UAE emerges second largest source of remittances for Pakistan in first five months of FY 2021.

This initiative follows the Central Bank of Nigeria (CBN) directive to enable global money transfers to be paid in US Dollars in an effort to streamline and increase the flow of formal diaspora remittances into Nigeria.

At a time when the world economy was hard hit by the ongoing pandemic, improvement in Nepal’s remittances inflow has made it easier for the government to operate.

Remittances are an important source of income for low/middle-income countries. But nations that rely more on these inflows have been hit harder.

However, even though this is a 7.6 percent drop from last year’s $17 billion, Vietnam will remain the ninth biggest remittance beneficiary in the world.

Remittance flows to low and middle-income countries are projected to fall by 7 percent, to $508 billion in 2020, followed by a further decline of 7.5 percent, to $470 billion in 2021.

Within the continent’s gloomy pandemic narrative, the formidable resilience of remittance flows into African markets is a shining light.

E9pay aims to leverage Nium's extensive payments network to boost its B2B remittance offering

Remittance inflow to South Asian countries indeed fell during the peak of the global pandemic. 

Overall, remittances to the Asia-Pacific region will drop 12 percent in the second half of 2020 compared with the same period last year, Fitch Ratings says.