Flutter wave Report Reveals Increased Remittances from Africans Abroad on Paydays via Send App

Flutterwave, Africa’s foremost payments technology company, has unveiled its Send App 2024 Remittance Industry Report, shedding light on the crucial role of cross-border money transfers in sustaining families and strengthening economies. The report highlights how remittances contribute to essential needs, support education, and fuel business growth, while also revealing the evolving trends shaping digital money transfers.

According to the report, a significant 83.2% of remittance senders fall within the 18 to 34 age bracket, with a considerable number having family members across different regions—33.6% in Europe, 25.4% in North America, and 13.4% in Asia. Interestingly, nearly 30% of respondents have relatives residing in other African countries, highlighting the growing potential for intra-African remittance flows.

Remittances remain a financial anchor, with almost half of the received funds allocated to critical expenses such as food, rent, and utilities. Additionally, a substantial portion is channeled into education, business ventures, and cultural festivities, reinforcing the economic and emotional significance of these international money transfers. The study also indicates that remittances are typically sent either biweekly or at the end of the month, aligning with payday cycles as recipients frequently remind their loved ones abroad when financial support is needed.

London has emerged as the leading source of Send App users in the UK, reflecting the city’s vibrant African diaspora. On the receiving end, Nigeria remains the top destination for remittances, followed by Kenya and Cameroon, showcasing the rising demand for reliable, efficient cross-border money transfer solutions across Africa.

In 2024, Flutterwave’s Send App has achieved remarkable milestones. The service has now expanded its reach to 49 U.S. states, reinforcing its accessibility to the African diaspora across the country. Moreover, an impressive 98% of remittance transactions were completed in under five minutes, demonstrating the platform’s unwavering commitment to speed, security, and compliance. The introduction of new features, including GBP payee confirmation and advanced fraud detection, has further enhanced the user experience and transaction reliability.

As remittances continue to shape economic landscapes and transform lives, Flutterwave remains at the forefront of innovation in cross-border payments. With its expanding global reach and customer-centric approach, Send App is revolutionizing international money transfers—ensuring that Africans, both at home and abroad, can seamlessly send and receive funds with unmatched speed, security, and efficiency.