Remittances from the African diaspora remain a financial lifeline, but experts say they could do far more to drive long-term growth if better integrated into the continent’s financial systems. In 2024, about $100 billion flowed into Sub-Saharan Africa through formal channels, with Nigeria alone receiving roughly $21 billion—around 10% of its GDP. Industry leaders gathered at the Africa Capital Forum see fintech as the key to changing that equation—imagining a future where diaspora transfers land directly on capital markets rather than in cash wallets. Speakers from companies such as LemFi and Nigerian Exchange Group said smarter regulation and innovative financial products could transform remittances from household support into a powerful engine for economic development.
African Business
