Support migrant centric journalism today and donate
Mediterranean and North African countries are losing out because of inefficiency in the way funds are sent home by immigrant workers in Europe, according to a report released March 13.
A study by the European Investment Bank says on average 16 per cent of money sent is lost along the way because recipients and senders do not have access to banks. Use of money transfer companies pushes up transfer costs and means that the funds are not used effectively when they reach the target countries.
