Business
X-raying emerging trends and innovations in the Nigerian remittance market
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One of the novel fallouts of the twenty-first century is the increasing significance of remittances as a composite of household disposable income. Remittances represent household income from foreign economies arising mainly from the temporary or permanent movement of people to those economies. Remittances include cash and non-cash items that flow through formal channels, such as across electronic wire, or through informal channels, such as money or goods carried across borders. International experience suggests that remittance flows have important implications for macroeconomic and financial stability. As such, accurate compilation and recording of remittance flows as well as new trends and innovations in remittance corridors are crucial for understanding the behavior of the remittance market.
Remittances contribute to economic growth and to the livelihoods of people worldwide. Money sent home by migrants constitutes the second largest financial inflow to many developing countries, exceeding international aid.
According to the World Bank figures for 2011, total revenue for the Global Funds Transfer segment was $300.2 million in the fourth quarter of 2011, up 8 percent from $276.7 million in the fourth quarter of 2010. The segment reported operating income of $33.4 million and an operating margin of 11.1 percent in the fourth quarter of 2011. Adjusted operating margin was 14.0 percent in the quarter, up from 11.9 percent in the prior year’s quarter. Q3 2015 Earnings result by MoneyGram International, one of the two global heavyweights in the money transfer operations sector, puts its revenue growth at 67%, with annualized revenue figure for the period at $160million. Western Union’s profile too is equally impressive.
Remittances have a distributive impact on households as income and consumption
patterns are affected. The vast majority of remittances are used to provide for the basic needs of households regardless of the country, with siblings and parents the most likely recipients. Generally, the major uses of remittances in Nigeria include housing, consumption and education financing, with spikes generally observed in remittance flows during back to school and pre-Christmas periods.
The favourable impact of globalization on the movement of skilled immigrants as well as the large advances made in the use of technology accompanied the beginning of the
twenty-first century. Against this background, the size of the Nigerian Diaspora community worldwide increased, precipitating significant increases in remittance flows into the country. Wikipedia estimates that 20m Nigerians reside outside the country with majority in the UK and US while the British Foreign office states that the population of the Nigerian community in the UK is between 800,000-3million.
According to the World Bank, the Nigerian remittance market is worth well over $10 billion. Besides the size, the market has enormous opportunity and growth prospects.
MoneyGram International and Western Union are two foremost MTOs that have deepened their dominance of the local remittance market largely through their sharp lookout for trends and innovations in product development as a strategy of delivering customer delight. Of particular note is increased economies of scale of the two major operators attributable to their worldwide expansion in the number of agent locations as well as the introduction of electronic money transfer system. This has created a significant reduction in costs of transfer and improvement with regard to ease of transferring funds, thereby attracting more and more customers into the net.
In its nearly twenty years of operations in Nigeria, MoneyGram has proved to be a real leader in the strategy of securing first mover advantage in deploying innovative products to broaden its market appeal and customer base. The latest of such is its new Cash-to-account service offering which, again, is the first in the Nigerian remittance market.
For a society like Nigeria where the role of remittance in solving personal and family financial needs is highly acknowledged and where also the rate at which personal and family issues requiring financial interventions come up is astoundingly rapid, a product like cash-to-account money transfer is a welcome development.
This new service offering allows remittances to be received directly into the receiver’s personal bank accounts anywhere in the country and same accessed any day or time just like any other deposits.
Unlike the standard money transfer service, the new MoneyGram Cash To Account (C2AC) does not require the receiver to physically visit any agent location for identification and other formalities before he or she can access transfers.
Picture a scenario in which a family member has a life-threatening occurrence on a Saturday that requires financial intervention same day and to solve the matter, you need to access fund transferred to you by a family member abroad. In the pre-cash-to-account era, the earliest you could access such fund would be on Monday and havoc might already have been done.
The birth of the cash-to-account offering means right in the comfort of your home or through any other means of accessing your regular bank account that you are comfortable with, you can access and spend funds transferred to you in Nigeria from any part of the world anytime.
Investigation shows that the transaction process (starting with actual transfer abroad and the fund landing in the receiver’s account in Nigeria) can be concluded within 10 minutes.
A customer sending money to Nigeria from the US, UK, Germany, Italy and many other countries of the world can indicate at the point of send whether he / she wants the remittance to be collected in cash ( over-the-counter) in Nigeria or be sent to hit a bank account in Nigeria. All that is needed, in addition to the standard sender details (Sender’s first and last names and telephone number), is that the sender will be required to supply recipients name (first and last), their 10 digit numeric NUBAN account number, their bank name and the purpose of the transaction
Once transaction is successfully completed, receiver’s account is credited in Nigeria instantly and, on receipt, the local bank alerts him/her via email/SMS notification just as it happens in the regular banking transactions. The receiver does nothing as his/her account is directly credited. No form to fill; no visit to agent for identification; no payment of any landing cost.
With near or real-time connections, the receiver has access to the funds whenever he/she wants. Funds are available to receivers 24/7, 365 days in the year and they can easily retrieve money transfers from their accounts at night, during public holidays and on weekends using any of the e-transfer channels, ATM, POS and other available withdrawal platforms.
Speed, convenience and ease of mind are in-built features of this new innovation. Fund is guaranteed to be securely deposited directly into receiver’s account with the risk of fraud and other malpractices hitherto associated with fund transfer receivership in the country eliminated.
Befittingly, the new cash to account offering has been pioneered in the Nigerian market by MoneyGram International which is the only MTO with a fully functional regional office in the country. It may be argued that establishing its West African hub in Lagos has helped the brand to be better able to understand the needs of the local market and also offer quicker and better marketing and operational support. Such understanding of market needs and dynamics is required more from other market players for the nation’s remittance market to remain abreast of global trends and innovations.
Precision and Heritage: How Fifi Stitches Is Rewriting African Fashion Narratives
A Nigerian-born designer is gradually carving out a cross-continental footprint in contemporary fashion, blending African textile heritage with British technical discipline.
Esther Fiyinfoluwa Adeosun, Founder and Creative Director of Fifi Stitches, is gaining recognition for structured womenswear and bridal couture that reinterprets traditional fabrics through architectural tailoring and precision construction.
Born in Ibadan, Oyo State, Adeosun’s fashion journey began at home, seated beside her mother’s sewing machine. What started as childhood curiosity, sometimes jamming the machine just to understand its mechanics—evolved into a disciplined design practice now operating between Nigeria and the United Kingdom.
During an interview with journalists the fifi Stitches once mentioned “I was fascinated by how flat fabric could transform into something structured and meaningful”.
In her Story , early designs made for her family, though imperfectly finished, were worn with pride—an encouragement that laid the foundation for her professional confidence.
Today, Fifi Stitches is recognised for sculpted bodices, controlled tailoring, corsetry construction, and the contemporary reinterpretation of Ankara, Aso Oke, and Adire textiles.
The brand challenges the long-held perception that African fabrics belong solely in ceremonial contexts, instead positioning them within global luxury and modern design spaces.
Adeosun’s training reflects this dual perspective. She studied Fashion Design and Entrepreneurship at the Institute for Entrepreneurship and Development Studies, Obafemi Awolowo University, and earned a Diploma in Fashion Design through Alison Online.
In the UK, she undertook industry-focused technical training with Fashion-Enter Ltd and gained fashion business exposure through Fashion Capital UK.
Her technical expertise spans pattern drafting, draping, garment technology, structured tailoring, corsetry, and bespoke fittings—skills she describes as central to credibility in fashion. “Precision builds trust,” she says. “A designer must understand construction as deeply as creativity.”
Fifi Stitches has showcased collections at the Suffolk Fashion Show, Liverpool Fashion Show – FB Fashion Ball, Red Carpet Fashion Event in London, and through editorial features in London Runway Magazine.
The brand has also received coverage in The Guardian Nigeria and Vanguard Allure, expanding its visibility across markets.
Beyond couture, Adeosun integrates community impact into her practice.
She has facilitated garment construction workshops, draping sessions, and introductory training programmes for women and emerging creatives, promoting fashion as both artistic expression and vocational empowerment.
Fifi Stcithes Boss operates between Nigeria and the UK, in order to continue to shape her brand identity.
According to her “Nigeria provides cultural richness and expressive textile traditions, while the UK offers structured production systems, sustainability conversations, and institutional frameworks”.
Looking ahead, Adeosun said she plan to establish a fully structured fashion house spanning Africa and the UK, develop scalable production partnerships, launch capsule collections, and expand independent editorial visibility.
Her broader ambition is clear: to position African textile craftsmanship within global contemporary design conversations—through structure, discipline, and technical excellence.
GTCO Launches “Take on Squad” Hackathon 3.0, Opens Call for Applications
Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has announced the launch of “Take on Squad” Hackathon 3.0, reaffirming its commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
Now in its third edition, the Hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors including financial services, healthcare, commerce and digital inclusion. Under the theme “Smart Systems: The Intelligent Economy,” participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
Applications are now open, and interested teams can find full guidelines and registration details on the official portal at https://squadco.com/hackathon.
Speaking on the initiative, Eduophon Japhet, Managing Director of HabariPay, stated: “Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve. Through “Take on Squad” Hackathon, we are deliberately investing in the ideas and talent that will define the future. Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact. This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress.”
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
About HabariPay
HabariPay Ltd is the fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa with direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.
Licensed by the Central Bank of Nigeria (CBN), our goal is to support SMEs, micro merchants, large corporations and other fintechs (Tech Stars) with the tools they need to thrive in an evolving digital economy and expand beyond their current market reach. HabariPay’s solutions include Squad, a full-scale digital payments toolkit to make in-person and online payments simpler, HabariPay Storefront, an e-commerce website to facilitate online purchases, Value-Added Services to help merchants access cost-effective and flexible airtime and data bundles to run their businesses, as well as a switching infrastructure that enables tech-focused businesses to optimise cost and make transactions more efficient.
HabariPay’s contributions to Accelerating Digital Acceptance in Africa have not gone unnoticed–it received Mastercard’s Innovative Mobile Payment Solution Award at TIA 2022 for its innovative payment solution, SquadPOS.
About Squad
Squad is a complete digital payments solution that is reliable, secure, and affordable, making receiving in-person and online payments simpler and convenient.
Thousands of merchants currently leverage Squad’s payment solutions for their daily business operations. Squad’s current products and service offerings include SquadPOS, Squad Payment Links, Squad Virtual Accounts, USSD, and E-Commerce Storefront.
Find out more at www.squadco.com.
Electric 8-Seater Tula Moto Keke Enters Nigerian Market, Targets Higher Operator Earnings
LAGOS — A new electric-powered tricycle with an expanded passenger capacity has been introduced into Nigeria’s urban transport sector, offering operators a potentially more profitable and eco-friendly alternative to conventional petrol-driven “keke.”
The newly launched 8-seater electric tricycle, now available in Lagos with plans for nationwide distribution, features a dual-row seating arrangement capable of accommodating up to eight passengers per trip—significantly higher than the standard three-passenger configuration common across the country.
Promoters of the innovation say the increased capacity is designed to boost daily earnings for operators, particularly amid persistent fluctuations in fuel prices. By running entirely on electric power, the vehicle eliminates dependence on petrol, reducing operating costs and shielding drivers from fuel price volatility.
According to the distributors, the tricycle is equipped with a durable battery system capable of covering extended distances on a single charge, making it suitable for commercial operations across high-traffic routes, residential estates, campuses, and marketplaces.
“The concept is straightforward—enable drivers to earn more while spending less,” a company representative stated. “With higher passenger capacity and zero fuel requirements, operators can maximise each trip without the burden of daily fuel expenses.”
Beyond its cost-saving potential, the electric keke is also said to require less maintenance than traditional models, offering additional long-term savings. Its quieter and smoother operation is expected to enhance passenger comfort and overall commuting experience.
Industry analysts note that the introduction of electric mobility solutions reflects a growing shift toward cleaner and more sustainable transportation alternatives in Nigeria, particularly in densely populated urban centres such as Lagos.
The distributors added that the product is currently available under a limited promotional offer, with delivery options across the country.
For inquiries and purchase: 📞 08153432071
📞 08035889103
Office Address:
📍 Plot 9, Block 113, Beulah Plaza,
Lekki–Epe Expressway,
Lekki Phase 1, Lagos
As transportation costs continue to rise and environmental concerns gain prominence, innovations like the electric 8-seater keke may signal an emerging transition toward more efficient and sustainable mobility solutions nationwide.
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