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South Africa International Remittance Market is Expected to Reach Over ZAR 34 Billion by 2023: Ken ResearchGURUGRAM, India, April 25, 2019 South Africa News
 South Africa is expected to experience increased internal migration with the rising economic opportunities in the urban areas. The rural population is looking for prospects in the urban areas thus mounting the remittance market forward. The country continues to remain as being one of the costliest spaces to remit money from across the world. However, in the coming 5 years it is expected to see a decline in costs owing to the increasing rivalry and intense competition from the ADLAs. The government and banks in the country are increasingly focusing on financial inclusion moreover; radical technological innovations are expected to accelerate the same. Use of Bitcoin is expected to boom mainly as an easier and cheaper means for disposal to send money back to their families. The South African market is expected to adopt digitalization at a rapid pace over the next 5 years. The smart phone users in South Africa would increase to 27.3 million users by 2022. This increase in penetration of technologically advanced mobile phones is expected to showcase the adoption of mobile wallets, e-wallets and other electronic modes of remittance services like WeChat across South Africa. South African government has been liberalizing their policies and regulatory frameworks for remittance service providers. The documentation, fee structure and business conducting guidelines are likely to be improvised by the regulators leading to a higher remittance business. The flexibility expected to be adopted by the government is serving as an incentive for both the service providers as well as the customers availing remittance services. The growth rate for mobile/digital channel is expected to be very high in the coming years since ADLAs are expected to be market leaders with their low pricing strategy focusing on making the services available to all the segments of the population. The market is also likely to expand in terms of the digital channels like mobile wallets and bitcoins which can be used readily for international transfers and deliver services within few hours. People from SADC countries will continue to migrate to South Africa as a result of increasing income opportunities. As a result of increase in migration, the remittance sector is expected to showcase growth with rise in the value and volume of remittance across all major corridors. The government support policies are likely to increase and thereby augment the value of transactions remitted by the immigrants. Ken Research in its latest study "South Africa Domestic and International Remittance Market Outlook to 2023 - By Channels Used (Banking Channels, Retailers, ADLAs & MTOs and Others), Remittance Corridors (Inbound-Outbound and Rural-Urban)" suggest that Western Union, MoneyGram, Hello Paisa, Mama Money and Mukuru together captured majority market share of the overall South Africa International Remittance market in 2018. The market is projected to witness a CAGR of close to 6% in terms of total value of transactions during 2018-2023. Key Segments Covered in South Africa International Remittance Market
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Companies Covered: ABSA Bank Limited, Albaraka Bank Limited, Bidvest Bank Limited, BNP Paribas SA – South Africa Branch, Capitec Bank Limited, China Construction Bank-Johannesburg Branch, Citibank-South Africa, Deutsche Bank AG-Johannesburg Branch, FirstRand Bank Limited, Habib Overseas Bank Limited, HBZ Bank Limited, HSBC Bank PLC–Johannesburg Branch, Investec Bank Limited, JPMorgan Chase Bank-Johannesburg Branch, Mercantile Bank Limited, Nedbank Limited, Sasfin Bank Limited, Societe Generale, Standard Chartered Bank–Johannesburg Branch, State Bank of India, The South African Bank of Athens Limited, The Standard Bank of South Africa Limited, First National Bank, Bank of Baroda, Bank of India, Bank of China, Bank of Taiwan, Western Union , Money Gram, Hello Paisa, Mama Money, Mukuru, Exchange4Free, Imali Express (Pty), Ace Currency Exchange (Pty), Forex World (Pty) Limited, Global Foreign Exchange (Pty) Limited, Inter Africa Bureau de Change (Pty) Limited, Interchange RSA (Pty) Limited, Master Currency (Pty) Limited, Sikhona Forex (Pty) Limited, Tourvest Financial Services (Pty) Limited, American Express Foreign Exchange Services, Tower Bureau de Change (Pty) Limited, Travelex Africa Foreign Exchange (Pty) Limited, Southeast Exchange Company (South Africa), Terra Payment Services South Africa (RF) (Pty), WorldRemit South Africa (Pty) Limited, Shoprite, Pep Stores, Pick n Pay, Checkers, Spar, Ackermans and Boxers. For more information on the market research report please refer to the link below: Other Related Reports: The report provides a comprehensive analysis of International Remittance, Domestic Remittance, and Bill Payment Market in Egypt. It includes the transactions occurring in Egypt by major flow corridors, mode of transfer, inbound and outbound transactions, channel of transfer, and bill payment details such as type of bill payments and mode of bill payments. The report also covers the overall competitive landscape and company profiles of major Money Transfer Organizations in Egypt. The report concludes with market projection for future and analyst recommendations highlighting the major opportunities and cautions for the Egypt Remittance Market. The report provides a comprehensive analysis of Europe international remittance market including market evolution, overview, genesis, market size and market segmentations. Extensive focus has been placed in quantifying the transaction value and volume over the period, 2013-2023. The report covers aspects such as market segmentation (by channels used, by sending and receiving countries, by inbound remittance point of contact and by top flow corridors) and a brief snapshot on the major sending countries in Europe Competitive landscape of major players including Western Union, MoneyGram, Ria Money Transfer, Transferwise, UAE Exchange, HSBC Bank, BNP Paribas, Lloyds Bank, Barclays Bank and XOOM by Paypal have been covered including company overview, major business strategies, USP, distribution network, remittance services offered, transfer speed and various other parameters. The report is useful for existing remittance companies, potential entrants, investors and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future. The report provides a comprehensive analysis of Europe international remittance market including market evolution, overview, genesis, market size and market segmentations. Extensive focus has been placed in quantifying the transaction value and volume over the period, 2013-2023. The report covers aspects such as market segmentation (by channels used, by sending and receiving countries, by inbound remittance point of contact and by top flow corridors) and a brief snapshot on the major sending countries in Europe Competitive landscape of major players including Western Union, MoneyGram, Ria Money Transfer, Transferwise, UAE Exchange, HSBC Bank, BNP Paribas, Lloyds Bank, Barclays Bank and XOOM by Paypal have been covered including company overview, major business strategies, USP, distribution network, remittance services offered, transfer speed and various other parameters. The report is useful for existing remittance companies, potential entrants, investors and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future. The report provides a comprehensive analysis of international inbound, outbound, domestic remittance and bill payments market in Nigeria. The report covers market size, segmentation on the basis of inbound, outbound remittance, remittance channel, and mode of transfer and remittance corridor for international remittance market along with market share of major MTOs. For domestic remittance market, the report covers market size, segmentation on the basis of region and major remittance channel (bank, MTO, e-wallet/ mobile money, Post office) and the market share of major players. The report provides a comprehensive analysis of remittance and bill payments market in Russia. The report covers market size, segmentation on the basis of inbound & outbound remittance, remittance channel, mode of transfer and remittance corridor for international remittance market. For domestic remittance market it covers market size, segmentation on the basis of region and major remittance channel. It also includes the bill payments market in the country covering the market size and segmentation of market by type of bills, channel of bill payment and bill payment methods. Contact Us: Ankur Gupta, Head Marketing Logo: https://mma.prnewswire.com/media/661352/Ken_Research_Logo.jpg
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