Ken Research - Nigeria Money Transfer Market | Page 2

December 2017 Nigeria Remittance & Bill Payment Market Outlook to 2022
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.
For more information about the publication, refer to below link:
https://www.kenresearch.com/banking-financial-services-and-insurance/financial-
services/nigeria-remittance-bill-payment-market/142292-93.html
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