Nigeria Remittance and Bill Payments Market

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Money Transfer Within Nigeria
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Nigeria is one of the most vibrant economies of
Africa. In 2015 it was the 6th largest country in
the world in the list of remittance receiving
countries. International migration from Nigeria
is very high because of which the market is
dominated by inflow of remittance funds.
Nigerians mainly migrate to the developed
countries where they can find better job
opportunities with high salaries and a better
standard of living. The major destination
countries are US, UK and countries in Europe. The
inflow of funds is dominated by the US Nigeria
corridor. The country has a large portion of
population living in rural areas. People in
search of better job opportunities and higher
education migrate, resulting in substantial rise
of households in cities. This has led to an
overall increase in use of utilities such as
electricity and water.
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This increase has sustained the healthy growth of
the bill payment market. In the past few years
the Nigerian currency has weakened against USD,
this has also resulted in the rise of transaction
volume. High cost of remittance, existence of a
large number of unlicensed MTOs and a large
percentage of unbanked population are some of the
major concerns for the remittance and bill
payment market. A transition towards preference
of digital modes to remit money can be observed
in Nigeria. Although the cash transactions
dominate the industry currently, but the use of
digital modes has seen a surge. It has become
easier for the people to access these digital
modes of remittance and bill payment. The
government has extensively promoted the objective
of complete financial inclusion of the countrys
population along with the vision of a cashless
economy. These dimensional changes have carved
out a progressive path for the overall growth of
the industry.  
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The report titled 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 by Ken Research
suggested a multi bagger CAGR in terms of
transaction volume and amount of bill payments in
remittance and bill payments market in the next 5
years till 2022.
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For more information about the publication, refer
to below link https//www.kenresearch.com/banking
-financial-services-and-insurance/financial-servic
es/nigeria-remittance-bill-payment-market/142292-9
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