Nigerian remittance market is registered by the international remittance. International remittance holds a foremost share of the market and was about ~% of the total market during 2016 in terms of transaction volume. United States, United Kingdom and European countries are the foremost sources of remittance in Nigeria. The effective growth in number of migrants has a direct and positive impression on the growth of the remittance industry. Internal migration is also on the grow in Nigeria. Accessibility of jobs and migration has collectively encouraged growth of the international as well as domestic remittance industry. The growth in the industrial and communication segments have substantially given grow to the job opportunities in the country. During the past few years, the growth of the bill payment market has been over ~% in Nigeria. The strong growth in the bill payment market is that Nigeria has seen a speedy increase in the number of households augmenting, number of smart phone subscribers and internet users.
According to the report analysis, ‘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’ states that International remittance market is an extremely competitive market. In Nigeria international remittances are carried out through the banks and international MTOs (IMTOs). Banks have the foremost share in the transfer. Some of the foremost banks in the space comprise Guaranty Trust Bank, Eco Bank, Fidelity Bank and others. There are three foremost international MTOs that hold more than ~% share in the market. These IMTOs are challenging on the basis of number of transactions, volume of transaction, number of branches, services proposed and several others. The IMTOs in the country comprise Western Union, Moneygram, Ria and several others. Domestic remittance in the country is registered by banks as a mode of preferred channel. ~% of the domestic remittance market is communal by a number of non-bank financial organizations and companies. These organizations participate with each other on the basis of penetration in rural locations, interconnectivity, fee charged, security of transaction made and other factors.
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Domestic remittance market in Nigeria is classified on the basis of region and remittance channel. Internal migration is the foremost driver for domestic remittance in the country. The major reasons for individuals to migrate from rural areas are improved paying jobs, better standards of living and advanced education. As of 2016, the market is registered by banks with a share of ~% followed by the non-banking channels. Bill payments market is registered by the grocery bills that controlled a share of ~% in 2016 followed by utility bills, fuel bills, mobile recharges and broadband and DTH payments.
The Nigeria remittance and bill payments market has observed a considerable growth in past five years and the market is projected to develop at a CAGR of ~% throughout the forecast duration, 2017-2021. The growth in the market during the review period can be attributed to aspects such as growing number of international migrants, more employment opportunities in cities which resulted in internal migration and augmenting use of mobile and internet in the country.
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