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Navigating Remittance Challenges in Africa: The Advantage of Cryptocurrency for Efficient Cross-Border Transactions

The rising emigration of Africans overseas has underscored the importance of international remittance for both host countries and homelands. By 2020, over 41 million Africans had emigrated, marking a 30% increase from 2010. Nigeria, according to the World Bank's Migration and Development Brief, received the highest remittance inflows in Africa, totaling $19.2 billion in 2021.

Despite these substantial flows, dissatisfaction with traditional financial (TradFi) remittance mechanisms persists. Services like Western Union and MoneyGram often impose high costs and intricate procedures for cross-border transfers. 

For instance, sending $700 through traditional channels can incur fees ranging from $10 to $50, with additional charges to be incurred by the recipient. Moreover,➡️

Navigating Remittance Challenges in Africa: The Advantage of Cryptocurrency for Efficient Cross-Border Transactions

The rising emigration of Africans overseas has underscored the importance of international remittance for both host countries and homelands. By 2020, over 41 million Africans had emigrated, marking a 30% increase from 2010. Nigeria, according to the World Bank's Migration and Development Brief, received the highest remittance inflows in Africa, totaling $19.2 billion in 2021.

Despite these substantial flows, dissatisfaction with traditional financial (TradFi) remittance mechanisms persists. Services like Western Union and MoneyGram often impose high costs and intricate procedures for cross-border transfers. 

For instance, sending $700 through traditional channels can incur fees ranging from $10 to $50, with additional charges to be incurred by the recipient. Moreover,➡️ https://x.com/XinoZee01/status/1816242488857764336?t=FB8rRfHpEOuizG19gU-P5A&s=19