Praia, June 16, 2025 (Lusa) - Remittances from emigrants to Cabo Verde reached a record 30.6 billion escudos (€278 million) in 2024, according to data that Lusa consulted on Monday on International Family Remittance Day.

Emigrants from Cabo Verde in Portugal contributed the largest share (32%), almost a third, followed by emigration to the United States (29%) and France (19%), according to information released by the archipelago’s central bank.

Remittances sent from these three countries account for 80% of the total, in a similar ranking to previous years, except when Portugal and the US swap first and second place.

Data from the Bank of Cabo Verde (BCV), collected from commercial banks, show that although the flow remained constant throughout 2024 - always at least two billion escudos (€18 million) per month - it peaked in July and December.

In December, foreign currency remittances reached a monthly high of 3.2 billion escudos (€29 million).

The growth in foreign currency remittances has been steady year on year, and the record figure for 2024 is more than double the figure for 2014.

The BCV’s statistical tables also show where foreign remittances go, with the island of Santiago accounting for more than half (53%) of the amount received. São Vicente (16%) and Fogo (11%) follow.

Brava and Maio, the least populated islands (around 5,000 people each), also receive a smaller share (less than 3%).

In 2018, the UN General Assembly designated 16 June as the International Day of Family Remittances, in recognition of the contribution of migrants worldwide to improving the lives of their families in their countries of origin.

Cabo Verde has a large diaspora, estimated at around 1.5 million people, three times the population of the islands.

Remittances from emigrants are one of the pillars of Cabo Verde’s economy, alongside tourism.

LFO/ADB // ADB. 

Lusa