The $11 Billion Shift: How Ghana’s Diaspora Is Pivoting To Fintech Apps To Send Money Home
- Ghana recorded $6.65 billion in remittance inflows in 2024, with informal channels bringing the total to $11.5 billion.
- Fintech startups have reduced traditional remittance fees from 7-12% to as low as 1-3%.
- Platforms like LemFi are processing over $1 billion a month in transactions, with more than one million active users.
The rapid growth of fintech in the remittance sector represents a significant shift in how money is transferred to developing countries. This evolution not only enhances financial inclusion but also empowers families by allowing them to retain more of the funds sent from abroad. However, the volatility of currency exchange rates remains a critical challenge that needs to be addressed to ensure the sustainability of these gains.
