Nigeria tops list of money transfer markets

November 3, 2016 12:02 pm0 comments

Mobile money AfricaLAGOS, (CAJ News) – NIGERIA has been rated one of the most connected countries in receiving and sending money.

Western Union, a global leader in global payment services, said more than 195 countries and territories sent money into Nigeria, and 160 received money from Nigeria in 2015, reflecting the extraordinary global connections brought about by the rise in migration of Nigerians to many parts of the world.

Regional Vice President of Western Union Africa, Aida Diarra said, “It is an honor to have served Nigerians for the past 20 years and connect them to and from nearly every corner of the world, moving the money that funds education, healthcare, everyday living and the dreams and aspirations of their families.”

Nigeria is the fifth largest remittance receiver globally, according to the World Bank. Migration destinations have remained steady since a decade ago, according to Western Union’s own trend analysis.

The US, UK, Italy, Canada, Germany, Australia, France and Netherlands continued to be the favorite destinations while United Arab Emirates and Malaysia moved to the top 10, replacing Switzerland and Spain.

Diarra said the Nigerian spirit of hard work and resilience could be found around the world across all economic spheres.

“Western Union recognizes that, at the start and end of every transaction are two people, and they rely on each other, just as much they rely on us to move their money reliably. It is this dual belonging that remains at the heart of our innovation to make it easy for Nigerians to send or receive money,” said Diarra.

Western Union’s channel diversification focus also allows Nigerians to receive money into 2,2 million mobile wallets and into more than 50 million bank accounts.

More than 20 majority-owned Nigerian businesses form the foundation of an Agent network that connects Nigerians no matter what distance exists between them and the world.
CAJ News


Leave a Reply