Migrants’ remittances in the WAEMU countries almost quadrupled between 2000 and 2008, vaulting from 323.1 billion FCFA to 1,223.5 billion FCFA, according to a study carried out by the Central Bank of West African States (BCEAO).
In terms of GDP percentage, the ratio varied from 0.9% in Côte d’Ivoire and Niger to 8.8% in Togo.
It is estimated at 2.9% in Benin, 1.3% in Burkina Faso, 3.9% in Guinea-Bissau, 3.4% in Mali and 7.3% in Senegal.
The study showed that 15% of the total remittances in the WAEMU countries during the period went to countries in Sub-Saharan Africa.
Senegal is the highest recipient of funds (47.5%), followed by Mali (13.5%), Côte d’Ivoire (11.3%) and Togo (10.8%).
The money transfer companies, banks and post offices are the main formal channels through which migrants move their funds.
Besides these official channels, there are also informal channels of transfer