A New Era for Cross-Border Payments in Africa

The traditional image of a migrant worker sending occasional remittances home is rapidly changing. Data from Zepz, the payments group behind WorldRemit and Sendwave, reveals that cross-border transfers are now more complex and integrated into digital lifestyles across the continent.

Key Trends Reshaping Remittances:

• Multiple Recipients: 70% of senders now support multiple recipients, indicating a shift from emergency aid to regular family contributions
• Global Reach: Over 12% of transfers go to multiple countries, reflecting increased mobility and diaspora networks
• Recurring Payments: Remittances have become as routine as utility bills, with nearly half under $50 and 75% below $100
• Younger Demographic: Adults aged 25-34 represent the largest sender group (30%), expecting seamless digital experiences like those offered by mobile banking apps
• Gender Parity: Women now account for almost 46% of transactions, with the gap in sending amounts versus men narrowing significantly

Economic Significance and Infrastructure Transformation:

Sub-Saharan Africa received $54 billion in remittances in 2023 alone—surpassing foreign direct investment and official aid in many nations. Nigeria receives roughly $19-20 billion annually, while Kenya and Ghana each get about $4-5 billion.

But the infrastructure supporting these flows is undergoing a dramatic transformation. Fintech platforms like Sendwave, LemFi, and Grey have compressed transaction costs from 7-12% to just 1-3%, delivering funds directly to mobile wallets used by millions without bank accounts.

Zepz itself transferred $17 billion for customers in 2025 and continues expanding its digital footprint with initiatives like the Sendwave Wallet on the Solana blockchain, allowing users to hold and send USDC stablecoins across borders—a particularly valuable feature in countries experiencing currency volatility.

Policy Response and Future Outlook:

Governments are taking note of this evolving landscape. Nigeria’s Central Bank aims for $1 billion in monthly diaspora remittances by late 2026, removing regulatory barriers to facilitate greater flows. Meanwhile, Kenya has revised its 2026 forecast downward due to VAT on transfers and geopolitical factors.

The generational shift is clear: while older remitters still send more frequently (average 37 transfers per year), it’s the younger cohort entering the market who will shape the future with their expectations of speed, transparency, and digital integration.