WASHINGTON - Remittance inflows to sub-Saharan Africa fell by 0.3% in 2023 to $54 billion, according to World Bank data — an amount 1.5 times that of foreign investment to the region.

Nigeria remained the top destination, though its receipts fell by 2.9% within the period.

But the cost of sending remittances to the region remains the highest in the world, at an average of nearly 8% for every $200 sent, compared to the global average of 6.4%.

The most expensive routes are transfers from Tanzania to its close East Africa neighbours Uganda, Kenya, and Rwanda, which cost no less than 30% per $200 transaction.

Two of the cheapest corridors are remittances to Mali from Senegal and Côte d’Ivoire, the World Bank’s report said.

Transfers to Nigeria were $19.5 billion and $4.6 billion to Ghana and $4,2 billion to Kenya.