World Bank compilations show that “ estimates recorded that remittances to developing countries are expected to grow by 4.8 percent to $450 billion for 2017. Global remittances, which include flows to high-income countries, are projected to grow by 3.9 percent to $596 billion.”
Among major remittance recipients in Africa, Nigeria is one of the continent’s top remittance receivers recording a sum of $22 billion from this avenue. The figures continue to grow as more people go to live and work abroad but still have to support others back in Nigeria.
Remittance companies are therefore seen as an essential when it comes to international money transfer in the country for businesses and individuals.
In Nigeria, the big remittance companies have set up branches in the major cities so as to reach people they serve with ease. This however is a move that is costly and might have to transfer costs to the charges that clients incur therefore making clients pay more which could put the business at risk of losing clients due to high charges.
The best alternative for remittance companies in this case is to tap into Nigeria’s banking and card systems to pay out to people in the West African nation.
Nigeria’s money movement is predominantly controlled by banks and it is advisable that remittance businesses take advantage of the banking avenues for a better reach in Nigeria at considerably lower costs of operation as compared to those that choose to set up physical branches.
Remittance companies can incorporate with the various banks and card systems in Nigeria with the help of Dusupay. A remittance company simply uses Dusupay’s services to pay out out and observes as the funds are paid out to banks on which the intended clients are.
Therefore cutting cost, saving time and having a larger reach all in tandem.