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Azimo sees boom in remittances to Nigeria

Wednesday, November 15, 2017 4:02
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Azimo sees 207% YOY increase in number of transfers, underlining rapid growth in family support from overseas

  • 207% YOY increase in transfers
  • Family support is the biggest reason cited for sending money to Nigeria (by 64% of senders)
  • 97% of Nigerians choose to have funds deposited directly into their bank accounts
  • Remittances contribute 5% to Nigeria’s GDP

London – 15th November 2017 - Azimo, the leading online money transfer service, announced today that the number of money transfers sent to Nigeria has grown faster than any other African country, with transactions up 207% YOY.

Three million Nigerians receive money from overseas every year, with total payments for 2017 predicted to reach $22 billion according to the World Bank.

97% of Nigerians who receive money transfers with Azimo choose to have the funds deposited into their bank accounts. Remittances like these now contribute 5% of the nation’s GDP, making them an important source of income for Nigerians. Azimo’s Nigerian customers overwhelmingly cite family support as the main reason why they send money (64%), with gifts (14%) and funding education (7%) coming second and third.

The announcement comes as Azimo celebrates its fifth anniversary amidst explosive growth in transfers sent to countries around the world. Azimo customers can now send money to 190 countries globally, and save an average of £216 each year compared to the cost of using traditional banks and money transfer services.

Azimo’s founder, Michael Kent, puts the company’s strong growth down to its low prices, and the speed and convenience of its service.

“Online money transfers have grown astronomically over the past few years,” said Kent. “Nigeria has always been a key market for us. What was once cumbersome and expensive is now cheap, fast and convenient. Nigerian customers clearly prefer to send money straight to bank accounts, so we work with many different banks across Nigeria to ensure the funds can get where they’re needed, whether that’s Lagos or Maiduguri.”

Azimo’s brand ambassador, the legendary former Arsenal and Nigeria striker Kanu Nwankwo, who sends money regularly with Azimo, said: “The Nigerian community in Europe has very strong ties to their home country.  The large majority of transfers are sent for family support, so it’s hugely unfair that Nigeria and other countries in Africa are paying some of the highest charges for money transfer anywhere in the world. Azimo is supporting them by offering market-beating rates and a lightning-fast service, so money can get where it will make the most difference.”

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