Every year on December 18 the United Nations (UN) recognizes the efforts, contributions, and rights of migrants worldwide.
Leading digital money transfer company, WorldRemit, recognizes the valuable role of immigrants to the growth and development of the Nigerian economy and the rest of the world, on International Migrants Day.
In 2000, the General Assembly of the United Nations set aside December 18 as a day of celebration for all International Migrants. International Migrants Day is celebrated annually and recognises the positive contributions of migrants to both their host and originating countries.
Due to the size of the Nigerian population and several economic factors, there has been a rise in the number of Nigerians emigrating to other parts of the world in search of better life opportunities and outcomes for themselves and family members. In 2017, the UN reported that there were 1.24 million migrants from Nigeria and according to a Pew Research Center survey conducted in 2018, 45% of Nigerian respondents said they plan to move to another country within five years.
As the world celebrates International Migrants Day, it is important to highlight the positive impact that these Nigerian migrants have had in both their countries of origin and host countries through remittances. In a recent PWC white paper, migrant remittances accounted for 77.2% of the Federal Government budget in 2018 and more than 10 times the foreign direct investment (FDI) flows in the same period.
Driven by a rising migrant population and increased demand for online remittance services, WorldRemit is serving an increasing share of migrant remittances to Nigeria estimated at US$25 billion, representing 6.1% of GDP in 2018.
Migrant populations including dedicated WorldRemit customers are among those who fuel the remittance market in Nigeria while filling labour demands across the world.
David Amina from Bauchi State received a government scholarship to further his education in the United Kingdom and upon completion of his programme, he returned to Nigeria. While he studied, he worked in the retail industry and sent a percentage of his income to Ghana and Nigeria to support friends and family.
He said, “Funds sent through WorldRemit during my stay in the UK were used to support food, school fees and accommodation. It contributed to a life-changing experience for my family health-wise and improved our standard of living. I was able to save money to build a house and buy a motorbike. WorldRemit is fast, easy to use and instant. The exchange rate is also competitive”.
Mueez Hosen, left Nigeria 3 years ago to further his education in Canada after which he transitioned into the workforce. Mueez contributes to the Canadian economy through payment of taxes to the Canadian government, however, he has been able to support the education of his siblings as well as friends businesses by remitting back to Nigeria. WorldRemit is “convenient, safe, fast and easy. I can send money at any time to family members and friends and they receive the funds immediately which is good especially for emergencies.”
WorldRemit saves customers time and money because they do not have to travel to a money transfer agent and pay expensive fees to send money home. They can send funds from over 50 countries to 150 destinations via an app and website worldwide straight from their smartphone, computer or tablet. The service offers senders savings of up to 48%* off the cost to send $200 compared to most banks, and up to 22%* compared to most money transfer operators based on World Bank data.
Speaking on this observance, Pardon Mujakachi; Head of Sub-Saharan Africa, WorldRemit, said “Migrants have made remarkable contributions to the global economy, often their struggles against adversity and their selflessness to help others is overlooked. December 18 is about applauding their achievements, we are honoured to serve these communities in across the globe, and helping them send money back to Nigeria to build a stronger economy for their families and friends.”
*Comparison based on the average cost to send using data sourced from the World Bank for Q3 2019. The World Bank, Remittance Prices Worldwide, available at http://remittanceprices.worldbank.org
More about WorldRemit
Leading digital money transfer company WorldRemit has disrupted an industry previously dominated by offline legacy players, such as Western Union, by taking international money transfers online – making them more convenient, safer, faster and lower-cost. Our users currently send money from over 50 countries to recipients in over 150 countries across the world. We offer our service in 6,500 money transfer corridors and employ over 800 people worldwide.
On the sending side, WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. We offer a wide range of payout options to recipients including bank deposit, cash collection, mobile airtime top-up and mobile money.
Backed by Accel, TCV and Leapfrog – early investors in Facebook, Netflix and Slack – WorldRemit’s headquarters are in London, UK with a global presence including offices in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand.
The FSDH Dollar Fund by FSDH Asset Management is finally here
The objective of the Fund is to provide customers with the opportunity to invest.
On the 15th of June 2020, FSDH Asset Management, experienced fund managers that provide stellar investment solutions tailored to suit the financial position and goals of their clients, launched a new product; The FSDH Dollar Fund.
The Fund is an open-ended mutual fund that will invest in US Dollar denominated Fixed Income Securities issued by Nigerian Sovereign and Corporate Entities, and is authorized by the Securities and Exchange Commission in accordance with the provisions of Section 160 of the ISA.
The objective of the Fund is to provide customers with the opportunity to invest in dollar-denominated instruments, in order to achieve consistent cash flow and capital appreciation over the long term. Investors are able to enjoy significantly higher returns than what is obtainable from the average domiciliary account in local banks.
The minimum amount required to invest in the Fund is $1,000. To get started, click here to view the prospectus and apply. Interested investors can send completed application forms to [email protected].
Coronation Research releases report on the Nigerian Investment terrain
…Navigating the Capital Market: the Investor’s Dilemma.
Coronation Research today published its report on the Nigerian Investment landscape titled ‘Navigating the Capital Market: the Investor’s Dilemma’. The revolutionary report studies the Nigerian investment scene over a 10-year period and finds how Nigerians have managed to preserve their capital over the long term. Some of the conclusions are surprising. For example, it has been remarkably easy to beat inflation over the last 10-years by buying Federal Government of Nigeria Treasury Bills. However, with the crash in interest rates in the first half of 2020, this era has come to an abrupt end.
By contrast, equity market returns have not preserved capital for investors over the long term, even when adding back the generous dividends paid to investors. By looking at the internal profitability of stock exchange-listed companies, ‘Navigating the Capital Market’ identifies which stocks are the ones most likely to generate satisfactory returns for their owners, and back-tests the results.
“Nigerian investors are faced with difficult choices,” says Guy Czartoryski, Head of Research at Coronation Asset Management, “as interest rates have crashed. The alternatives are either to simply wait for rates to rise again in future, or to accept more risk in order to increase returns. But, to do that, they need to increase their understanding of risk.”
‘Navigating the Capital Market’ takes a new approach to setting investment return benchmarks. Instead of targeting inflation, which is the conventional benchmark, it recommends that investors should aim to beat the effects of Naira devaluation against the US dollar, and obtain the risk-free return they would have in US dollars. This suggests that they should ask for Naira risk-free fixed-income (or Treasury bill) return of 14.7% per annum over the long term. And, when it comes to equities, Coronation Research calculates that Nigerian investors should demand a return of 20.5% per annum. These are high benchmarks, but they show what is necessary to preserve the value of investors’ hard-earned money.
Coronation Research’s investor feedback shows that Nigerian investors have two concerns. The first is inflation. The second is not to lose money in investment schemes. And with fixed-income and bank deposit rates at record lows, and far below the rate of inflation at 12.4%, investors are being tempted to take risks again. Yet the priority now is for them to understand what those risks are, and how they can be managed. ‘Navigating the Capital Market’ is their guide to these challenging times.
Coronation Asset Management Limited, incorporated on 2 October 2015, is registered with the Securities and Exchange Commission (SEC) to provide fund and portfolio management services to institutions and individuals. Coronation Asset Management offers full-fledged investment services across various asset classes to the entire spectrum of investors: major institutions, smaller niche institutions & corporates, public sector family offices, cooperatives and high net-worth individuals.
Our Services include fund solutions (money market fund, fixed income fund and balanced fund), portfolio management (discretionary and non-discretionary), advisory services as well as fund administration and trustee services offered through its subsidiary, Coronation Trustees Limited.
Coronation was recently awarded the Fastest Growing Fund Management Company in Nigeria at the 2020 Global Banking & Finance Awards.
You may download the report by clicking here.
Glo customers to enjoy 6 months’ bundled data in Smartphone Festival
Customers who purchase devices under the programme will have access to bundled data.
In its bid to offer more value to customers and consolidate its leadership in Nigeria’s telecommunications market, digital transformation leader, Globacom, has announced a phone festival for the benefit of its teeming subscribers. Called the Glo Smartphone Festival, it is designed to offer subscribers who purchase mobile phones from any Gloworld outlet up to six months’ bundled data along with their preferred devices.
Globacom said in a statement released in Lagos over the weekend that customers who purchase devices under the programme will have access to bundled data from 500 MB per month to 2GB per month for six months. This will, however, depend on which model they choose from a wide range of phones from popular brands available for the offer, including iPhone, Samsung, Infinix, Itel, Tecno and Imose.
The company explained that the Glo Smartphone Festival was designed to make the Gloworld outlets nationwide a “one-stop shop for everything devices” and the best place to get the best price deals, accessories, bundle data ranging from 500MB to 2GB monthly for 6 months and free accessories on their choice devices.
The company further said that all prepaid and post-paid customers who visit any of the over 90 Gloworld outlets across the country during the festival period can buy any device of their choice from a range of latest devices and enjoy the bundled benefits. “Glo remains committed to creating more value for its customers,” the network added.