World Bank data shows that officially registered remittance flows to low- and middle-income countries reached $540 billion in 2020, only 1.6% less than total remittances in 2019.

Despite the disastrous projections and early impacts of COVID-19, officially recorded remittance flows to low- and intermediate-income countries have not fallen. They reached $540 billion in 2020, just 1.6 percent less than the total 2019 remittances ($548 billion), according to the World Bank. At nearly 9% in sub-Saharan Africa, remittance costs remain excessive for traditional payment systems. Nigerians appear to have turned to cryptocurrencies for their remittances, and in the first quarter of this year, P2P bitcoin exchanges made by Nigerians amounted to $99.1 million. As migrants seek alternative solutions, regulators will have to react. Stablecoins, a form of cryptocurrency whose value is pegged to a fiat currency like the euro or the US dollar, are also growing and offer very low transfer fees.