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Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

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Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

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ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

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NCC Spotlights Renewable Energy on World Consumer Rights Day

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Governors, NCC Set for Broadband Awareness Forum Oct 20

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VerveLife 5.0 Gears Up for Nairobi, Lagos Events

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Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

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Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

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Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

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Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

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Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

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Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

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Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

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ICT

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VerveLife 5.0 Gears Up for Nairobi, Lagos Events

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Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

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The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

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Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

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Nigeria Leads in 43% Remittances Growth to Africa in 2019

Leading mobile payments company WorldRemit saw a 43% growth in remittances to Africa from higher income nations in 2019.

The top five countries receiving remittances from the diaspora in 2019 included, Ghana, Kenya, Uganda, Zimbabwe, with Nigeria receiving the most remittances.

The top sending countries to the region included the United States, Australia, Canada, and Sweden, with the UK sending the most remittances.

The diaspora plays a key role in Africa’s development story, today the value of remittances is three times larger than official development assistance (ODA), and forecasted to become higher than foreign direct investment for a handful of African countries in 2019.

The growth of digital and mobile penetration across the continent has contributed to the growth in remittances. WorldRemit has and continues to partner with both mobile money and bricks and mortar agents to increase accessibility to all our customers regardless of whether they are in a city or a remote village on the continent.

In addition to digital growth within the continent, the diaspora is also changing its pattern of frequency, value, and reason for sending money back home. Apart from the traditional reasons for sending money to their native countries, members of the diaspora are increasingly looking at ways to be part of what is happening “back home”.

A great example is Ghana, In 2019 after the launch of the Year of Return, Ghana extended citizenship to over 100 African-American’s as well as enacting the Immigration Act which provides for a “Right of Abode” for any “Person of African descent in the Diaspora” to travel to and from the country “without hindrance.” After a successful 2019, President Akuffo-Addo launched a new initiative “Beyond the Return” which is a drive to see people from the diaspora invest in Ghana via business start-ups, property acquisition, relocating or investment vehicles which the government is setting up.

At WorldRemit, it is important to continue to remain affordable, fast, simple, secure and accessible for the growing market and ever-changing dynamic continent.

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Topics

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