Nigeria Remittance Market & Money Transfer Industry Report 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 Nigeria 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 Number of Money Transfer Transactions Nigeria 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. Average Remittance Size Nigeria 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 International Migration in 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. Money Transfer Within Nigeria the sheer size of the market will attract more players of the industry into Nigeria with tailored remittance and bill payment digital 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 Money Transfer Data Nigeria 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 Domestic Remittance Statistics Nigeria 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 Money Transfer Channel in Nigeria 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 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: Average Remittance Size Nigeria, Competition in Remittance Industry Nigeria, Cross Border Remittance in Nigeria, Domestic Remittance Statistics Nigeria, E-Wallet Market in Nigeria, Immigrant Data Nigeria, Internal Migration in Nigeria, International Migration in Nigeria, Mobile Money Transfer Industry in Nigeria, Money Transfer Channel in Nigeria, Money Transfer Data Nigeria, Money Transfer Within Nigeria, Nigeria Money Transfer Market, Nigeria Payment Mechanism, Nigeria Remittance Market, Nigerian Remittance Market, Number of Money Transfer Transactions Nigeria, Remittance by Purpose Nigeria, Remittance Volume from Nigeria, Transaction Fee Money Transfer Nigeria