Discover how mobile money is transforming the global remittance landscape! This report highlights the affordability and efficiency of cross-border mobile money transfers, with the average cost of sending remittances through mobile money being an impressive 44% lower than the global average for all sending methods.
Progress Towards Affordable Remittances
Covering 178 corridors across 30 countries, this survey reveals exciting progress toward achieving the United Nations Sustainable Development Goal (SDG) 10.c, which aims to reduce remittance costs to below 3% by 2030. The cost of sending a $200 transfer—a benchmark for remittances—has dropped to 3.54%, moving closer to this global target.
Key Insights
- Cost Declines for Larger Transfers: The cost of sending $200 fell by 19 basis points from 3.73% in 2022 to 3.54% in 2024.
- Lower Fees Drive Affordability: Service provider fees dropped sharply by 50 bps, offsetting FX margin increases.
- Expanding Affordable Options: Over 55% of mobile money services now offer cross-border remittances under the 3% SDG target—up from 43.5% in 2022.
Why This Matters
This report underscores mobile money’s role as a game-changer for financial inclusion, offering millions access to more affordable, transparent, and efficient international money transfer solutions.
Download the full report now to explore how mobile money is bridging the gap to affordable remittances and driving progress toward global financial equity!
