June 16th, 2024 is the International Day of Family Remittances (IDFR). Migrant and diaspora communities support millions of families by contributing to their poverty alleviation, education, healthcare etc.
The International Day of Family Remittances (IDFR) highlights the economic impact of this money on households, communities, and nations, and recognises the sacrifice, separation and generosity often involved.
In celebration of the International Day of Family Remittances (IDFR) 2024, Flutterwave, Africa’s leading payment technology company, shares insightful data from Send App, its flagship cross-border remittance app.
The data reveals culturally rich and unique remittance behaviors reinforcing the thought previously shared by the company’s Founder and CEO, Olugbenga “GB” Agboola, that “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 Statistics and Findings
- “Family Support” Dominates Remittances
Over 70% of remittances sent via Send App since 2021 are for family support, including education and medical payments. These remittances play a critical role in supporting the personal needs and survival of millions of people across Africa. It aligns with the growing global remittances trend with migrants’ remittances to low- and middle-income countries (LMICs) estimated to be over USD 5 trillion.
- New Technology Supports Age-long Traditions
Since the option was added to the app’s transfer description in December 2023, thousands of people have used “Bride Price” as the reason for sending remittances on the Send App. Notably, there was an 86.37% increase in the use of this reason from February to March 2024. This growth could indicate a possible increase in preparation for upcoming weddings across the continent.
- Who Wins the Generational Debate?
Over the past 15 months, more than 50% of Send App’s users are millennials, and Gen Z constitutes 22%. This indicates that younger generations are embracing digital remittance services as a reliable and trusted means of supporting their families, friends, and loved ones back at home.
However, older generations are not left behind. Gen X, which made up 20% of users, along with other generations completed the user distributions.
Built as a bridge for connecting diasporan communities to their roots, Send App remains committed to upholding the spirit of the International Day of Family Remittances (IDFR) by always recognizing the sacrifices and generosity of migrant communities while making remittances faster, cheaper, and more accessible for all.
