Reports 9 Min Read

Money Travels: 2024 Digital Remittances Adoption Report

Remittances are human to human transactions. Often, these transactions are from migrant workers who send funds to their loved ones in their native countries. Remittances act as a lifeline for many families in countries on every continent. Remittances to low- and middle-income countries grew an estimated 3.8% in the past year1 to reach a staggering $669 billion in 2023.

By region, remittance inflows grew for Latin America and the Caribbean (8%), South Asia (7.2%), and East Asia and the Pacific (3%). Flows to the Middle East and North Africa fell for the second year, declining (-5.3%) mainly due to a sharp drop in flows to Egypt. Remittances to Europe and Central Asia also fell (-1.4%) after gaining traction (18%+) in 2022.