the fees are even higher, driven by weak competition among money transfer operators, limited digital payment infrastructure, regulatory bottlenecks, and currency conversion costs.
Africa faces the highest remittance costs
African countries dominate the table, reflecting the continent’s ongoing struggle with high remittance costs. Out of the ten countries listed, seven are in Africa.
Using data from The VisualCapitalist and the World Bank, this list highlights the top 10 African countries with the highest average cost of sending $200 in remittances.
| Rank | Country | Region | Average Cost to Send $200 (USD) |
|---|---|---|---|
|
1 |
Tanzania |
Africa |
$115 |
|
2 |
Türkiye |
Europe/Asia |
$53 |
|
3 |
Senegal |
Africa |
$35 |
|
4 |
Rwanda |
Africa |
$30 |
|
5 |
Angola |
Africa |
$29 |
|
6 |
Israel |
Middle East |
$27 |
|
7 |
Thailand |
Asia |
$26 |
|
8 |
South Africa |
Africa |
$24 |
|
9 |
Kenya |
Africa |
$22 |
|
10 |
Ghana |
Africa |
$20 |
African countries dominate the table, making up seven of the top 10 further reflecting the continent’s ongoing struggle with high remittance costs.
At the top of the list is Tanzania, where sending $200 costs a staggering $115, translating to a remittance fee of over 57%.
This is far above global and regional averages, showing severe inefficiencies, limited competition, or regulatory constraints in the remittance market.
Türkiye follows with a $53 cost, while Senegal, Rwanda, and Angola round out the top five, with fees ranging from $29 to $35.
