Zimbabweans abroad sending home 9-times more money than FDI

Zimbabweans abroad sent home US$1.66 billion dollars in 2022, which was 16% more than they did in the previous year.

According to the Reserve Bank of Zimbabwe, total international remittances amounted to US$2.80 billion. This figure includes money coming in through donor agencies. Of this amount, the Zimbabwean Diaspora sent in US$1.66 billion, up from US$1.43 billion in 2021.

Diaspora remittances account for 16% of the foreign currency coming into Zimbabwe, more than foreign investors who brought in US$185 million, making up just 1% of forex earnings. Exports are the biggest forex earner, accounting for 65% of the country’s forex receipts.

Of the total diaspora remittances, 40% come from South Africa followed by the United Kingdom (25%).

In June last year, WorldRemit, a widely used remittance platform, said it had transferred £170 million to Zimbabwe between January and May. This placed Zimbabwe among WorldRemit’s top three markets in Africa, at par with Kenya in second place, behind Nigeria.- NewZwire/Own

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