Nigeria Money Transfer Market

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Nigeria Money Transfer Market
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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))
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• 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.
•  

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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 IMTOs 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.
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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 IMTOs 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.
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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 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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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
3.html   Related Reports by Ken Research UAE
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and Remittance Services to Stimulate Growth  
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