Commissions too high – Togolese Republic

Commissions too high – Togolese Republic

The first Forum on Reducing African Diaspora Remittance Costs ended Thursday evening in Rabat.

On the sidelines of the work, the head of Moroccan diplomacy, Nasser Bourita, received his Togolese counterpart, Robert Dussey.

‘The importance of remittances from the diaspora in the economy of our countries and in the daily life of households is well established because many studies document it quite well,’ said Mr. Dussey.

Monetary transfers to the continent amounted to 85.9 billion dollars in 2019 and 78.4 billion in 2020 and represent an average contribution of between 7 and 10% of the GDP of the various countries.

In Togo, financial transfers are between 8% and 10% of GDP.

According to the latest World Bank report, remittances from African migrants to their countries of origin increased by 6.2% in 2021.

But transfer fees are still very – too – high.

Companies like Western Union or Moneygram practice prohibitive rates with a number of restrictions related to the fight against fraud or money laundering. This further complicates the transfers a little more.

The Moroccan authorities and their African partners want to change things by encouraging the various operators to lower their commissions and charge rates similar to those charged for shipments to Asia, South America or Europe.