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The dynamics of remittances in Nigeria

MONEY: Naira

ACCORDING TO the World Bank, Nigeria is the largest recipient of remittances in the Sub-Saharan region and the fifth highest in the world. In 2017, the Nigerian diaspora sent home remittances worth $22billion.

At the Nigerian Diaspora Investment Summit held in November 2018, it was observed that the Nigerian diaspora sends home the equivalent of Nigeria’s annual budget.

Remittances are an integral contribution towards the Nigerian economy by the diaspora. People from Nigeria have a strong emotional connect and familial bonding even after they migrate from their homeland.

Nigeria being one of the highest recipients of remittances in the sub-Saharan region, only to be followed by Senegal and Ghana, reiterates the importance of the family dynamics in Nigeria. Large families are a norm and remittances prove essential to meet family expenditures and build investment channels.

The government of Nigeria is working towards building an environment where diaspora investments are secure, structured and utilised to gain maximum economic benefits. Are you from Nigeria? Do you send money to your loved ones back home? If yes, then here are few things to help you send money easily, conveniently and at a competitive exchange rate.

Xpress Money’s stronghold in Nigeria

Xpress Money, one of the most dependable money transfer brands in the world was established in 1999, in the UK. Xpress Money has a robust network of more than 350 locations across corner shops and retail outlets in the UK to ensure senders can transfer money to Nigeria. To increase the convenience for the customer, Xpress Money allows money to be transferred directly to all major banks in Nigeria or even to mobile wallets.

How can your family receive money in Nigeria

As a migrant living in the UK, your priorities lie with the family you have left behind in Nigeria. Interestingly, a recent study by the World Bank has concluded that Nigerians receive the highest volume of remittances from the UK. In 2017, UK’s Nigerian diaspora sent $4.1 billion to Nigeria as remittances.

Families in Nigeria are dependent on money sent from abroad and hence it is imperative that remittances to Nigeria are easily available and accessible. Xpress Money is your go-to destination to ensure that money reaches your loved ones in a safe and secure manner.

Bank Transfer – If your family has a bank account in Nigeria, walk into any our 350 Xpress Money locations in the UK and you can easily send money to all leading banks in Nigeria. Xpress Money has a strong presence in most leading banks of Nigeria, creating an environment of financial inclusion in remote locations too.

Cash to Mobile Wallet – Africa is one of the earliest adopters of mobile wallets in the world. Mobile wallets mirror physical wallets, except that digital technology ensures your beneficiary has access to anytime cash on their mobile. In a world that is defined by digital technology, mobile wallets are gaining prominence as they are safe, secure and instant.

Remittances are undergoing a paradigm shift from traditional service models to fintech-backed mobile wallets. Xpress Money has partnered with Terrapay in Nigeria to provide mobile wallet services with leading players in telecom like MTN, Airtel and Tigo.

Global awareness on the perils of exorbitant money transfer fees has effectively worked in the sub-Saharan region. The cost of sending money has seen a slight decrease at an average of 8.9% in Q3 2018.

However the average cost of sending money to the sub-Saharan region continues to be far above the global average of 6.9% and the SDG target of 3% by 2030. Xpress Money continues to be a contributor in ensuring we’re one of the most competitive money transfer services in the market, with a global average charge of 2%.

Remittances in Nigeria are witnessing a year on year increase owing to the rise in migration and the diaspora community plays a vital part in fuelling the economy of Nigeria.

Irrespective of whether you live in Nigeria or the UK our global footprint ensures your money transfer needs are provided for in a convenient, cost-effective and secure fashion.

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