Flutterwave, Africa’s leading payments technology company, has released the Send App 2024 Remittance Industry Report, providing valuable insights into how cross-border remittances support communities and connect loved ones globally.
The report highlights the evolving trends in digital money movement and the latest Send App milestones—solidifying the company’s leadership in cross-border payments.
Key Findings from the Send App 2024 Report:
- Demographics: 83.2% of respondents were between 18 to 34 years old, with a significant portion having family members living abroad across continents like Europe (33.6%), North America (25.4%), and Asia (13.4%). Notably, about 30% of respondents have friends and loved ones living on the continent but outside their home country–signifying an incredible potential for intra-Africa remittances.
- Remittances as a Lifeline: While almost 50% of remittances received went toward basic needs like food, rent, and utilities, the remaining funds received were used for education, business investments (10.8%), and even cultural celebrations—reinforcing the emotional and economic value of remittances. Interestingly, these funds are sent home every two weeks or at month’s end, suggesting that Africans at home do not hesitate to remind their loved ones abroad to send money back home during payday.
- Diaspora Communities Driving & Receiving Most Remittances: London emerged as the largest customer base for Send App users in the UK, aligning with the city’s significant African diaspora population. On the recipient side, Nigeria leads as a top remittance receiver, followed by Kenya and Cameroon, highlighting the growing demand for reliable cross-border money transfer solutions across various corridors on the continent.
2024 Milestones for Send App by Flutterwave:
- Expansion to 49 US States: Send App successfully expanded services to 49 US states, marking a significant expansion on our journey to be available wherever our customers, Africans in the diaspora, are based both outside and within the continent.
- Seamless Transactions: In 2024, 98% of remittance transactions were completed in under five minutes and the platform also introduced new features like GBP payee confirmation, and enhanced fraud detection. This demonstrates that Send App prioritizes what matters most to the sender and recipient–speed, without sacrificing security and compliance.
The report highlights how customer-focused innovations, such as Send App by Flutterwave, are transforming global money transfers. These solutions make the process faster, more secure, and more convenient than ever before. It also highlights the growing importance of remittances in recipients’ daily lives. As Flutterwave continues to drive payment innovations that connect Africa to the global economy, Send App by Flutterwave remains a central piece in making the cross-border movement of money seamless for Africans at home and abroad.
Relevant Resource: Access the full report here.
