Written question asked by Preet Kaur Gill (Labour) on Monday, 17 October 2022, in the House of Commons. It was due for an answer on Wednesday, 19 October 2022. It was answered by Vicky Ford (Conservative) on Tuesday, 25 October 2022 on behalf of the Foreign, Commonwealth and Development Office.

Remittances: Fees and Charges

Question: To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what steps he has taken to reduce transfer fees on family remittances.

Answer: Remittances are part of a complex global network of financial flows. With our partners FCDO is working to reduce the cost of remittances to deliver on the Sustainable Development Goals. For example in 2019, the UK government owned organisation FSD (Financial Sector Deepening) Africa made a catalytic investment in MFS Africa, Africa's largest mobile money hub, which reduced the average cost of remittances in 33 African countries from 6% in 2018 to 4.25% in 2021.

Secondary information