7 things Africa’s remittance super-tax could pay for
June 15, 2015
Last year the Overseas Development Institute released a report titled ‘Lost in intermediation: how excessive charges undermine the benefits of remittances for Africa’. It calculated that $1.8 billion could be saved by lowering the cost of remittances to the G8 target of 5%. This could pay for:
1. Clean water for 21 million people each year
2. Free education for half of Sub-Saharan Africa’s 28 million out-of-school children
3. Improved sanitation for 8 million people
4. School meals for a year for 95 million children
5. 9 billion bed-nets for the fight against malaria
6. 775 thousand jobs paid at the continent’s average nominal GDP per capita
7. 290 million sight-saving cataract operations
This is the cost of the extortionately high fees the remittances market currently exhibits. This is what the money sent home to make families’ lives better does not pay for.
If remittance payers could save this money, they could put it to better use. Pay lower fees. Talk to Transfer Guru.