Maxim network news: African migrants' remittances

Maxim network news: October 21, 2009 - IFAD: Thirty million African migrants send more than 40 billion U.S. dollars home to their families each year, according to a new study by the UN International Fund for Agricultural Development (IFAD). Thirty million African migrants send more than 40 billion U.S. dollars home to their families each year, according to a new study by the UN International Fund for Agricultural Development (IFAD). And while money is a lifeline for many in the worldThe recession, reducing their potential for poverty to be more severe, high transfer fees and the lack of information on remittances, reducing the authors of the report. The report, send money home to Africa will be held at the Global Forum on Remittances 2009 in Tunis, 22-23 October, IFAD and the African Development Bank (AfDB). remittances worldwide to top 300 billion U.S. dollars annually in the United States will surpass the foreign direct investment and development assistance together. During the transferCosts have gone to Latin America and Asia to send money home to Africa is still expensive, the report said, costing as high as 25 percent of the total in some regions. Currently, two major money transfer company Western Union and Money Gram - together control almost 65 percent of all network transfers. At the same time, most African countries restrict the types of institutions, the transfer may offer a disadvantage for microfinance institutions which have greater...