Nigeria International Remittance Market Segmentation by Inbound and Outbound International Remittance, by Major Flow Corridors, by Modes of Transfer (Electronic and Cash), By Channel (Banking and Non-Banking), Nigeria Domestic Remittance Market Segmentation by Region, by Major Remittance Channels (Banks, Money Transferring Agents and others), Nigeria Bill Payment Market Segmentation by Types of Payments (Utilities, DTH & Broadband, Mobile Recharge), by Bill Payment Method (Cash, Credit/Debit Card/ E-Wallets, Electronic transfer), Market Share/ company profile of Major Players (Western Union, Money Gram, RIA Money Transfer, World Remit, Paga, Interswitch (Quickteller), Diamond Yello (From Diamond Bank), Etranzact (Pocket Moni), PostCash (Nigerian Post), Guaranty Trust Bank, Eco Bank, Fidelity Bank, SystemSpecs (Remita)
- The growing number of migrants to other countries around the world will support the overall growth of the international remittance market.
- Relaxation of licensing regulations and other policies related to the market will increase healthy competition in the market.
- Growth of the industries and services sector will increase the number of job opportunities which will lead to the growth in the domestic remittance and bill payment market.
- Increase in number of smartphone users and internet penetration will act as catalysts for the growth of the remittance and bill payment overall industry.
The overall remittance market of Nigeria is expected to grow as the global economy gradually revives from the economic crises. The number of migrants to the US and the UK are expected to grow considerably. This will increase the remittance inflow into the country in the coming years. The sheer size of the market will attract more players of the industry into Nigeria with tailored remittance and bill payment digital services. Companies such as Western Union, Moneygram, RIA, World Remit, PayPal, Paga, and Quickteller, are the major players of the market and are expected to augment their network into the rural market. The Central Bank of Nigeria has shown support to the industry by relaxing the licensing norms for IMTO’s and allowing them to process outbound remittance transactions. These moves collectively are expected to trigger the growth of the international outbound remittance market. The government envisions a cashless economy and considers the digital remittance and bill payment industry as an ally of the government in achieving this objective. The oil industry of Nigeria is expected to revive with the increase in global oil prices also the telecom industry is expected to boom with the increase in number of mobile phone users. The growth in these sectors will lead to increase in job opportunities and will be the main trigger for internal migration in the country. This trend of migration to other states will be the driver for growth in the domestic remittance and the bill payment industry. The increase in number of households, number of smartphone users, internet usage, DTH connections and utility bills will continue to augment the bill payment market.
Ken Research in its latest study, “Nigeria Remittance and Bill Payments Market Outlook by Inbound and Outbound International Remittance, By Mode of Transfer (Cash or Electronic Transfers), By Channel (Bank and Non-Bank) – Outlook to 2022”, suggests that MoneyGram, Western Union and RIA will continue to lead the remittance market in Nigeria.
The Nigeria remittance market is estimated to register a positive CAGR during 2017-2022. Future growth in the migrant population, rising number of mobile phone and internet users are expected to be key drivers of growth in the market.
The report provides information on the remittance channel, mode of transfer, type of service and remittance corridor dominating the market in terms of transaction volume. It also covers the major players in the market such as Western Union, Moneygram, RIA, Paga, Interswitch-Quickteller, e-Tranzact and SystemSpecs- Remita.
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Ankur Gupta, Head Marketing & Communications
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