It costs more to send money to sub-Saharan Africa than anywhere else in the world: these companies are trying to change that

Bogdan Hofbauer

CNN  —  Millions of people in sub-Saharan Africa rely on money sent to them by relatives living abroad. But it costs more to send this money — known as remittances — to sub-Saharan Africa than any other region in the world, according to the World Bank . In recent years, a number of African-founded financial technology (fintech) companies have emerged, with the aim of bringing down costs and carving into the dominant market share of traditional players like Western Union and MoneyGram. The