Cape Verde Remittances Surge 12% in Q1 2024 to Record Highs
Remittances sent by Cape Verdeans living abroad rose by 12% year-on-year during the first quarter of 2024, continuing a streak of record-breaking financial support for the archipelago. According to recent data from the Bank of Cape Verde (BCV), foreign currency inflows reached 8.3 billion escudos (75.4 million euros) between January and March.
The surge coincides with the International Day of Family Remittances and underscores the vital role the diaspora plays in the nation’s economic stability. The current figures follow consecutive historic highs recorded in 2024 and 2025, signaling a sustained period of growth in external support.
Key Global Sources
Portugal remains the primary source of these funds, accounting for 34.8% of all remittances. The United States follows with 26.3%, while France contributes 17.3%. Within Cape Verde, the most populous municipalities—Praia, São Vicente, and Santa Catarina—remain the primary recipients of these transfers.
A Growing Savings Trend
While monthly remittance flows can fluctuate, the overall volume of savings held by emigrants in Cape Verdean banks has seen uninterrupted growth since 2019. By the end of 2025, accumulated deposits reached approximately 59.6 billion escudos (540 million euros).
The momentum has only accelerated this year. Total emigrant deposits officially crossed the 60 billion escudos (544 million euros) threshold in February, settling at 60.1 billion escudos (545 million euros) by the close of March.
Economic Backbone
Remittances stand alongside tourism as one of the two main pillars of the Cape Verdean economy. The financial weight of the diaspora is unsurprising given its scale; with an estimated 1.5 million people living abroad, the Cape Verdean diaspora is nearly triple the size of the population residing on the islands.
Image: Pexels – cottonbro studio
