Nigeria’s N9tr remittances rated highest in Africa in 2018
New data from WorldRemit, a leading online money transfer service has rated Nigeria the largest remittance receiving country in Africa, even as citizens living abroad sent home a record $25billion (N9 trillion) in 2018.
The data showed that as remittances continue to grow, digitally-savvy Nigerian women abroad are sending more money home, and are making an increasing contribution to the country’s development.
WorldRemit, in partnership with Access Bank, are poised to celebrate the contribution Nigerian women living and working abroad make to their home country, with new data revealing that the gender gap for sending digital remittances to Nigeria is rapidly closing.The New WorldRemit research further revealed that the proportion of females sending digital money transfers to Nigeria through WorldRemit has grown by 10 per cent within the last five years. Also, it disclosed that 37 per cent of WorldRemit’s customers sending to Nigeria are female, compared to 27 per cent in 2014.
The United Nations (UN) estimates that over 46 per cent of Nigerian migrants are female, with the majority living in the United Kingdom, and United States of America. Money sent from mothers, sisters and aunts living abroad help millions of families in Nigeria pay for essential needs such as healthcare and education.
Evidence suggests that, although female migrants tend to earn less than their male counterparts, they send a higher proportion of their income home more frequently.Digital money transfer companies are improving the access that women have to remittances and helping their money go further.
WorldRemit enables the Nigerian diaspora to send money home in a few taps from their phones without having to travel to an agent, lowering costs and increasing speed and convenience.As WorldRemit celebrates International Women’s Day, the company is offering new customers zero fees on their first transfer to Nigeria if they use the Access code when making payment.
The Country Manager for Nigeria at WorldRemit, Pardon Mujakachi, said: “Ensuring digital inclusion for financial services for women on both the send and receive side is critically important, as we know that when women thrive, families, businesses and local economies thrive too.
“Our data shows that women play an increasingly vital role in Nigeria’s development by sending money home to support education, cover healthcare costs, make investments, and more. At WorldRemit, we’re committed to simplifying that process, and making it faster, cheaper and easier to send and receive remittances.”
The Executive Director, Personal Banking, Access Bank, Victor Etuokwu, says: “At Access Bank, we are very passionate about women. Hence, we have products and services that are tailor-made for women because we recognize the importance of their role in the family and the society at large. “We have now taken this a step further by partnering with WorldRemit, to ensure that women outside Nigeria can seamlessly remit money to their families or for their businesses back in Nigeria.
“As industry leaders in the use of technology to provide financial services, we are delighted that sending and receiving money from anywhere across the world can now be done on our platforms without any glitches, within the shortest possible time.”