Remittances, or money transferred by Namibians working abroad, make a significant contribution to the country's economy and foreign currency earnings.

According to the Bank of Namibia, remittance inflows in the country are estimated to be over N$1.5 billion annually.

In Namibia, remittance inflows mostly come from Canada, the United States, and parts of Europe such as the United Kingdom, contributing about 0.9% to the Gross Domestic Product.

A significant part of this support goes to rural communities, thus augmenting livelihoods and socio-economic growth as well as reducing poverty.

This information was shared by Timothy Karamata, the Bank of Namibia’s Principal Officer, Exchange Control.