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Nigeria among top destination for Diaspora remittance in 2021, says WorldRemit

In a major survey carried out by WorldRemit, Nigeria emerged as one of key destination for Diaspora remittance, coming second position behind Philippines.

According to the research, WorldRemit said 11.5 percent of respondents claimed to send money to Nigeria while 18 percent respondents who claimed Philippines as destination for their remittance and 10.5 percent mentioned Ghana.

“The most common countries remittances sent by our respondents were to the Philippines (18 percent), Nigeria (11.5 percent), Ghana (10.5 percent), which have all seen significant GDP growth – 4.5 percent in the Philippines, 1.5 percent in Nigeria and 5.1 percent in Ghana.

“This trend is likely to continue as these countries continue to recover rapidly from the COVID-19 pandemic,” the global payments company said in the report released on Wednesday.

The report also showed that that people sending money from the US, the UK and Canada continue to adjust their remittance habits to a new way of living due to COVID-19.

The WorldRemit stated that its study of more than 3,000 of its customers paint a striking picture of the importance of remittances to the loved ones of immigrants, alongside the impact we know it has on the global economy.

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It said about 68 percent of respondents sent money abroad at least monthly, with a further 28 percent sending multiple times a year.

The pandemic has had a significant effect on the amounts of money sent, particularly for the key reasons people send money abroad.

When asked to provide context to the reasons people send money home to loved ones, the most common were daily expenses, gifts, medical expenses and education. As a result of COVID, people sent more money abroad for the following categories during 2021:

  • 44 percent cited the amount they send for medical expenses has increased
  • 41 percent cited the amount they send for daily expenses has increased
  • 38 percent cited the amount they send for utilities increased
  • 35 percent cited the amount they send for education increased

Karen Jordaan, Head of UK at WorldRemit said: “We understand the unique challenges migrants face on a day-to-day basis when supporting  loved ones overseas, whether it be helping to ensure their family members get access to medical care or have money to pay for basic cost of living expenses.“WorldRemit understands the needs of our customers and strives to offer a safe, fast and convenient service. We are also encouraged by our customers and how they are investing in the future, namely education and new business ventures.”

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