RemitScope

The remittance inflows in South Africa have increased, from USD 3.3 billion in 2016 to USD 4.2 billion in 2021, with the country being the fourth-highest remittance recipient in Sub-Saharan Africa. The majority of the remittances in South Africa are sent through informal channels, as opposed to formal channels such as banks and money transfer operators. There is a need for increased awareness and access to formal channels to promote financial inclusion and reduce the risks associated with informal channels. The COVID-19 pandemic had a negative impact on remittance inflows in South Africa in 2020, with a decline of 15% compared to the previous year. However, remittance inflows are expected to recover in 2021 and beyond, with the easing of restrictions and economic recovery in the country.

Key Takeaways:

USD 672,448,715

REMITTED OUT OF SOUTH AFRICA SO FAR THIS YEAR

14.4% in Q4 2020

AVG. COST OF SENDING MONEY OUT OF SOUTH AFRICA

‍

89% of adults in South Africa have financial accounts,