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Africans Sent $60 Billion to Africa in 2012, But Overcharged $4 Billion by Money Transfer Companies.

South Africa, Tanzania, and Ghana are the most expensive sending countries in Africa, with prices averaging 20.7 percent, 19.7 percent, and 19.0 percent respectively
Jan. 28, 2012  -  In a report this morning by the World Bank, African immigrants sent a whopping $60 billion to Africa in 2012, but were overcharged $4 billion by money transfer companies, which averaged 12.4% in charges as against 6.54% charged to South Asians.  This is more than twice the total amount of aid received by Africa, which amounted to $28 billion.  “Bilateral aid to sub-Saharan Africa was USD 28.0 billion, representing a fall of -0.9% in real terms compared to 2010.  By contrast, aid to the African continent increased by +0.9% to USD 31.4 billion, as donors provided more aid to North Africa after the revolutions in the region,” according to a report by the OECD (Organization for Economic Co-operation and Development), in 2012.(Read More)
Chika A. Onyeani Publisher/Editor-in-Chief African Sun Times: Host: All Africa Radio: Tel.: 973-675-9919 Fax: 973-675-5704 Cell: 917-279-4038
"It is not what you call me, but what I answer to, that matters most" - Capitalist Nigger: The Road to Success, Onyeani's internationally acclaimed No. 1 bestselling book.
Have you bought Onyeani's new blockbuster novel, The Broederbond Conspiracy, or, adapted by the San Francisco State University "to teach students how to write a spy novel."



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