Instant money transfer to Nigeria helps remittance receivers of different backgrounds. Be it, individuals, businesses, government, or the overall national economy, inflow of $25 billion plays a crucial role in uplifting them all.
In this blog, we will look at how fast international transactions can help different Nigerian communities and the scenarios in which the need for a proper money transfer platform is a must!
Beneficiaries of Instant Money Transfer to Nigeria Online
1. Ease of Doing Business
Businesses can have easier cash flow management to distribute finance for receiving funds, paying off employees, and allocating budget.
Faster receipts, easier workflow, better operations, and certainty of financial transactions supports businesses to flourish.
2. For Individuals and Families
E-payments and well-equipped technical infrastructure save considerable cost and time. Indulging in other activities that matter the most, it empowers the ability of families to improve their standard of life.
It is estimated that over 113.3 million Nigerians will be connected to the internet by the end of 2019. This is a positive sign that more Nigerians are joining the digital revolution and are getting educated. However, the booming population (growing at an annual rate of 2.6%) and literacy rate (59.6%) need to improve a lot. So, just the number of internet users is not enough to conclude that the internet alone will curb the problem of poverty.
Banks charge a very high transaction fee (over 10% of the total transaction) for international money transfer and may take days (sometimes more than a week) to process the transaction. Devaluation of reliability on public institutions is a major cause of people not opening their bank accounts in the first place. This is where the introduction of a fast and cheap money transfer service to Nigeria can bring a drastic change.
Encourages individuals to overcome their unbanked or underbanked status by introducing them to the benefits of becoming part of the mainstream economy.
3. Improvement in Remittance Market
Global competition among businesses operating in multiple countries is encouraging everyone to work on a seamless platform. Although speed is not the only factor. Security and transparency are other factors but undoubtedly this competition encourages both private as well as public financial institutions to provide a better service. This constantly improves the quality of money transfer services themselves as they try to outgrow their own achievements.
Overall quality services extend right from a customer’s first point of contact to maintaining a strong customer experience. Competitiveness results in a transition towards a better solution, especially for market segments (consumers) that are underprivileged. At the same time, every single industry is, in one way or another, impacted by the cross-border transfer of funds.
Overcoming Adverse Situations With Instant Money Transfer to Nigeria
1. For Timely Bill Payments
Ana actively credit-driven economy increases financial liquidity facilitating ease of doing transactions. However, the system can benefit only when the debts are paid within the agreed time. Inability to do so because of slow international money transfer to Nigeria attracts a hefty penalty which could take a toll on the overall budget.
For different individuals and organizations, the numbers may vary but the problem is the same!
To clear daily expenses, school or university fee, accommodation charges, pay mortgages et cetera, thousands of Nigerian look up to international remittances, which if not received in time could make a dent in the system as a whole.
This distrust in the credit-backed financial system can be detrimental for individuals in the short-term but for Nigeria as a whole.
2. To Cope Up With Emergency Situations
With the largest number of poor in the world, a significant Nigerian population relies on a hand-to-mouth lifestyle. For such people and families, financial aid from local public or private entities is not possible. Migrants who can send money to Nigeria instantly can be their only source of help. To overcome hospital bills or in case of a disaster, political instability, or terrorist attacks, receiving the aid within the right time could make a significant difference.
On the positive side, out of total bank account holders in Nigeria (49% of the total population), 23% indulge themselves in online bill payment. At the same time, air-time top-ups make 22%.
These numbers, although are not good but considering the political instability that haunted Nigeria for years, it is a significant development and a positive and promising sign of the awareness of Nigerians and their developing interest in digital transactions.
This, in turn, creates an opportunity for money transfer services to improve themselves and provide the best services. This is where FAZRemit takes the cake with their ‘instant money transfer to Nigeria from USA’ service at the cheapest rates.
To avail our services, simply register on FAZRemit, and send money to Nigeria from USA using the best online money transfer platform.