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Stable naira restores fintechs’ appetite for $20bn remittance market - BUSINESSDAY
BY Temitayo Jaiyeola and Chinwe Michael
The stabilisation of the naira is encouraging fintechs to re-enter the country’s $20 billion remittance market after years of being limited by currency’s volatility. From Kuda to Moniepoint, Palmpay, LemFi, and then Flutterwave, Nigerian fintechs are renewing efforts to tap into diaspora remittances.
Nigeria’s remittance inflows rose by nine percent to $20.98 billion in 2024, the highest since 2019, according to the World Bank.
Personal remittances increased by 8.9 percent to $20.93 billion, while inflows through International Money TransThe stabilisation of the naira is encouraging fintechs to re-enter the country’s $20 billion remittance market after years of being limited by currency’s volatility. From Kuda to Moniepoint, Palmpay, LemFi, and then Flutterwave, Nigerian fintechs are renewing efforts to tap into diaspora remittances.
Nigeria’s remittance inflows rose by nine percent to $20.98 billion in 2024, the highest since 2019, according to the World Bank. Personal remittances increased by 8.9 percent to $20.93 billion, while inflows through International Money Trans
