In celebration of the International Day of Family Remittances (IDFR) 2024, Africa’s leading payment technology company, Flutterwave, has unveiled insightful data from its flagship cross-border remittance platform, Send App.
The International Day of Family Remittances, marked on June 16th, highlights the significant role of migrant and diaspora communities in supporting millions of families, contributing to poverty alleviation, and enhancing education and healthcare.
In a recent press statement, Flutterwave emphasised the economic impact of remittances on households, communities, and nations, while also recognising the sacrifices, separations, and generosity that often accompany these financial transfers.
Flutterwave’s data uncovers culturally rich and unique remittance behaviours. Olugbenga “GB” Agboola, the company’s founder and CEO, remarked, “No matter where we find ourselves as Africans, we remain tied to our homes and always seek measures to support, appreciate, and stay connected with our loved ones.”
Key findings by the company showed that family support is the primary reason for remittances. “Since 2021, over 70 per cent of funds sent via Send App have been directed towards family support, including education and medical expenses. These remittances are crucial for the personal needs and survival of millions across Africa, reflecting a global trend where remittances to low- and middle-income countries (LMICs) have surpassed $5 trillion.
“Additionally, new technology is supporting long-standing traditions. Since December 2023, when “Bride Price” was added as a transfer description option, thousands have used it, with an 86.37 per cent increase from February to March 2024. This suggests a rise in wedding preparations across the continent,’’ the company stated.
Also, the company revealed that over the past 15 months, more than 50 per cent of Send App users are millennials, with Gen Z making up 22 per cent. It states, “This indicates a strong adoption of digital remittance services among younger generations as a reliable way to support families and loved ones back home. Older generations are also participating, with Gen X constituting 20 per cent of users, complemented by other generations completing the user distribution.’’
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