A substantial research shows that migration generates benefits for the migrants, the host societies and countries of origin. The economic benefits for the countries of origin are realized primarily through the receipt of remittances. Remittance sent by 31 million Africans abroad reached nearly $40 billion in 2010, equivalent to 2.6% of Africa’s gross domestic product (GDP) and the numbers have skyrocketed entering into 2017.
Nigeria has the largest economy among the African countries with an estimate of over 490 billion dollars in nominal GDP and possesses a largely expansive industry that churns out more than 500 billion dollars annually. With such a large industry comes an equally diverse payment system to curb the money in circulation throughout. Payment modes in Nigeria range in various categories constituting – cash which is most dominant and checques in the national payment system.
In regards to remittances, this observation might have to change due to differences in banking systems and the long distances that make it unable to deliver cash manually.
Financial institutions issue debit cards to consumers thus allowing them to make withdrawals and also transact at point of sales where the service is available. In Nigeria this was dominated initially by Inter-switch although MasterCard has proved to be more active in the market with many opting for the latter along with Visa cards.
Companies pondering pursuing this market need not worry about the time or procedures of having to incorporate all the above payment instruments due to the advantage that Dusupay offers as they remittance companies with the various payout options available and this convenience will draw even more market to these companies for the ease it brings to customers thanks to Dusupay and how their payout simplicity is impacting the market. Dusupay in this situation takes upon the role of linking the above payment types that businesses and customers use with those from outside Africa or those that have other forms which aren’t among the mentioned ones thus creating a connection between the different modes giving the ability to work together to make transactions more suitable for the business.