Nigeria Remittance and Bill Payments Market Outlook to 2022
By Inbound and Outbound International Remittance, By Mode of Transfer (Cash or Electronic Transfers), By Channel (Bank and Non-Bank)
December 2017
176
About the Report
About the Report
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" provides a comprehensive analysis of international inbound, outbound, domestic remittance and bill payments market in Nigeria. 
The report covers market size, segmentation on the basis of inbound, outbound remittance, remittance channel, and mode of transfer and remittance corridor for international remittance market along with market share of major MTOs. For domestic remittance market, the report covers market size, segmentation on the basis of region and major remittance channel (bank, MTO, e-wallet/ mobile money, Post office) and the market share of major players.
It also includes the bill payments market in the country covering the market size and segmentation of market by type of bills and bill payment methods. The report also covers government regulations in the market, competitive landscape and company profiles for major players in the remittance and bill payments market. The report provides detailed overview on future outlook & projections with analyst recommendations for the industry.
The report facilitate the readers with the identification and in-depth analysis of the existing and future trends, issues and challenges prevalent in the industry and anticipated growth in the future depending upon changing industry dynamics in coming years. The report is useful for money transfer operators, banks, bill payment portals and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.
Industry Overview
Nigerian remittance market is dominated by the International remittance. The international remittance holds a major share of the market and was about ~% of the total market in 2016 in terms of transaction volume. United States, United Kingdom and European countries are the major sources of remittance in Nigeria. Growing number of migrants has a direct and positive impact on the growth of the remittance industry. Internal migration is also on the rise in Nigeria. Availability of jobs and migration has collectively stimulated growth of the international as well as domestic remittance industry. The growth in the industrial and communication sectors have substantially given rise to the job opportunities in the country. In the past few years, the growth of the bill payment market has been over ~% in Nigeria. The robust growth in the bill payment market is that Nigeria has seen a rapid increase in the number of households growing, number of smart phone subscribers and internet users.
Market Segmentation of Nigeria Remittance and Bill Payments Market
International Remittance Market
International remittance market in Nigeria is segmented on the basis of remittance inbound outbound remittance, channel, mode of transfer and remittance corridors.
International remittance in Nigeria is largely dominated by the remittance inflow from other counties. Inflow of remittance from other countries has contributed a share of ~% in the overall revenues of the industry. In terms of Diaspora remittance inflow, the market is dominated by banks that account for a share of ~% in 2016 followed by other non-bank channels.
Electronic mode of transfer dominates the market with a share of ~% in 2016 in the Diaspora remittance inflow. It is followed by cash. US-India represents the major international remittance corridor followed by UK and other European countries.
Domestic Remittance and Bill Payments Market
Domestic remittance market in Nigeria is segmented on the basis of region and remittance channel. Internal migration is the key driver for domestic remittance in the country. The main reasons for people to migrate from rural areas are better paying jobs, better standards of living and higher education. As of 2016, the market is dominated by banks with a share of ~% followed by the non-banking channels.
Bill payments market is dominated by the grocery bills that held a share of ~% in 2016 followed by utility bills, fuel bills, mobile recharges and broadband and DTH payments.
Future Potential of Nigeria Remittance and Bill Payments Market
The Nigeria remittance and bill payments market has witnessed a considerable growth in past five years and the market is anticipated to grow at a CAGR of ~% during the forecast period, 2017-2021. The growth in the market during the forecast period can be attributed to factors such as rising number of international migrants, more employment opportunities in cities which resulted in internal migration and increasing use of mobile and internet in the country.
Competitive Landscape
International remittance market is a highly competitive market. In Nigeria international remittances are carried out through banks and international MTOs (IMTOs). Banks have the major share in the transfer. Some of the major banks in the space include Guaranty Trust Bank, Eco Bank, Fidelity Bank and others. There are three major international MTOs that hold more than ~% share in the market. These IMTOs are competing on the basis of number of transactions, volume of transaction, number of branches, services offered and others. The IMTOs in the country include Western Union, Moneygram, Ria and others. Domestic remittance in the country is dominated by banks as a mode of preferred channel. ~% of the domestic remittance market is shared by a number of non-bank financial organizations and companies. These organizations compete with each other on the basis of penetration in rural areas, interconnectivity, fee charged, security of transaction made and other aspects.
Key Topics Covered in the Report:
- Nigeria Remittance and Bill Payments Market Overview and Genesis
- Value Chain Analysis in Nigeria Remittance Market
- Nigeria International Remittance Market Size
- Nigeria International Remittance Market Segmentation
- Future Outlook and Projections of Nigeria International Remittance Market
- Nigeria Domestic Remittance Market Size
- Nigeria Domestic Remittance Market Segmentation
- Future Outlook and Projections of Nigeria Domestic Remittance Market
- Nigeria Bill Payments Market Size
- Nigeria Bill Payments Market Segmentation
- Future Outlook and Projections of Nigeria Bill Payments Market
- Trends and Developments in Nigeria Remittance and Bill Payments Market
- Issues and Challenges in Nigeria Remittance and Bill Payments Market
- SWOT Analysis of Nigeria Remittance and Bill Payments Market
- Competitive Landscape of Major Players in Nigeria Remittance and Bill Payments Market
- Macroeconomic Factors affecting Nigeria Remittance and Bill Payments Market
Products
Products
Inbound Remittance, Outbound Remittance, International Remittance, Bill Payment, Money Transfer Agent, Remittance Channel, Cash Money Transfer, Electronic Transfer, Post Office Money Transfer, Domestic Remittance, Money Transfer via MTO, Personal Remittance, P2P Money Transfer, Third Party Bill Payment, Billers Desk
Companies
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)
Table of Contents
Table of Contents
1. Executive Summary
Present Market Dynamics
Market Segmentation of Nigeria Remittance Industry
International Remittance Market
Domestic Remittance market
Bill Payment Market
Positioning of Major Players in Nigeria Remittance and Bill Payment Market
2. Appendix
2.1. Market Definitions
2.2. Abbreviations
2.3. Market Size and Modeling
Research Methodology
Market Sizing –International Remittance Market
Market Sizing-Domestic Remittance Market
Market Sizing - Bill Payments Market
Limitations
Variables (Dependent and Independent)
Multi Factor Based Sensitivity Model
Final Conclusion
3. Nigeria Remittance Market Current Dynamics and Industry Stage
3.1. Snapshot on Global Remittance Market
4. Value Chain Analysis of Nigeria Remittance and Bill Payment Market
5. Nigeria Remittance Market
5.1. Nigeria International Remittance Market
5.1.1. Introduction
5.1.2. Nigeria International Remittance Market Size, 2011-2016
5.1.3. Nigeria International Remittance Market Segmentation
5.1.3.1. By Inbound and Outbound International Remittances
5.1.3.2. By Major Flow Corridors (United States, United Kingdom and Others), 2016
5.1.3.3. By Mode of Transfer (Electronic and Cash), 2011-2016
5.1.3.4. By Channel (Bank and Non-Bank), 2016
5.1.4. Competition Scenario in Nigeria International Remittance Market
5.1.5. Strengths and Weaknesses of Major Banks in Nigeria
5.1.6. Market Share of Major MTOs in Nigeria International Remittance Market, 2016
5.1.7. Remittance Transaction Fee Comparison
5.1.8. Future Outlook & Projections of Nigeria International Remittance Market, 2017-2022
5.1.8.1. By Transaction Volume
5.1.8.2. By Mode of Transfer
5.1.8.3. By Flow Corridors
5.2. Nigeria Domestic Remittance Market
5.2.1. Nigeria Domestic Remittance Market Size, 2011-2016
5.2.2. Nigeria Domestic Remittance Market Segmentation
5.2.2.1. By Region, 2016
5.2.2.2. By Major Remittance Channel (Bank, Mobile Money/ E wallet Operators, Nigerian Post and Money Transfer Operators), 2016
5.2.3. Consumer Profile for Domestic Remittance in Nigeria, 2016
By Gender, Age Distribution and Working Area (Urbanization & Rural) of Sender
By Gender, By Age Distribution and By Urbanization of Reciever
5.2.4. Reasons for Sending/receiving Money
5.2.5. Reasons For Migration, Male and Female
5.2.6. Market Share of Mobile Money Operators (MMOs) and E-Wallet Operators In Domestic Remittance Market
5.2.7. Future Outlook and Projections of Nigeria Domestic Remittance Market, 2017-2022
5.2.6.1. By Transaction Volume
5.2.6.2. By Channel
5.3. Company Profile of Major Banks in Nigeria International and Domestic Remittance Market
5.3.1. Guaranty Trust Bank
5.3.2. Eco Bank
5.3.3. Fidelity Bank
5.4. Company Profiles of Major MTOs in Nigeria International and Domestic Remittance Market
5.4.1. Moneygram
5.4.2. Western Union
5.4.3. RIA Money Transfer
5.4.4. World Remit
6. Nigeria Bill Payment Market
6.1. Nigeria Bill Payment Market Introduction and Size, 2011-2016
6.2. Nigeria Bill Payment Market Segmentation
6.2.1. By Types of Payment (Grocery Bills, Utility Bills, Fuel Bills, DTH and Broadband Bills and Mobile Recharge Bills), 2016
6.2.2. By Bill Payment Methods (Cash, Credit/Debit Card/E-Wallet and Electronic Transfers), 2016
6.2.3. By E-Bill Payment Methods (Biller’s Desk and Third-Party Interface), 2016
6.3. Technological Advancements in Bill Payment Market in Nigeria
M-Wallets
NFC Payment Mechanism
PoS Payments
6.4. Market Share of Mobile Money Operators (MMOs) and E-Wallet Operators In Bill Payments Market
6.5. Future Outlook and Projections of Nigeria Bill Payment Market, 2017-2022
6.5.1. By Transaction Volume
6.5.2. By Mode of Transfer
7. Competitive Landscape of Nigeria Domestic Remittance and Bill Payments Market
7.1. Competition Scenario in Nigeria Domestic Remittance and Bill Payment Market
7.2. Strengths and Weaknesses of the Major MMOs/E-Wallets in the Nigeria Domestic Remittance and Bill Payments Market, 2016
7.3. Operating Models of Mobile Money Services in Nigeria Remittance and Bill Payments Market
7.3.1. Bank-Led Model
7.3.2. Non-Bank-Led Model
7.4. Company Profiles of Major Players in Nigeria Bill Payment Market
7.4.1. Paga
7.4.2. Interswitch – Quickteller
7.4.3. E-Tranzact - POCKET Moni
7.4.4. SystemSecs - Remita
8. Trends & Developments in Nigeria Remittance and Bill Payment Market
8.1. Declining Unbanked Population in The Country
8.2. Rising Inflation Rate in Nigeria
8.3. Emergence of digital payment methods
8.4. Government tie-ups with corporate
8.5. Fluctuating exchange rates
9. Issues and Challenges in Nigeria Remittance and Bill Payments Market
9.1. High cost of remittance
9.2. Challenges of Unlicensed IMTOs
9.3. Lack of Administrative Infrastructure with the Government
9.4. Decrease in number of bank branches (per 100,000 adults)
10. SWOT Analysis of Nigeria Remittance and Bill Payments Market
11. Decision Making Parameters to Choose Remittance Service Providers
12. Government Regulations in Nigeria Remittance and Bill Payments Market
12.1. Government Regulations in Nigeria Remittance Industry, 2016
13. Analyst Recommendations
13.1. Upcoming Trends and Future Developments in Nigeria Remittance and Bill Payment Market
14. Macroeconomic Factors in Nigeria Remittance and Bill Payment Market
14.1. Total Number of Households in Nigeria, 2011-2022
14.2. Number of Nigerian Emigrants Worldwide, 2011-2022
14.3. Employed Population in Nigeria, 2011-2022
14.4. Internet user Population in Nigeria, 2011-2022
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List of Figure
Figure 1-1: Market Structure for Nigeria Remittance & Bill Payments Market, 2016
Figure 3-1: Global Remittance Market Size on the Basis of Transaction Volume in USD Billion, 2011-2016
Figure 3-2: Global Migration Segmentation by Developing-Developing, Developing-Developed, Developed –Developing and Developed-Developed Countries Migration on the Basis of Number of Migration in Percentage (%), 2016
Figure 3-3: Global Remittance Segmentation by Developing-Developing, Developing-Developed, Developed –Developing and Developed-Developed Countries Remittance on the Basis of Transaction Volume in Percentage, 2016
Figure 4-1: Value Chain Analysis of Nigeria Remittance Market, 2016
Figure 5-1: Nigeria International Remittance Market Size in Terms of Transaction Volume in USD Billion and Growth Rate in Percentage (%), 2011-2016
Figure 5-2: Nigeria International Remittance Market Segmentation by Inbound and Outbound Remittance on the Basis of Transaction Volume in Percentage (%), 2011-2016
Figure 5-3: Nigeria International Inbound Remittance Market Segmentation by Major Flow Corridors (United States, United Kingdom and Others) on the Basis of Transaction Volume in Percentage (%), 2016
Figure 5-4: Nigeria International Remittance Market Segmentation by Mode of Remittance Transaction (Electronic Means and Cash) on the Basis of Transaction Volume in Percentage (%), 2011-2016
Figure 5-5: Nigeria International Remittance Market Segmentation by Bank and Non-Bank Transaction on the Basis of Transaction Volume in Percentage (%), 2016
Figure 5-6: Nigeria Banked Population in Million, 2010-2016
Figure 5-7: Major Players in Nigeria International Remittance Market, 2016
Figure 5-8: Nigeria International Remittance Market Share of Major MTOs on the Basis of Transaction Volume via MTOs in Percentage (%), 2016
Figure 5-9: Nigeria International Remittance Market Future Projections on the Basis of Transaction Volume in USD Billion and Growth Rate in Percentage (%), 2017-2022
Figure 5-10: Nigeria International Remittance Market Future Projections by Mode of Transfer (Electronic Means and Cash) on the Basis of Transaction Volume in Percentage (%), 2017-2022
Figure 5-11: Nigeria Domestic Remittance Market Size in Terms of Transaction Volume in USD Billion and Growth Rate in Percentage (%), 2011-2016
Figure 5-12: Nigeria Domestic Remittance Market Size on the Basis of Number of Transactions in Million, 2011-2016
Figure 5-13: Active Financial Service Users in Nigeria Domestic Remittance Market in terms of Nigerian Adults in Percentage (%), 2016
Figure 5-14: Nigeria Domestic Remittance Market Segmentation by Gender of Sender on the Basis of Number of Transactions in Percentage (%), 2016
Figure 5-15: Nigeria Domestic Remittance Market Segmentation by Age of Sender on the Basis of Number of Transactions in Percentage (%), 2016
Figure 5-16: Nigeria Domestic Remittance Market Segmentation by Area of Sending (Urban and Rural Areas) on the Basis of Number of Transactions in Percentage (%), 2016
Figure 5-17: Nigeria Domestic Remittance Market Segmentation by Gender of Receiver on the Basis of Number of Transactions in Percentage (%), 2016
Figure 5-18: Nigeria Domestic Remittance Market Segmentation by Age of Receiver on the Basis of Number of Transactions in Percentage (%), 2016
Figure 5-19: Nigeria Domestic Remittance Market Segmentation by Area of Receiving (Urban and Rural Areas) on the Basis of Number of Transactions in Percentage (%), 2016
Figure 5-20: Reasons for Sending Money within Nigeria in Percentage (%), 2016
Figure 5-21: Reasons for Receiving Money within Nigeria in Percentage (%), 2016
Figure 5-22: Reasons for Migration for Male, in Percentage, 2016
Figure 5-23: Reasons for Migration for Female, in Percentage, 2016
Figure 5-24: Nigeria Domestic Remittance Market Future Projections on the Basis of Transaction Volume in USD Billion and Growth Rate in Percentage (%), 2017-2022
Figure 6-1: Nigeria Bill Payment Market Size in Terms of Transaction Volume in USD Billion and Growth Rate in Percentage (%), 2011-2016
Figure 6-2: Nigeria Bill Payment Market Segmentation by Types of Payment (Grocery Bills, Utility Bills, Fuel Bills, DTH and Broadband Bills and Mobile Recharge Bills) on the Basis Transaction Volume in Percentage (%), 2016
Figure 6-3: Comparison of Mobile Call Cost For One Hour between Nigeria, Egypt, Sudan, India and China, in USD, 2016
Figure 6-4: Comparison of internet data (60Mbps or more) Cost for One Month between Nigeria, Egypt, Sudan, India and China, in USD, 2016
Figure 6-5: Number of Total Mobile Phone Subscriptions in Nigeria, in Million, 2011-2016
Figure 6-6: Nigeria Bill Payment Market Segmentation by Payment Methods (Cash, Credit/Debit Card /E-Wallet and Electronic Transfers) on the Basis of Transactions Volume in Percentage (%), 2016
Figure 6-7: Operating Model for M-Wallets
Figure 6-8: Nigeria Bill Payment Market Future Projections on the Basis of Transaction Volume in USD Billion and Growth Rate in Percentage (%), 2017-2022
Figure 6-9: Bill payments Market Future Projections by Mode of Transfer (E-Wallets/Mobile Money Operators, Cash and Electronic Transfers and direct debit from account) in Percentage (%), 2022
Figure 7-1: Bank-Led Operating Model of Mobile Money Services in Nigeria
Figure 7-2: Non-Bank-Led Operating Model of Mobile Money Services in Nigeria
Figure 8-1: Trend of Financially Included and Financially Excluded Population in Nigeria, 2008-2016
Figure 8-2: Nigeria Inflation Rate, in Percentage (%), 2011 - 2016
Figure 8-3: Exchange rate of NGN against USD, 2010-2016
Figure 9-1: Comparison of Average Fee of Remittance per Transaction in terms of Total Amount Remitted, Between Major Regions of the World, in Percentage, 2016 and 2017
Figure 9-2: Total Number of Commercial Bank Branches Per 100,000 Adults in Nigeria, in Units, 2011-2015
Figure 14-1: Total Number of Households in Nigeria in Millions, 2011-2022
Figure 14-2: Nigeria Emigrants Worldwide in Millions, 2011-2022
Figure 14-3: Rationale and Description for Employed Population in Nigeria in Millions, 2011-2022
Figure 14-4: Internet Using Population in Nigeria in Millions, 2011-2022
List of Table
Table 2-1: Correlation Matrix of Nigeria International Remittance market
Table 2-2: Regression Coefficients Output for Nigeria International Remittance Market
Table 3-1: Nigeria Remittance and Bill Payments Market Overview, 2016
Table 3-2: World International Migration Data in Millions
Table 3-3: Global Migration Segmentation by Developing-Developing, Developing-Developed, Developed –Developing and Developed-Developed Countries Migration on the Basis of Number of Migrants in Million, 2015
Table 3-4: Global Remittance Segmentation by Developing-Developing, Developing-Developed, Developed –Developing and Developed-Developed Countries Remittance on the Basis of Transaction Volume in USD Billion, 2015
Table 3-5: Top Remittance Corridors on the Basis of Transaction Volume in USD Billion, 2015
Table 4-1: Money Transfer through Depository and Non-Depository Institutions in Nigeria Remittance Industry
Table 4-2: Issues Faced by Parties in Nigeria International Remittance, 2016
Table 5-1: Comparison of Money Transfer Services by Different Operators in Nigeria
Table 5-2: Drivers for Nigeria International Remittance Market and Year-on-Year Developments, 2011-2016
Table 5-3: Rationale and Description for Nigeria International Remittance Market Segmentation by Inbound and Outbound Remittances on the Basis of Transaction Volume in USD Billion, 2011-2016
Table 5-4: Nigeria International Remittance Market Segmentation by Inbound and Outbound on the Basis of Transaction Volume in Percentage (%), 2011-2016
Table 5-5: Nigeria International Remittance Market Segmentation by Inbound and Outbound on the Basis of Transaction Volume in USD Billion, 2011-2016
Table 5-6: Rationale and Description for Nigeria International Remittance Market Segmentation by Major Flow Corridors (United States, United Kingdom and Others) on the Basis of Transaction Volume in USD Billion, 2016
Table 5-7: Countries Nigerians Prefer to Reside in the Most, in Percentage (%), 2016
Table 5-8: Comparison of Average Remittance Fee and Mode of Remittance from Major Sending Countries to Nigeria per USD 200, in USD, 2016
Table 5-9: Number of Nigerian Migrants by Major Region and Country of Residence, 1990-2013
Table 5-10: Distribution of Immigrants in Nigeria by Country of Origin and Sex, 2010 and 2013
Table 5-11: Major countries of destination for Nigerian emigrants, 2010 and 2013
Table 5-12: Rationale and Description for Nigeria International Remittance Market Segmentation by Mode of Remittance Transaction (Electronic Means and Cash) on the Basis of Transaction Volume, 2016
Table 5-13: Nigeria International Remittance Market Segmentation by Mode of Remittance Transaction (Electronic Means and Cash) on the Basis of Transaction Volume in USD Billion, 2011-2016
Table 5-14: Rationale and Description for Nigeria International Remittance Market Segmentation by Bank and Non-Bank Transaction on the Basis of Transaction Volume in USD Billion, 2016
Table 5-15: Strengths and Weaknesses of the Major Banks in the Nigeria Remittance Market, 2016
Table 5-16: Comparison of Leading Companies in Nigeria International Remittance Industry on the basis of Major Parameters
Table 5-17: Comparison of Remittance Fees and Transfer Methods of Major Companies in Nigeria Remittance Industry, 2016
Table 5-18: Rationale and Description for Nigeria International Remittance Market Future Outlook and Projections, 2017-2022
Table 5-19: Nigeria International Remittance Market Future Projections by Mode of Transfer (Electronic Means and Cash) in terms of Transaction Volume in USD Billion, 2017-2022
Table 5-20: Rationale and Description for Nigeria Domestic Remittance Market Size in terms of Transaction Volume, 2011-2016
Table 5-21: Rationale and Description for Nigeria Domestic Remittance Market Segmentation by Region, 2016
Table 5-22: Financial Access Performance across Geo-Political Zones in Nigeria, 2016
Table 5-23: Rationale and Description for Nigeria Domestic Remittance Market Segmentation by Major Remittance Channel - Banks and Non-Bank (including (Bank, Mobile Money/ E wallet Operators, Nigerian Post and Money Transfer Operators), on the basis of Transaction Volume, in USD Billions, 2016
Table 5-24: Nigeria Domestic Remittance Market by Channel in Percentage (%), 2016
Table 5-25: List of Leading Banks with Number of Branches in Nigeria and Number of Customers
Table 5-26: Market Share of Mobile Money Operators and E-Wallet Operators in Nigeria Domestic Remittance Market in terms of Transaction Volume through Mobile Money/E-wallets in Percentage (%), 2016
Table 5-27: Rationale and Description for Nigeria Domestic Remittance Market Future Outlook and Projections, 2017-2022
Table 5-28: Competitive Landscape for Guaranty Trust Bank including Company Overview, Financials, Geographical presence, Number of Employees and other Parameters, 2016
Table 5-29: Competitive Landscape for Eco Bank including Company Overview, Financials, Geographical presence, Number of Employees and other Parameters, 2016
Table 5-30: Competitive Landscape for Fidelity Bank including Company Overview, Financials, Geographical presence, Number of Employees and other Parameters, 2016
Table 5-31: Brief Introductory Profile of Major Banks in the Nigerian Remittance Market, 2016
Table 5-32: Competitive Landscape for MoneyGram including Company Overview, USP, Business Strategy, Total Revenue Transacted, Number of Employees and other Parameters, 2016
Table 5-33: Competitive Landscape for Western Union including Company Overview, USP, Business Strategy, Revenue, Services, Number of Agents and other Parameters, 2016
Table 5-34: Number of Western Union agents in top ten most populated cities of Nigeria
Table 5-35: Transaction Fee Charged by Western Union for Remitting Money from Migrant Destination Countries to Nigeria through Methods of Payment and Receipt, in USD
Table 5-36: Competitive Landscape for RIA Money Transfer including Company Overview, USP, Business Strategy, Services, Number of Branches other Parameters, 2016
Table 5-37: Competitive Landscape for World Remit including Company Overview, USP, Business Strategy, Employees, Revenue and other Parameters, 2016
Table 6-1: Rationale and Description for Nigeria Bill Payment Market Size in terms of Transaction Volume, 2011-2016
Table 6-2: Rationale and Description for Nigeria Bill Payment Market Segmentation by Types of Payment (Grocery Bills, Utility Bills, Fuel Bills, DTH and Broadband Bills and Mobile Recharge Bills) on the Basis Transaction Volume in USD Billion, 2016
Table 6-3: Rationale and Description for Nigeria Bill Payment Market Segmentation by Payment Methods (Cash, Credit/Debit Card /E-Wallet and Electronic Transfers) on the Basis of Transactions Volume in USD Billion, 2016
Table 6-4: Type of Usage Composition of Mobile Money in Nigeria Bill Payments Market, in Percentage (%), 2016
Table 6-5: Rationale and Description for Nigeria Bill Payment Market Segmentation by E-Bill Payment Methods (Biller’s Desk and Third-Party Interface) on the Basis of Transactions Volume, 2016
Table 6-6: Nigeria Bill Payment Market Segmentation by E-Bill Payment Methods (Biller’s Desk and Third-Party Interface) on the Basis of Transactions Volume in Percentage (%), 2016
Table 6-7: Challenges faced in E-Payments in Nigeria Bill Payments Market in Percentage (%), 2016
Table 6-8: Number of Major E-Payment Channels in Nigeria Bill Payments Market in Million, 2012-2016
Table 6-9: Major E-Payment Channels in Nigeria Bill Payments Market in terms of Value in Billion, 2012-2016
Table 6-10: M-Wallets in Nigeria Bill Payment Market
Table 6-11: Business Model and Regulatory Framework of M-wallets in Nigeria
Table 6-12: NFC Payment companies in Nigeria Bill payment Market
Table 6-13: Market Share of Mobile Money Operators and E-Wallet Operators in Nigeria Bill Payments Market through Mobile Money Operators and E-Wallets in Percentage (%), 2016
Table 6-14: Rationale and Description for Nigeria Bill Payment Market Future Outlook and Projections in terms of Transaction Volume, 2017-2022
Table 6-15: Bill payments Market Future Projections by Mode of Transfer (E-Wallets/Mobile Money Operators, Cash and Electronic Transfers and direct debit from account) in USD Billion, 2022
Table 7-1: Major Parameters of the Companies for Competing in the Remittance and Bill Payment Market in Nigeria, 2016
Table 7-2: Strengths and Weaknesses of the Major MMOs/E-Wallets in the Nigeria Domestic Remittance and Bill Payments Market, 2016
Table 7-3: Competitive Landscape for PAGA including Company Overview, USP, Business Strategy, Revenue Transacted, and Number of Transactions, Transaction Fee and other Parameters, 2016
Table 7-4: Competitive Landscape for Interswitch including Company Overview, USP, Business Strategy, Transaction Fee, and Number of Agents, Services and Other Parameters, 2016
Table 7-5: Competitive Landscape for E-Tranzact including Company Overview, USP, Business Solutions, Services and Other Parameters, 2016
Table 7-6: Products of eTranzact in Nigeria, 2016
Table 7-7: Competitive Landscape for Remita including Company Overview, Services and customers, Payment Channels, Mode of Payments and Other Parameters, 2016
Table 8-1: Innovative Trends in Money Transfer in Nigeria
Table 8-2: Digital Payment Modes, Nigeria, in terms of Volume, 2015 and 2016
Table 10-1: SWOT Analysis of Nigeria Remittance and Bill Payments Market, 2016
Table 11-1: Customers Preference for Choosing Service Companies for Remittance
Table 12-1: Government regulations in Nigeria remittance industry, 2016
Table 12-2: Major Regulatory Institutions in Nigeria, 2016
Table 12-3: Guidelines for International Money Transfer Services in Nigeria Issued by Central Bank of Nigeria
Table 12-4: Guidelines on International Mobile Money Remittance Services in Nigeria Issued by Central Bank of Nigeria
Table 12-5: Guidelines on Mobile Money Services in Nigeria Issued by Central Bank of Nigeria
Table 13-1: Analyst Recommendation for Nigeria Remittance & Bill Payment Industry
Table 13-2: Nigeria Bill Payment Market Upcoming Trends & Future Developments, 2017-2022
Table 14-1: Rationale and Description for Total Number of Households in Nigeria, 2011-2022d
Table 14-2: Rationale and Description for Nigeria Emigrants Worldwide, 2011-2022
Table 14-3: Rationale and Description for Employed Population in Nigeria, 2011-2022
Table 14-4: Rationale and Description for Nigeria Internet Using Population, 2011-2022
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