Nigeria Money Transfer Market REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit 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. 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 Related Reports by Ken Research Mexico Remittance & Bill Payment Market Outlook to 2021 – Growing Mexican Immigrants in the US & Increasing Internet Penetration to Drive Market Growth UAE Remittance and Bill Payments Market Outlook to 2021 – Rising Expatriate Population, Growing Business Activities and Increasing Demand for Utilities to Foster Growth Philippines Pawnshop Market Outlook to 2020 – Convenience with Pawning and Remittance Services to Stimulate Growth Contact Us: Ken Research Ankur Gupta, Head Marketing & Communications sales@kenresearch.com +91-1244230204 ext. 26 Tags: Immigrant Data Nigeria, Internal Migration in Nigeria, International Migration in Nigeria, Money Transfer Agent Market in Nigeria, Money Transfer Within Nigeria, Moneygram Market Share Nigeria, Nigeria Money Transfer Market, Nigeria Payment Mechanism, Remittance via MTO in Nigeria, Transaction Fee Money Transfer Nigeria