Flutterwave, Africa’s leading payments technology company, has unveiled its Send App 2024 Remittance Industry Report, offering critical insights into how cross-border remittances support communities and strengthen global connections.
The report underscores the transformative role of digital money movement and highlights Flutterwave’s leadership in cross-border payments through its Send App platform.
The report reveals that 83.2% of remittance users are aged 18 to 34, with a significant portion having family members residing abroad. Europe (33.6%), North America (25.4%), and Asia (13.4%) are the top destinations for African diaspora communities.
Notably, 30% of respondents have loved ones living within Africa but outside their home countries, pointing to the untapped potential of intra-Africa remittances. Remittances remain a lifeline for many, with nearly 50% of funds allocated to basic needs such as food, rent, and utilities.
The remaining funds support education, business investments (10.8%), and cultural celebrations, emphasizing the emotional and economic significance of these transfers. The report also notes that remittances are typically sent every two weeks or at month-end, coinciding with paydays abroad.
London emerged as the largest customer base for Send App users in the UK, reflecting its substantial African diaspora population. On the recipient side, Nigeria leads as the top remittance destination, followed by Kenya and Cameroon, showcasing the growing demand for reliable cross-border payment solutions across Africa.
In 2024, Send App expanded its services to 49 U.S. states, significantly broadening its reach to serve Africans in the diaspora. The platform also achieved a 98% transaction completion rate in under five minutes, while introducing new features such as GBP payee confirmation and enhanced fraud detection. These advancements underscore Send App’s commitment to speed, security, and compliance.
The report highlights how Flutterwave’s customer-focused innovations, particularly Send App, are revolutionizing global money transfers. By making remittances faster, more secure, and more convenient, Flutterwave continues to bridge the gap between Africa and the global economy, ensuring seamless cross-border transactions for Africans at home and abroad.