The World Bank published its annual report on migrant remittances around the world in 2022. According to the document, growth in Africa was only 2.63% lower to $97.5 billion

Global migrant remittances increased in 2022, according to the latest World Bank report. Internationally, these remittances reached 647 billion dollars, an increase of 8%. These transfers reached $647 billion, an increase of 8%. In Africa, Egypt maintains, by far, its rank as the main beneficiary of these flows. Transfer costs are still very high.

Transfers from the African Diaspora stood at $97.5 billion, up 2.63% from 2021. However, these data must be put into perspective. Indeed, many migrant money transfers, especially those from sub-Saharan African countries, pass through informal channels and are therefore not taken into account by the official statistics of banks, exchange offices and central banks. So these data are somewhat biased

By region, transfers to North African countries (Egypt, Tunisia, Algeria, Morocco and Djibouti) stood at $44.5 billion, compared with $46 billion a year earlier, down 4.02%, mainly due to the fall in remittances from Egyptian migrants. As for transfers to sub-Saharan Africa, they reached $53 billion, up 6.1% from the previous year

As for the major countries receiving migrant remittances, there have been no significant changes. Egypt, the third most populous country in Africa and with a diaspora of more than 10 million people, remains the largest recipient of migrant transfers on the continent. This volume stood at $28.3 billion, a sharp decrease of 11.31% compared to that of 2021, when it reached a record level of $31.5 billion. Egypt alone accounts for 29% of migrant transfers to the continent.