Nigerian Consumers call for greater innovation for their future remittance needs

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, Africa, Western Union, said in a statement that 89 per cent 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 has 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 per cent 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 per cent, desiring choice between receiving money in-person or digitally,’’ he said.

El Ouazzani said that the super app with which customers could manage all personal finance needs, 79 per cent 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.

According to report, 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.