A British online money transfer provider, MoneyTO has announced a new product offering for customers looking to send cash abroad to Nigeria.
MoneyTO, which is headquartered in London, said that it would start offering fee-free transfers to Nigeria for senders based in certain regions.
If the sender is based in either the EU or the UK, then they will not be charged to make the transaction.
The transaction can be sent in one of two currencies – either in British pounds or in euros.
In terms of payment types and methods for sending the cash, both Mastercard and Visa are accepted.
On the recipient end, meanwhile, the money will arrive straight away in their Nigeria-based bank account.
However, the recipient has to bank at one of a list of various banks in Nigeria in order to be eligible.
On this list are major names from the country’s financial sector, such as Access Bank and First Bank of Nigeria.
Fidelity Bank, First City Monument Bank and Union Bank of Nigeria are also on the list.
Zenith Bank, Guaranty Trust Bank and United Bank for Africa are also listed.
According to a leading figure at MoneyTO, the new move represents a milestone for the company.
George Piskov, who set up the firm, said that he and his colleagues are upbeat about the prospect of helping people make cash transfers to loved ones.
“Launching Nigeria fee-free money transfers is a significant breakthrough for MoneyTO brand,” he said.
“We look forward to being of service to the Nigerian communities in the United Kingdom as well as in the countries of the European Union,” he added.
Data compiled by the World Bank reveals that Nigeria is one of the world’s most common recipient countries when it comes to cash transfers.
In 2019 alone, for example, almost US$25bn was transferred to the country – and this figure is expected to get larger.
Overall, the figure reflects around 5% of the country’s gross domestic product, the figures suggest.
The UK is one of the main countries sending remittances to Nigeria – though other European markets, such as Germany, also regularly send to the nation.
Nigeria In Focus:
Population - 206.6 million (Compared to South Africa's 59.6 million)
GDP: $504.57 billion (Compared to South Africa's $369.85 billion)
GDP Per Capita: $2,465 (Compared to South Africa's $6,193)
