In many countries, the money that migrant workers send to their families exceeds public aid and foreign investment combined. President Macky Sall has made these diaspora remittances one of the priorities of his candidacy for UN Secretary-General, because their cost remains too high.
The weight of remittances. Remittances to low- and middle-income countries reached about US$ 685 billion in 2024, according to the World Bank. That money goes straight to families, who spend it on school, rent and care, and it holds up better than aid when the economy turns.
Fees twice too heavy. Sending US$ 100 costs nearly US$ 6 in fees on average, double the 3 % target the states set themselves. Each point cut from those fees leaves billions more in the hands of families, at no extra cost to aid budgets.
Recognising and securing these flows. Cheaper and better-regulated sending channels make these transfers more useful still. Development strategies should count them too, since this effort comes from households themselves, before any decision by states.
The 3 % target. Banking fees lie beyond the Secretary-General's authority, but he can defend the goal of cutting their cost and support more open sending channels. He will recall that money earned by families should not vanish into intermediaries' commissions.
Experience in the service of migrant families. President Macky Sall's commitment on the cost of remittances rests on twelve years as head of state and on the chairmanship of the African Union in 2022. The same experience shaped the vision statement filed with the United Nations, whose proposals (development conceived together with peace and security, a renewed multilateralism, a better-governed Organization) are written as obligations.
Africa at its heart, the world in its sights.
The World Bank's 2024 remittances data and Sustainable Development Goal target 10.c are public. Read all public positions at www.mackysall.net