LONDON/NAIROBI, 25 June. - (ANA) - The Iran war has put billions of dollars in remittances from the Gulf at risk, potentially dealing a major blow to African nations as they grapple with the economic consequences of the conflict.

 

The roughly 30 million foreign nationals working in the Gulf — most from Africa and South Asia — sent home an estimated $124 billion in remittances in 2024. However, those have slumped since the war began: Kenya’s central bank said cash transfers from the Gulf had dropped by 18% in April compared to the previous month, while the average transfer value on Onafriq, one of Africa’s largest digital payments platforms, fell significantly. “There are clear signs of financial strain,” Onafriq’s CEO told Bloomberg.

 

Egypt, Ethiopia, Rwanda, Somalia, and Sudan are among the largest recipients of remittances from citizens in Gulf states.

 

In 2024, inbound remittances to Africa were roughly equivalent to foreign direct investment. But unlike FDI and overseas aid, remittances go directly to households, which means they have clear impacts on food security, healthcare, housing, and education. Recipients typically spend funds locally, stimulating trade and services.   - (ANA) - 

 

AB/ANA/25 June 2026 - - -