Test Frontity Blog

WordPress installation for Frontity development

How COVID-19 is changing global remittance flows

By CNBC Africa

on Tue Nov 10 2020

The World Bank says the amount of money migrant workers are able to send home is expected to decline by 14 per cent in 2021. According to the bank, the foremost factors driving the decline in remittances include weak economic growth and employment levels in migrant-hosting countries, weak oil prices; and depreciation of the currencies of remittance-source countries against the US dollar. Michael Kent, Founder of Azimo joins CNBC Africa for more.