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Social Media in Nigeria – The Future of Online Money Transfer to Nigeria

Millennials want convenience. They are not at all interested in drafting an email with a subject, greetings, and salutation. Gone are those days when response time were days or even…

Millennials want convenience. They are not at all interested in drafting an email with a subject, greetings, and salutation. Gone are those days when response time were days or even hours apart. Being a service and quality centric generation, they need the resolution of their queries the fastest. Enter – Social Media Platforms.

Internet Revolution in Nigeria

Although Nigeria has always been the most active social media user in the entire African sub-continent. Since the time of Myspace, Nairaland, and Friendster, Nigerians have been keen users of social networks. This trend has continued, moreover exploded in the era of Facebook and Twitter.

Political entities, media houses, and individuals using these platforms have made an impact globally. Moreover, some of the most effective campaigns were born as social media amplified the voice of everyone with no restrictions. Some hashtags made their journey to become social movements such as #BringBackOurGirls, #CitizenSolutionToEndTerrorism, and #LightUpNigeria.

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Nigerians Connected to Internet

As per the World Bank’s 2018 report, more than 37 million unbanked Nigerians are using cellular devices like mobile and tablets to connect to the World Wide Web. Although 55.3 million Nigerians who are already part of the banking system are contributing to the country’s revenue stream, public and private institutions are yet to tap the remaining 27 million population. Banking and financial institutions see this problem as an opportunity which in turn would not only help them grow but also uplift the overall economy of this developing country.

Online money transfer to Nigeria, contributing $25 billion, is playing a major role in this field. However, for achieving the aspirations of 200 million population whose median age is 17.9 years, it is essential for remittance service providers to deal with the audience in their own playground. And that is Social Media!

Nigerians on the Internet

It is estimated that by 2021, more than 150 million Nigerians will be connected to the internet. Although this number could also be possible because of the exponentially growing population of Nigeria that is currently 2.6% annually. However, as the new generation takes over, Nigerian Diaspora’s social media penetration would undoubtedly increase significantly.

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Use of mobile wallets to send money to Nigeria online is on the rise as most of the internet users are hooked on to the social media platforms. 41 out of every 100 Nigerians use Facebook and WhatsApp which clearly indicates the enthusiasm of the young generation and their preference.

Nigerians and Social Media

Top 3 most-used platforms consist of Facebook-owned platforms, followed by YouTube. More E-commerce platforms and web-based payment gateways have followed this trend, and they are collaborating to avoid missing the golden chance. Nigerian Interbank Settlement System (NIBSS) indicated that in the first 9 months of 2018, Nigerian e-payment crossed 56.85 trillion Naira. This number exceeded the previous year’s record by 16.4 trillion Naira.

To achieve this feat, apart from the usual organic results and direct marketing, social media platforms played a major part. Right from brand awareness to increasing traffic, social media platforms have become an active lead and revenue generating sources. Furthermore, they are also an amazing relationship builder as it enhances customer satisfaction multifold.

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Effective Social Media Advertising (SMA) and Social Media Marketing (SMM) strategies have resulted in a paradigmatic shift in the manner small to large-scale enterprises present themselves in the market.

As time goes by, the numbers will change. But it does not seem that the trend will show a negative sign, at least not anytime soon.

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