Money transfers from the diaspora to Cameroon hits 1.2 billion dollars ²

It has been revealed that the amount of money transfers from the diaspora to Cameroon is 1.2 billion dollars or nearly 585 billion FCFA. The figures were released by the British company, World Remit, considered the world leader in digital money transfer. Statistically speaking, this means that the diaspora contributed 33% in the Public Investment Budget (PIB) of Cameroon in 2016.

Some financial experts have opined that the figure also an equivalence of over 60% of the necessary funding needed for the implementation of the so called Biya emergency plan or nearly 120% of the funding sought for the construction of the Nachtigal dam.

World Remit also reported that money transfers from the Cameroonian Diaspora have doubled over a two year period.  Generally, these funds are used primarily for the basic needs of families back home. World Remit however emphasized that “remittances from abroad play an important role in the economy of Cameroon.”

By Sama Ernest with files from CIN