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Remittances sent by African migrants have become an important source of external finance for countries in the Sub-Saharan African region. In many African countries, these flows are larger than foreign direct investment and portfolio debt and equity flows. In some cases, they are similar in size to official aid from multilateral and bilateral donors. Remittance markets in Africa, however, remain less developed than other regions. The share of informal or unrecorded remittances is among the highest for Sub-Saharan African countries. Remittance costs tend to be significantly higher in Africa both

Sociology of minorities --- International finance --- Sub-Saharan Africa --- Africa, Sub-Saharan --Economic conditions. --- Africa, Sub-Saharan --Emigration and immigration --Economic aspects. --- Africans --Economic aspects --Europe, Western. --- Economic development --Finance --Africa, Sub-Saharan. --- Emigrant remittances --Africa, Sub-Saharan. --- Financial services industry --Africa, Sub-Saharan. --- Immigrants --Economic aspects --Europe, Western. --- Emigrant remittances --- Economic development --- Financial services industry --- Africans --- Immigrants --- Finance --- Business & Economics --- International Finance --- Economic History --- Economic aspects --- Africa, Sub-Saharan --- Emigration and immigration --- Economic aspects. --- Economic conditions. --- Emigrants --- Foreign-born population --- Foreign population --- Foreigners --- Migrants --- Services, Financial --- Development, Economic --- Economic growth --- Growth, Economic --- Immigrant remittances --- Remittances, Emigrant --- Africa, Black --- Africa, Subsaharan --- Africa, Tropical --- Africa South of the Sahara --- Black Africa --- Sub-Sahara Africa --- Subsahara Africa --- Subsaharan Africa --- Tropical Africa --- Persons --- Aliens --- Ethnology --- Service industries --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Foreign exchange

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This paper provides a review of the literature on the development impact of migration and remittances on origin countries and on destination countries in the South. International migration is an ever-growing phenomenon that has important development implications for both sending and receiving countries. For a sending country, migration and the resulting remittances lead to increased incomes and poverty reduction, and improved health and educational outcomes, and promote economic development. Yet these gains might come at substantial social costs to the migrants and their families. Since many developing countries are also large recipients of international migrants, they face challenges of integration of immigrants, job competition between migrant and native workers, and fiscal costs associated with provision of social services to the migrants. This paper also summarizes incipient discussions on the impacts of migration on climate change, democratic values, demographics, national identity, and security. In conclusion, the paper highlights a few policy recommendations calling for better integration of migration in development policies in the South and the North, improving data collection on migration and remittance flows, leveraging remittances for improving access to finance of recipient households and countries, improving recruitment mechanisms, and facilitating international labor mobility through safe and legal channels.

Access to Finance --- Banks & Banking Reform --- Climate Change --- Development --- Fiscal Impacts --- Health Monitoring & Evaluation --- Integration --- International Migration --- Population Policies --- Poverty Reduction --- Remittances --- Social Development --- Social Welfare --- Voluntary and Involuntary Resettlement