Flutterwave, Africa’s leading payments technology company, has released its Send App 2024 Remittance Industry Report, offering key insights into how cross-border money transfers support families and economies. The report underscores the vital role remittances play in meeting basic needs, funding education, and driving business investments while highlighting the evolving trends in digital money movement.
According to the report, 83.2% of remittance senders are between the ages of 18 and 34, with a significant portion having family members in Europe (33.6%), North America (25.4%), and Asia (13.4%). Notably, nearly 30% of respondents have loved ones living in African countries outside their home nation, reflecting strong potential for intra-Africa remittances.
Remittances remain a financial lifeline, with nearly half of the funds received being used for essentials such as food, rent, and utilities. Other recipients invest in education, business ventures, and cultural celebrations, reinforcing the deep economic and emotional impact of money sent from abroad. The report also found that remittances are often sent biweekly or at the end of the month, showing that those at home frequently remind their loved ones abroad when payday arrives.
London has emerged as the largest customer base for Send App users in the UK, reflecting the city’s significant African diaspora. On the receiving end, Nigeria remains the top remittance destination, followed by Kenya and Cameroon, underscoring the increasing demand for reliable cross-border money transfer services across the continent.
Flutterwave’s Send App has also achieved significant milestones in 2024. The service expanded to 49 U.S. states, strengthening its presence wherever African diasporas are based. Additionally, 98% of remittance transactions were completed in under five minutes, demonstrating the platform’s commitment to speed, security, and compliance. New features, such as GBP payee confirmation and enhanced fraud detection, further improve the user experience.
As remittances continue to shape lives and economies, Flutterwave is driving innovation to make cross-border payments seamless. With its expanding reach and customer-focused solutions, Send App remains at the forefront of connecting Africans at home and abroad, ensuring fast, secure, and efficient money transfers across the world.
