According to the World Bank, it is more expensive to send money to sub-Saharan African than to any region in the world. It is also the most expensive region to send money from. In Q1 2020, people spent an average of 8.9% to send money to the region, much higher than the global average of 6.8%.
There’s much talk around sending money from Africa to the West, which has led to many startups using traditional (fiat) and non-traditional (crypto) means to facilitate cross-border payments between the two corridors. However, there’s little noise about the corridors between Africa and other regions like Latin America or Asia.
South Asia, for instance,