Cape Verdean emigrants in Portugal contributed the largest share of remittances at 32%, nearly one-third, followed by those in the United States at 29% and France at 19%, as reported by the central bank of the archipelago.
Remittances from these three countries account for 80% of the total, a trend consistent with previous years, with Portugal and the USA occasionally swapping the top two positions.
Data from the Banco de Cabo Verde (BCV), gathered from commercial banks, indicates that the flow remained steady throughout 2024, never falling below two billion escudos (18 million euros) per month, with peaks in July and December.
In December, foreign currency remittances hit a monthly high of 3.2 billion escudos (29 million euros).
The growth in remittances has been steady year by year, with the record amount of 2024 more than doubling the value from 10 years prior, in 2014.
The BCV’s statistical charts also show the distribution of remittances, with the island of Santiago receiving over half (53%) of the total. São Vicente follows with 16%, and Fogo with 11%.
Brava and Maio, the least populated islands with approximately 5,000 residents each, also receive the least, with less than 3% of the remittances.
In 2018, the UN General Assembly designated June 16 as the International Day of Family Remittances, recognizing the contributions of migrants worldwide to the betterment of their families’ lives in their countries of origin.
Cape Verde has a significant diaspora, estimated at roughly 1.5 million people, triple the number of residents on the islands.
Remittances from emigrants are one of the pillars of Cape Verde’s economy, alongside tourism.
