According to the World Bank, remittances have grown even more important as a source of external financing for countries worldwide in the post-COVID period. They have shown to be resilient, with remittances to low- and middle-income nations increasing by 8% to $647 billion in 2022.
The World Bank indicated in its “Migration and Development Brief” that Egypt was the top beneficiary of remittances in the region, with $28.3 billion in 2022. However, this is a 10% decrease from a record high of $31.5 billion in 2021.
Remittances to Sub-Saharan Africa reached $53 billion in 2022, up 6.1% from the previous year and following a remarkable 16.3% increase in 2021.
Remittances to the region are expected to increase by 1.3 and 3.7% in 2023 and 2024, respectively.
According to the World Bank, the following are the top ten African nations with the biggest diaspora remittance inflows:
| Rank | Country | Amount ($billion) |
|---|---|---|
| 1 | Egypt | 28.3 billion |
| 2 | Nigeria | 20.1 billion |
| 3 | Morocco | 11.2 billion |
| 4 | Ghana | 4.7 billion |
| 5 | Kenya | 4.1 billion |
| 6 | Tunisia | 3.1 billion |
| 7 | Zimbabwe | 3.1 billion |
| 8 | Senegal | 2.5 billion |
| 9 | Algeria | 1.8 billion |
| 10 | Congo, Dem. Rep. | 1.7 billion |