OhentPay, a global exchange and settlement network has revealed the income distribution and gender gap among Nigerian men and women living in the United Kingdom in its latest 2024 remittance report for Nigeria.
Citing its findings following a survey on over 400 Nigerians living in the UK who send money back home frequently, it was discovered that a notable gender disparity exists, with Nigerian men in the UK more likely to earn over £50,000 compared to women.
According to the company, this report aims to help the Nigerian diaspora understand remittance habits compared to others; to help businesses targeting Nigerians in the diaspora with insights into their income levels, remittance behaviours, and potential interest in consuming other products or services based on their income; as well as provide policymakers and development organisations with informed policies and programs that maximise the social and economic impact of remittances on Nigerian households and businesses.
Chief Executive Officer of OhentPay, Emmanuel Ogbodo, in a statement made available to TechCabal, highlighted the impact through which the platform has made the exchange and transfer of funds seamless.
“At OhentPay, we are on a mission to build a global exchange and settlement network that allows anyone to send money anywhere in the world and receive value instantly. This includes individuals, businesses, and financial institutions.”
“Since 2018, we’ve been enabling Nigerians in the United Kingdom to send money to Nigeria securely, quickly, and at competitive rates. We are very big on enabling senders and recipients to get as much value from their money as possible. This is why this report is important.”
The company set out to understand why Nigerians in the UK send money back home. This was why it started with its users, whom the platform has enabled to transfer money to loved ones back home since 2018.
“This report surveyed over 400 Nigerians in the UK who send money back home frequently. We asked a bunch of questions about their income and sources, the frequency at which they send money and how much they send, the impact of these transfers on their loved ones, and so on, “ said Daniel. A. Moses, OhentPay’s Growth Manager.
Moses added that the first thing they wanted to know at OhentPay was the income range the respondents, Nigerians in the UK, fell in. The report found that most people earned between £15,001 and £50,000 annually.
“But are there factors that influence what these people earn? We decided to analyse the results based on different factors like gender, how long they’ve been in the UK, age, etc,” he said.
Other key findings in the report show that those who have lived longer in the UK tend to earn more, reflecting the importance of experience and skill development. Here are other highlights of the report:
- 70% of Nigerians rely on a single income source; those with multiple sources tend to earn more, especially in higher income brackets.
- Over 63% of Nigerians earning £125,000 or more have multiple sources of income.
- Most Nigerians send between £100 and £500 monthly, with higher earners sending larger amounts. Income level and the duration of stay in the UK, correlate with higher remittance volumes. Men are more likely to send larger sums, with a significant gender gap in the frequency and volume of transfers.
- The primary reason for sending money is “Black Tax” (46%), to support family members in Nigeria.
- Other common reasons include sending gifts (24%) and investments (16%).
- December is the busiest month for remittances, with 44% of respondents sending money during this period, likely due to the festive season.
- January follows as a popular time for sending funds.
The report did not only reveal financial patterns of Nigerian remitters in the UK but also the profound impact these transfers have on families and businesses in Nigeria. It provides a deeper understanding of how remittances are not just economic transactions but critical lifelines for many.
“Our findings highlight the importance of secure, efficient, and affordable remittance services, ensuring that senders and recipients can continue benefiting from these transfers from loved ones abroad,” OhentPay said.
