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2020-08-17

International money transfer policy: an overview of Africa regions

Africa has one of the world’s most mobile populations, and the amount of online money transfers is fast growing year by year in this region.

Experts divide African regions differently. In our article we will use the following classification: Sub-Saharian and not Sub-Sahara regions. Sub-Saharan Africa is, geographically, the area of the continent of Africa that lies south of the Sahara, and the only African countries that are not in the Sub-Sahara are: Algeria, Egypt, Libya, Morocco, and Tunisia.

One of the main financial players in Africa region is The African Development Bank Group, a multilateral development finance institution. The African Development Bank, or AFDB, has been working with African governments to develop policies and regulations in Africa to improve the transparency of remittance-driven investments and increase remittance inflow.

Money laundering law in Africa regions

  • Bulletpoint 1
  • Bulletpoint 2
  • Bulletpoint 3

" Travelers entering/leaving Nigeria shall be required to declare any amount in excess of N100,000.00 and /or USD10,000.00 (or its equivalent) in their possession on arrival or departure from the country. These amounts may be reviewed by the CBN from time to time. "

We see increasing numbers of user registrations from these countries and decided to do a research of Nigeria and South Africa first: money transfer policy, withdrawal limits and fees, bank fees, others. Later we plan to cover other countries too.

South Africa is the major financial centre in the region with its developed banking and financial sector. Due to the size of its economy, Nigeria and South Africa has one of the highest number of reported fraud cases on the African continent and as a result these countries try to improve their policy.

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