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HomeAfricaMigrants’ remittances quadrupled in WAEMU countries between 2000 and 2008

Migrants’ remittances quadrupled in WAEMU countries between 2000 and 2008

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

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