Tuesday, 24 April 2018

Kyeyo payments hit record in 2017, Uganda at $1.3 billion


Remittance payments hit record in 2017, Uganda at $1.3 billion 

A World Bank report released this week shows that payments from immigrants back to their home countries rebounded to reach a new record in 2017 despite the costs of transferring funds increasing.

Uganda's remittance inflows improved from $1.1 billion  to $1.3 billion, with Kenya top in the region at $2 billion, and Tanzania at $400m and Rwanda $181million.

Communities in the US, Canada and the UK have previously been the source of most remittances, but in the past decade many Ugandans have also headed to counties of the Middle East. 

Remittance inflows improved in all regions, with the top remittance recipients were India with $69 billion, followed by China ($64 billion), the Philippines ($33 billion), Mexico ($31 billion), Nigeria ($22 billion), and Egypt ($20 billion).

Remittances to Sub-Saharan Africa accelerated 11.4 percent to $38 billion in 2017, supported by improving economic growth in advanced economies and higher oil prices benefiting regional economies. The largest remittance recipients were Nigeria ($21.9 billion), Senegal ($2.2 billion), and Ghana ($2.2 billion). 

The region is host to several countries where remittances are a significant share of gross domestic product, including Liberia (27 percent), The Gambia (21 percent), and Comoros (21 percent). In 2018, remittances to the region are expected to grow 7 percent to $41 billion.

AFP reported the bank saying that the stronger-than-expected recovery in remittances -- payments that are key to supporting the economies of many poor countries -- was driven by growth in Europe, Russia and the United States.

"The global average cost of sending $200 was 7.1 percent in the first quarter of 2018, and sub-Saharan Africa remains the most expensive place to send money to, where the average cost is 9.4 percent," AFP reported.

"The World Bank Group is mobilizing financial resources and knowledge on migration to support migrants and countries with the aim of reducing poverty and sharing prosperity. Our focus is on addressing the fundamental drivers of migration and supporting the migration-related Sustainable Development Goals and the Global Compact on Migration,” said Michal Rutkowski, Senior Director of the Social Protection and Jobs Global Practice at the World Bank.


Migrant remittance inflows (US$ million)2014201520162017p
Afghanistan           268         301           387           410
Albania        1,421       1,291        1,306        1,382
Algeria        2,000       2,000        2,000        2,093
American Samoa .. .. .. ..
Andorra .. .. .. ..
Angola            31           11               4              4
Antigua and Barbuda            29           29             29            31
Argentina           505         494           539           688
Armenia        2,079       1,491        1,382        1,539
Aruba              7             8               7              8
Australia        2,258       2,141        2,051        1,941
Austria        3,239       2,843        2,909        2,934
Azerbaijan        1,846       1,270           643        1,050
Bahamas, The .. .. .. ..
Bahrain .. .. .. ..
Bangladesh      14,988     15,296      13,544      13,469
Barbados           108         108           108           112
Belarus        1,231         932           961        1,200
Belgium      11,427       9,873      10,126      10,273
Belize            80           85             97            89
Benin           304         214           222           266
Bermuda        1,336       1,445        1,430        1,478
Bhutan            14           20             34            40
Bolivia        1,177       1,191        1,217        1,341
Bosnia and Herzegovina        2,107       1,801        1,846        2,010
Botswana            46           30             25            20
Brazil        2,648       2,897        2,740        2,699
Brunei Darussalam .. .. ..             -
Bulgaria        1,685       1,495        1,666        2,224
Burkina Faso           396         385           397           444
Burundi            56           51             31            34
Cabo Verde           197         201           212           222
Cambodia           377         400           371           386
Cameroon           283         242           269           278
Canada        1,350       1,274        1,290        1,340
Cayman Islands .. .. .. ..
Central African Republic .. .. .. ..
Chad .. .. .. ..
Channel Islands .. .. .. ..
Chile           106         104           104           104
China      62,332     63,938      61,000      63,860
Colombia        4,166       4,680        4,903        5,636
Comoros           126         129           131           138
Congo, Dem. Rep.            22         142             16            17
Congo, Rep. .. .. .. ..
Costa Rica           594         552           545           562
Cote d'Ivoire           387         336           336           379
Croatia        2,149       2,104        2,190        2,307
Cuba .. .. .. ..
Curacao           143         142           148           160
Cyprus           267         254           327           335
Czech Republic        2,628       2,675        3,126        3,658
Denmark        1,483       1,258        1,252        1,344
Djibouti            36           63             58            62
Dominica            50           56             57            59
Dominican Republic        4,810       5,196        5,509        6,191
Ecuador        2,472       2,388        2,612        2,848
Egypt, Arab Rep.      19,570     18,325      16,590      19,983
El Salvador        4,154       4,288        4,594        5,051
Equatorial Guinea .. .. .. ..
Eritrea .. .. .. ..
Estonia           544         456           479           559
Ethiopia        1,796       1,087           772           816
Faeroe Islands           158         158           158           168
Fiji           221         251             80            86
Finland           907         806           804           821
France      25,351     23,766      24,373      25,372
French Polynesia           660         564           564           589
Gabon .. .. .. ..
Gambia, The           138         136           207           216
Georgia        1,986       1,459        1,521        1,794
Germany      17,365     16,133      16,683      16,833
Ghana        2,008       2,100        2,100        2,190
Greece           735         429           331           319
Greenland .. .. .. ..
Grenada            41           43               1              1
Guam .. .. .. ..
Guatemala        5,838       6,573        7,471        8,540
Guinea           121         131             52            55
Guinea-Bissau            92           85             85           104
Guyana           330         294           265           275
Haiti        1,977       2,196        2,359        2,459
Honduras        3,370       3,666        3,864        4,322
Hong Kong SAR, China           372         387           399           430
Hungary        4,768       4,459        4,660        4,692
Iceland           212         209           201           172
India      70,389     68,910      62,744      68,968
Indonesia        8,551       9,659        8,891        8,997
Iran, Islamic Rep.        1,330       1,330        1,330        1,379
Iraq           729       1,004           986        1,035
Ireland           719         603           594           608
Isle of Man .. .. .. ..
Israel           859         853           963           990
Italy      10,087       9,517        9,537        9,287
Jamaica        2,269       2,361        2,433        2,522
Japan        3,734       3,325        3,819        4,578
Jordan        6,370       5,348        4,375        4,418
Kazakhstan           229         194           275           355
Kenya        1,441       1,569        1,745        1,970
Kiribati            17           16             17            18
Korea, Dem. Rep. .. .. .. ..
Korea, Rep.        6,551       6,444        6,504        6,332
Kosovo        1,099         971           986        1,115
Kuwait              4           34               4              4
Kyrgyz Republic        2,243       1,688        1,995        2,486
Lao PDR            40           93           116           124
Latvia        1,543       1,327        1,226        1,090
Lebanon        7,191       7,481        7,606        7,955
Lesotho           393         371           344           415
Liberia           506         641           549           580
Libya .. .. .. ..
Liechtenstein .. .. .. ..
Lithuania        2,113       1,372        1,280        1,302
Luxembourg        1,862       1,632        1,717        1,746
Macao SAR, China            37           40             28            29
Macedonia, FYR           367         307           291           314
Madagascar           286         272           250           262
Malawi            38           41             34            38
Malaysia        1,580       1,644        1,585        1,634
Maldives              3             4               4              4
Mali           920         920           920        1,040
Malta           253         226           221           215
Marshall Islands            26           27             28            29
Mauritania .. .. .. ..
Mauritius           249         249           249           262
Mexico      24,802     26,233      28,691      30,600
Micronesia, Fed. Sts.            23           23             23            24
Moldova        2,076       1,540        1,464        1,640
Monaco .. .. .. ..
Mongolia           255         261           260           269
Montenegro           431         381           396           426
Morocco        7,736       6,904        7,088        7,467
Mozambique           155         143             93            51
Myanmar           279         387           682           723
Namibia            81           47             66            43
Nepal        5,889       6,730        6,612        6,947
Netherlands        1,482       1,312        1,335        1,406
New Caledonia           721         613           613           642
New Zealand           305         285           274           297
Nicaragua        1,140       1,198        1,268        1,395
Niger           219         172           172           198
Nigeria      20,829     21,060      19,636      21,967
Northern Mariana Islands .. .. .. ..
Norway           760         609           594           614
Oman            39           39             39            40
Pakistan      17,244     19,306      19,761      19,665
Palau              2             2               2              2
Panama           756         554           502           533
Papua New Guinea            10           10               3              3
Paraguay           507         554           657           732
Peru        2,637       2,725        2,884        3,039
Philippines      28,691     29,799      31,145      32,808
Poland        7,409       6,783        6,712        6,805
Portugal        4,446       4,363        4,378        4,811
Puerto Rico .. .. .. ..
Qatar           499         437           379           668
Romania        3,381       3,085        3,489        4,944
Russian Federation        7,777       6,903        6,678        8,026
Rwanda           184         159           173           181
Samoa           158         144           136           143
San Marino .. .. .. ..
Sao Tome and Principe            27           20             18            19
Saudi Arabia           273         295           308           287
Senegal        1,929       1,929        1,929        2,238
Serbia        3,696       3,371        3,205        3,588
Seychelles            15           18             22            24
Sierra Leone            62           48             47            49
Singapore .. .. .. ..
Sint Maarten (Dutch part)            62           55             61            64
Slovak Republic        2,395       2,138        2,119        2,100
Slovenia           369         423           364           406
Solomon Islands            16           19             20            20
Somalia .. .. .. ..
South Africa           913         825           755           898
South Sudan .. .. .. ..
Spain      10,720     10,281      10,281      10,692
Sri Lanka        7,036       7,000        7,257        7,190
St. Kitts and Nevis            20           20             10            11
St. Lucia            32           32             32            32
St. Martin (French part) .. .. .. ..
St. Vincent and the Grenadines            44           42             42            42
Sudan           507         151           153           177
Suriname              9             7               7              7
Swaziland            96           96             98           114
Sweden        4,558       3,364        2,855        2,819
Switzerland        2,406       2,517        2,497        2,488
Syrian Arab Republic        1,623       1,623        1,623        1,623
Tajikistan        3,384       2,259        1,867        2,220
Tanzania           389         388           411           435
Thailand        6,524       5,895        6,270        6,729
Timor-Leste            44           62             80            85
Togo           427         364           364           402
Tonga           129         138           138           146
Trinidad and Tobago           136         153           144           150
Tunisia        2,347       1,971        1,821        1,903
Turkey        1,739       1,395        1,186        1,045
Turkmenistan            30           16               9            10
Turks and Caicos Islands .. .. .. ..
Tuvalu              4             4               4              4
Uganda           888         902        1,146        1,375
Ukraine        7,354       5,845        6,146        7,895
United Arab Emirates .. .. .. ..
United Kingdom        4,936       5,003        4,582        4,374
United States        6,503       6,562        6,547        6,621
Uruguay            92           85             85           100
Uzbekistan        5,828       3,062        2,479        2,839
Vanuatu            28           24             19            19
Venezuela, RB           128         161           279           293
Vietnam      12,000     13,200      11,880      13,781
Virgin Islands (U.S.) .. .. .. ..
West Bank and Gaza        1,805       1,826        1,957        2,034
Yemen, Rep.        3,351       3,351        3,351        3,351
Zambia            58           47             38            42
Zimbabwe .. .. .. ..
World    597,859   582,053     573,131    613,466
Source: World Bank staff calculation based on data from IMF Balance of Payments Statistics database and data releases from central banks, national statistical agencies, and World Bank country desks.