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By end of Q3 2016, approximately USD 24.7 billion was remitted to Nigeria and it became 6th largest country in terms of remittance receipt. United States and United Kingdom are top countries from which Nigerian migrants mostly send money. Over USD 6.3 billion and USD 4 billion was channelized from United States and United Kingdom, respectively in 2016. However, it has been observed that sending money to African countries remain second most expensive remittance in the world which makes it difficult for Nigerian migrants. Being low cost, mobile as a channel is expected to post strong growth, capturing significant share of the international remittance. According to PayNXT360, international remittance market’s transaction value in Nigeria was US$ 186 million in 2015 and expected to reach US$ 8,560 million in 2020.
Mobile money service operator ChamsMobile has introduced mobile money account solution for remittance under its brand name Kegow. This service comes in with a virtual card and Kegow mobile wallet account and can be applied online. Apart from standard online purchases and bill payments, this facility will also allow consumers to keep track of expenses made from remitted money. ChamsMobile has partnered with international remittance service provider Small World LLC for fund loading and transfer. Money can also be loaded through any Chip or PIN enabled Visa or MasterCard as well. Consumers need to provide KYC information for setting up this account.
ChamsMobile’s mobile money remittance service allows customers to transfer funds without depending on bank accounts. This is expected to open up a new business segment for mobile money operators which are expected to support customer engagement and revenue generation at the same time.
To know more and gain deeper understanding of mobile payment industry in Nigeria, click here.
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