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Remittances in Sub Sahara Africa totalled $32 billion in 2013. However, they are encumbered by high costs and fees by MTOs and banks. Migrant workers sending money home pay as much as 39% in fees! Bitcoin has offered a low cost solution to this problem. Several startups globally have taken this problem head on and successfully lowered the cost of remittance to 3% (for example). These slides accompanies a blog post and presents the problem in Sub Saharan Africa and recommends solutions for these high costs. Bitcoin is one of these solutions.
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