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Nigeria leads in money transfer market

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Nigeria is one of the most connected countries in the world when it comes to receiving and sending money, according to The Western Union Company, which has operated in Nigeria for 20 years.
More than 195 countries and territories sent money into Nigeria, and 160 received money from Nigeria in 2015 reflecting the extraordinary global connections brought about by the rise in migration of Nigerians to many parts of the world.
Aida Diarra, regional vice-president of Western Union Africa, says: “It is an honour to have served Nigerians for the past 20 years and connect them to and from nearly every corner of the world, moving the money that funds education, healthcare, everyday living and the dreams and aspirations of their families.”
Nigeria is the fifth largest remittance receiver globally, according to the World Bank.
Migration destinations have remained steady since a decade ago, according to Western Union’s own trend analysis. The US, the UK, Italy, Canada, Germany, Australia, France and Netherlands continued to be the favourite destinations while United Arab Emirates and Malaysia moved to the top 10, replacing Switzerland and Spain.
“The Nigerian spirit of hard work and resilience can be found around the world across all economic spheres,” Diarra adds. “Western Union recognises that, at the start and end of every transaction are two people, and they rely on each other, just as much they rely on us to move their money reliably. It is this dual belonging that remains at the heart of our innovation to make it easy for Nigerians to send or receive money.”
Western Union bridges geographical gaps by diversifying the options to send and receive money with reliability, convenience, and speed. From a single location with the First Bank of Nigeria in the heart of Lagos in 1996, Western Union has expanded its walk-in retail Agent location count to more than 5 200, with a presence in each of Nigeria’s 36 states.
The company’s channel diversification focus also allows Nigerians to receive money into 2,2-million mobile wallets and into more than 50-million bank accounts. More than 20 majority-owned Nigerian businesses form the foundation of an agent network that connects Nigerians no matter what distance exists between them and the world.