At 83.2 per cent, Millennials and Gen Zs are increasingly dominating the number of Africans abroad remitting money to the continent.
Africa’s leading payments technology company, Flutterwave, revealed that Africans between ages 18 and 34 abroad had increased and had continued to support families at home.
This is contained in its Send App 2024 Remittance Industry Report. The report offers critical insights into how cross-border remittances support communities and strengthen global connections.
The report underscores the transformative role of the digital money movement and highlights Flutterwave’s leadership in cross-border payments through its Send App platform.
The report reveals that 83.2 per cent of remittance users are between ages 18 and 34, with a significant portion having family members residing abroad. Europe (33.6 per cent), North America (25.4 per cent), and Asia (13.4 per cent) are the top destinations for African diaspora communities.
Notably, 30 per cent of respondents have loved ones living within Africa, but outside their home countries, pointing to the untapped potential of intra-Africa remittances.
Remittances remain a lifeline for many, with nearly 50 per cent of funds allocated to basic needs such as food, rent and utilities. The remaining funds support education, business investments (10.8 per cent), and cultural celebrations, emphasising the emotional and economic significance of these transfers. The report also notes that remittances are typically sent every two weeks or at month-end, coinciding with paydays abroad.
According to the data, London emerged as the largest customer base for Send App users in the UK, reflecting its substantial African diaspora population. On the recipient side, Nigeria leads as the top remittance destination, followed by Kenya and Cameroon, showcasing the growing demand for reliable cross-border payment solutions across Africa.
In 2024, Send App expanded its services to 49 U.S. states, significantly broadening its reach to serve Africans in the diaspora. The platform also achieved a 98 per cent transaction completion rate in under five minutes, while introducing new features such as GBP payee confirmation and enhanced fraud detection. These advancements underscore Send App’s commitment to speed, security, and compliance.