Nigerian consumers have called for greater innovation from money transfer providers to support their remittance needs, according to Western Union’s inaugural Global Money Transfer Index.
Mr. Mohamed El Ouazzani, regional vice president, of Africa, Western Union, said in a statement that 89 percent of consumers who receive remittances in Nigeria want services integrated into a ‘super app”.
El Ouazzani said that efforts by the Nigerian Government and the Central Bank of Nigeria (CBN) in developing the necessary infrastructure have boosted connectivity and inclusivity.
He said that as a result, consumers have become attuned to the opportunities and flexibility innovations can bring which is expected to continue, underscored by a strong emphasis on speed, convenience, and reliability.
According to him, the Index reflects Nigeria’s fast-paced economy, as the country’s government continues to implement its National Digital Economy Policy and Strategy (NDEPS).
‘’Evidence of its influence may be why 61 percent of consumers who receive money prefer using digital methods from start to end today.
‘’Speed of transfer here is key and ranks as the most important factor considered by consumers when deciding which provider to select for collecting transfers.
‘’When asked about the future, the balance starts to shift, with more receivers, 53 percent, desiring a choice between receiving money in-person or digitally,’’ he said.
El Ouazzani said that in the super app with which customers could manage all personal finance needs, 79 percent want platforms with local-language capabilities.
According to him, economic headwinds have impacted all consumers globally, and remittances play an integral role in ensuring people and their communities can keep moving forward, leveraging opportunities.
He said that now more than ever, it is incumbent on us as money transfer providers to be agile, supporting consumers as their requirements evolve in order to manage their daily financial needs.
The Western Union Company (NYSE: WU) is committed to helping people around the world who aspire to build financial futures for themselves, their loved ones, and their communities.
