A report by WorldRemit, a global payments company, has revealed that remittances by immigrants in countries like the United Kingdom, the United States and Canada rose significantly in 2021.
The report added that the increase in remittances was driven by the impacts of the COVID-19 pandemic.
It said that based on its survey, Nigeria, Ghana and the Philippines were the most common recipients of Diaspora remittances in 2021.
The report read in part, “Research from WorldRemit, a leading global payments company, has found that people sending money from the US, the UK and Canada continue to adjust their remittance habits to a new way of living due to COVID-19.
“The results from WorldRemit’s study of more than 3,000 of its customers paint a striking picture of the importance of remittances to the loved ones of immigrants, alongside the impact we know it has on the global economy.
“68 per cent of respondents sent money abroad at least monthly, with a further 28 per cent sending multiple times a year.
“The pandemic has had a significant effect on the amounts of money sent, particularly for the key reasons people send money abroad.”
According to the report, the immigrants listed daily expenses, gifts, medical expenses and education as top reasons they sent money home, adding that the amount sent to cater for each of these needs increased last year.
The report said, “The most common countries remittances sent by our respondents were to the Philippines (18 per cent), Nigeria (11.5 per cent), Ghana (10.5 per cent), which have all seen significant GDP growth.”
“This trend is likely to continue as these countries continue to recover rapidly from the COVID-19 pandemic.”
The Head of WorldRemit in the UK, Karen Jordaan, said that the company would continue to offer safe, fast and convenient services to facilitate the remittances of immigrants. (Punch)
