Tag: world remit

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, Head of East and Central Africa at World Remit joins CNBC Africa for more.