Did you know that it was in 2008, banks began offering mobile phone banking (Mobile Money), allowing cell phone users to electronically transfer funds to retailers or individuals, in the +256?
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Aaaahhhh aaaahhhhhh…did you know that the Sustainable Development Goals or what is commonly called, SDGs, have a set target and link to money remittance, all over the world? Hhhhmmmmm…. It all boils down to the cost of sending money across the world….with our friend SDG 3 having a set target of 3%? (Oops….too bad that this target has been over-looked, all over the world, with the costs rising year, each and every year….and only 13 more years left to see to it that these rates go back down as the saying goes, in our motherland)
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Has it ever crossed your mind that remittances are TAXED, as well?
Sub-Saharan Africa, continues to have the highest cost of sending 200 US Dollars, all over the world, as of 2017 January?
South Africa is the largest sender of remittance in Africa and also the most expensive of the G20 countries to send remittances from.
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Nigeria is the biggest receiver of money remittances in Africa – attracting remittance from the diaspora of over $21 billion per annum.
Still on Sub-Saharan Africa, did you know that it is the most expensive region to remit to and as a result the majority of remittances are still sent via our usual informal channels such as buses and taxis.
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According to a World Bank Report, the following countries were also top recipients of remittance: Sudan ($3.2 billion), Kenya ($1.8 Billion), Senegal ($1.2 billion), South Africa ($1.0 billion) and Uganda ($0.8 billion). Imagine….that was 2 years ago….how do you think 2017 shall be looking by the close of business on the 31st of December?
Remittance flows to and within Africa approach US$40 billion. Ddaaammmnnnnnn, all that much, for just Africa alone?
The African continent, alone, has over 30 million people in the diaspora.
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In a survey done by GTZ-SIDA carried out in 2007, in Uganda, to measure remittances in the country, an estimated sum of US$406.5million was transacted for the year of 2016!
In this same study mentioned above, it was discovered that children, household heads and spouses form the bulk of receiving households accounting for 52.3percent, 18.7percent and 12.2percent of total, respectively.
Then, when it came to profiling of remitters themselves, it was discovered that the majority of remitters (73.8percent) were reported to be above 30 years of age, with the greater percentage of remitters, (65.4percent) were reported to be males.
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Almost all remitters (93.4percent) were working. 66.2percent of remitters were reportedly married while 36.4percent of them had no dependant children in Uganda.
Simply put, did you know that remittances do play an important role in reducing the incidence and severity of poverty?
Uganda’s capital account was liberalised in 1997, meaning that residents and non- residents are free to bring in and take out foreign exchange without restriction. Did you know this?
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I’ll leave it at this….ndowooza you now see how important money remittance is and has been amongst us.