from MARIA MACHARIA in Nairobi, KenyaKenya BureauNAIROBI, (CAJ News) – AUTHORITIES have granted Multigate a license to facilitate remittances within Kenya. This is another boost for the treasury management technology company’s efforts to expand its presence and operations within the African continent, after successfully securing similar licenses in Nigeria and Uganda. The World Bank projects remittance flows to the Sub-Saharan Africa region to rise by 1,3 and 3,7 percent in 2023 and 2024 respectively. Remittance growth in 2022 was primarily driven by solid remittance growth in six countries, including Kenya (8,5 percent to US$4,1 billion) and Uganda (17,3 percent to $1,3 billion). Remittances to Africa’s largest economy and most populous country, Nigeria, accounted for around 38 percent of total remittance inflows to Africa.

Source: The North Africa Journal December 16, 2023 00:44 UTC