Blockchain technology and international money transfers into the Nigerian Remittance market
Date
2022
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
University of the Witwatersrand, Johannesburg
Abstract
Blockchain has been making a buzz for a moment now. The nascent industry based on a “distributed ledger technology” is being globally explored especially by innovative start-ups and financial institutions looking to benefit from the technology. Revolutionized by the usage of cryptocurrencies in its processes, blockchain algorism is believed to have the potential to indubitably agitate the financial world. The promises of blockchain pretty much touch any domains imaginable provided the necessary resources are allocated towards its implementation. From governmental tools in election processes to individual peer-to-peer transactions, blockchain is being targeted by various parties seeking to extract the obvious advantages, the technology offers. This study focuses on how blockchain technology can benefit the Nigerian remittance market and observes how it has the potential to completely reinvent the financial and money transfer industry. Peer to peer money transfer methods have traditionally been done through financial institutions such as a bank or Western Union. In many regions around the world, especially on the African continent, the charges related to these transfers represent a high cost for the individuals performing them. Additionally, the regulations and required verifications on each step of an operation account for longer processing time. The main objective of this research is to explore an alternative financial solution for cheaper and more efficient remittance transactions internationally. The method used is a combination of desk research and qualitative field research that involves preliminary research on information already available about Blockchain technology, but also interviews with expert on the financial world. This research concluded that Blockchain technology and the use of cryptocurrencies into everyday transactions represents a real chance at entirely transforming the way individuals exchange money. A few limitations were observed in regard to regulations and control over its functioning. Either way, it is expected that both governmental entities and private corporations will lean towards exploring the “true” capabilities of
this technology
Description
A research report submitted to the Faculty of Commerce, Law and Management,in partial fulfillment of the requirements for the degree of master’s in Management in Governance in the field of Development and Economics’, University of the Witwatersrand, Johannesburg, 2022
Keywords
Cryptocurrencies, Blockchain, Money transfers, Remittances, Fintech, UCTD
Citation
Bah, Aicha. (2022). Blockchain technology and international money transfers into the Nigerian Remittance market [Master’s dissertation, University of the Witwatersrand, Johannesburg]. WireDSpace. https://hdl.handle.net/10539/38812