A growing number of African migrants and expatriates could now be using peer-to-peer crypto exchange platforms when sending funds back home. p2p bch cryptocurrency
Why Migrants Are Turning to Crypto: The Key to Attaining the UN Goal to Reduce Remittance Costs to Less Than 3% by 2030
Nigeria, which accounts for the largest chunk of the region’s remittances, saw its inflows go up by 11.2 percent. According to the WB, the growth in the value of remittances sent to Nigeria via formal channels can be attributed to the country’s policies which encourage recipients to cash out at regulated platforms. Other countries from the region that saw significant growth in their inflows include Cabo Verde, whose incoming remittances rose by 23.3%, Gambia , and Kenya .
Yet, despite the ongoing efforts to lower this figure, the cost of moving funds across borders simply remains high and has been for years. This implies that the goal to attain the So while cryptocurrencies were not initially created to solve this dilemma, their growing use by migrants remitting money to their loved ones shows that they can be part of the solution. As the 2021 Geography of Cryptocurrency
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