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.