December 2017 Nigeria Remittance & Bill Payment Market Outlook to 2022
Nigeria International Remittance Market is Expected to Register Transaction volume of
USD 42.7 billion by 2022: Ken Research
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