World Bank data show that officially recorded remittance flows to low- and middle-income countries reached $540 billion in 2020, only 1.6 percent lower than the 2019 remittance total.

Despite the dire projections and early impacts of COVID-19, officially recorded remittance flows to low- and middle-income countries did not fall. They reached $540 billion in 2020, only 1.6 percent lower than the 2019 remittance total of $548 billion, according to the World Bank. At nearly 9 percent in sub-Saharan Africa, remittance costs remain excessive for traditional payment systems. Nigerians appear to have turned to crypto-currencies for remittances, and in the first quarter of this year, P2P bitcoin exchanges by Nigerians totaled $99.1 million. As migrants seek alternative solutions, regulators will have to respond. Stablecoins, a form of crypto-currency whose value is pegged to a fiat currency such as the euro or the US dollar, are also growing and offer very low transfer fees.