Home COVID-19 takes toll on SSA diaspora remittances COVID-19 takes toll on SSA diaspora remittances

COVID-19 takes toll on SSA diaspora remittances

The World Bank has predicted a global plunge in remittances with sub-Saharan Africa anticipated to record a 23.1 per cent decline from $48 billion last year to $37 billion this year. East Africa is a leading beneficiary of remittances that have been central in propping up foreign exchange reserves and protecting regional currencies from excessive volatility. Sharon Karuga Kinyanjui