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)
Region:Nigeria
Product Code:KR565
Region:Nigeria
Product Code:KR565
December 2017
176
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.
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
2.1. 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
3.1. Snapshot on Global 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
6.1. 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
7.1. 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
8.1. 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
9.1. 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)
12.1. Government Regulations in Nigeria Remittance Industry, 2016
13.1. Upcoming Trends and Future Developments 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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