WorldRemit Seeks Expansion of Access to Remittance Inflows

Omolabake Fasogbon

Cross-border payment company, WorldRemit has stressed the need to expand access to remittance inflow to enable socio- economic growth

Country Manager for Nigeria at WorldRemit, Gbenga Okejimi also defended the role of remittance in the development of Nigerian economy post COVID-19.

He noted that the education sector in particular, stands to gain significantly from diaspora inflows, being one of the key sectors that suffered hugely from COVID-19 outbreak.

According to him, prior to COVID-19, the education sector had been constrained by factors relating to financial, cultural, gender, health and security.

“The outbreak of COVID-19 further exacerbated these challenges, driving massive disruptions that affected 1.6 billion learners across the world, especially children in under-served communities. Data made available by UNICEF places the number of out of school children in Nigeria at about 10.5 million”, he said.

Quoting WorldRemit recent study, Okejimi said, “Our 2021 ‘Back-to-School’ study revealed that among 10 countries, Nigeria was the most impacted by the disparity between average household income, fertility rate and the cost of education.

The average household could expect to spend more than a full month’s income on basic seasonal education costs.

“Apart from government spending, diaspora remittances are a huge source of development finance, part of which is invested by recipients to advance educational goals. Many families, friends and other members of communities get education because of the money sent back home by the diaspora community”

He urged government to limit disruptions to inflow from abroad and sustain the contributions of remittances to enjoy more dividends of education.

He said, “The funds received from abroad provide an additional source of income that can be used to upgrade school resources like books and stationery. We saw how the outbreak of the pandemic fast tracked digital adoption across the board, and while many could not afford the technology required, diaspora remittances provided a lifeline for many to access the critical technology required to limit disruptions to their education.

“This will not only be relevant for the COVID-19 era but also for the future of education.