"It's not a zero-sum game." — TransferGo's CEO on the future of remittances in Africa
- Remittances to sub-Saharan Africa reached $54 billion in 2023.
- TransferGo has reduced the cost of remittances by as much as 95%.
- Remittances through unofficial channels are estimated to be at least 50% higher than official figures.
The growth potential for remittances in Africa is significant, and TransferGo's efforts to reduce costs and improve efficiency are commendable. However, there are still challenges to overcome, such as the reliance on cash transactions and regulatory uncertainties. It is crucial for regulators to provide consistent and reliable policies to support the growth of fintech startups in the remittance space.
