Increasing job opportunities, rise in migration, growing number of internet and smart phone users were the key factors driving growth in the remittance and Bill Payments Market in Nigeria.
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. 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 country’s 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.
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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