Remittances play a crucial role in the African economy. Many families rely on them as a main source of money inflow. Still, sending money to African countries, be it Nigeria, Kenya, or Ghana, remains expensive and appealing to scams and fraud. With the arrival of new technologies, however, the landscape is starting to change. Fintech services, such as Profee, are enabling faster, safer, and more convenient remittances to Africa.
Profee interviewed over 200 customers sending money to Nigeria, Kenya and Ghana from Europe and the UK to understand what remittances are for Africans and African communities around the world.African expats consider sending money home a cultural norm. Even when far away, Africans feel strongly connected to their families, stay in touch with them and send money regularly. There is an unofficial term even, the ‘Black tax’, which 40% of Profee clients use to describe the regular financial support they provide to their families back in Africa. – Ilya Bunin, CMO at Profee
Key characteristics of African remittance market in 2026
This ‘taxation’ happens in a very dynamic environment where factors like the speed and cost of transfers are important but so are security, usability, convenience, and so on. According to Profee experts, the fintech industry helps to address many of today’s weak spots.
