A New Era for Cross-Border Payments in Africa

The traditional image of migrants sending occasional support home is rapidly changing. Data from Zepz, the company behind WorldRemit and Sendwave, reveals a fundamental shift in how remittances are used across the continent.

  • Multiple Recipients & Destinations: 70% of senders now support multiple recipients, with over 12% sending to various countries—challenging the notion of remittances as emergency funds.
  • Regular, Routine Transfers: Nearly half (48%) of all transfers are under USD 50, and 73% fall below USD 100. These have become predictable monthly expenses similar to utility bills.
  • Younger Demographics Driving Growth: The 25-34 age group represents the largest sender segment (30%), expecting digital finance experiences to match modern app standards.
  • Women Approaching Parity: Female senders account for 46% of transactions and nearly 50% of those aged 35-44, with the gender gap in transfer amounts narrowing by over half in five years.

Economic Significance & Infrastructure Transformation:

Sub-Saharan Africa received USD 54 billion in remittances in 2023—surpassing foreign direct investment and official aid in many nations. Nigeria alone receives approximately USD 19-20 billion annually, while Kenya and Ghana each get around USD 4-5 billion.

But the infrastructure supporting these flows is undergoing a dramatic transformation:

  • Fee Compression: Fintech platforms like Sendwave, LemFi, and Grey have reduced transaction costs from 7-12% to just 1-3%.
  • Direct Mobile Wallet Delivery: Funds now bypass traditional banking systems, reaching millions of Africans through their mobile wallets.
  • Digital Dollar Solutions: Zepz’s Sendwave Wallet, built on Solana blockchain, allows customers to hold and send USDC stablecoins across borders—addressing currency volatility concerns.

The company has partnered with Fireblocks for secure settlement and TRM Labs for financial crime risk management. In a strategic expansion, Zepz acquired credit products from Pomelo in January 2026, adding lending and card services to its offerings.

Governments are responding: Nigeria’s Central Bank aims for USD 1 billion in monthly diaspora remittances by year-end 2026, while Kenya has revised its forecast downwards due to new taxes and geopolitical factors.