Newly released World Bank data shows $20.5 billion was sent to Nigeria last year, which meant it accounted for around 38% of total remittance inflows to sub-Saharan Africa. And showed inflows have steadily increased, up from $20.1 billion in 2022. By comparison, the bank’s data showed that in 2022 overseas investors took out $186.8 million more from Nigeria’s economy than they put in. That continued a trend which has seen remittance flows to Africa’s biggest economy dwarfing foreign direct investment in recent years. Global remittances were for decades dominated by industry giants Western Union and Moneygram. But the proliferation of tech companies, along with greater adoption of mobile wallets, has increased competition from companies such as 11-year-old TransferGo which began serving the Nigeria market around two years ago, to much smaller fintech players across Africa and Europe. .
Japa Phenomenon has Opened Up a Chance to Tap into Nigeria’s Remittance Market
