The current pandemic has radically transformed the world of business, with many having to adapt fast and use unconventional methods to keep their businesses working. Dare Okoudjou, CEO and Founder of MFS Africa joined CNBC Africa on how to solve the money transfer challenge that is preventing African businesses from growing as much as they should.
Due to the dependence of African countries on commodity exports, portfolio inflows, remittances and Official Development Assistance, a depletion of their reserves would necessitate further currency depreciations while currencies linked to key commodity exports may witness a slight reprieve as trade recovers in the second half of the year. That’s according to a report by Vetiva Capital. Mosope Arubayi, Economist at Vetiva joins CNBC Africa for more.
The World Bank estimates that the economic crisis brought about by the Covid-19 pandemic and resulting lock-downs across the world could lead to a 19.7 per cent drop in remittances. Michael Kent, Founder and CEO of Azimo joins CNBC Africa for more.
The coronavirus pandemic is leaving migrant workers unable to send money or goods home to families, cutting off a vital lifeline for communities already under siege from a barrage of external shocks.
The World Bank says it expects global remittances to drop by 20 percent this year, over the economic crisis brought about by shutdowns initiated to contain the COVID-19 pandemic. Michael Kent, Founder and CEO of Azimo joins CNBC Africa to discuss the implication for sub-Saharan Africa.
The World Bank predicts that the amount of remittances sent by Africa's diaspora to Sub-Saharan Africa will reach the $50 billion mark by 2020, now as world leaders are set to converge in New York for the 74th United Nations General Assembly, a group of the African diaspora will use the opportunity to engage continental leaders on investment opportunities on the continent with an aim of moving away from just remittances to making investments on the continent. Gbenga Omatayo, Founder of USAfricaHub joins CNBC Africa for more.
US tax cuts seen raising amount of money sent back to Kenya