Virginia is the 35th largest state in the southeast part of America. Virginia has the honor of being the first new world English colony set up by the London company in 1607. Virginia has the 12th largest population in the country. The population in Virginia stands at 8.5 million as of 2018. The population in Virginia is diverse with 19.7% being African American heritage.
Nigeria, the largest sub-Saharan country in terms of population has the largest successful diaspora in the US. reports show that 61.4% of the Nigerian Americans have at least a bachelor’s degree. The diaspora continues to send money to Nigeria to help their failing economy, their families and friends. Money transfer to Nigeria from the United States stood at $7.2 billion as of 2018. But online services like FAZRemit will help it grow more. What are the needs of the diaspora in Virginia?
The Predominant Corridors for Money Transfer to Nigeria
The predominant corridors include the Banks and the IMTOs. Let us look at how they are not providing value to their customers.
Banks are the oldest financial institution that helps its customers with international money transfer. Banks are also the slowest in terms of the time these transfers take. Services offered by banks take 2-3 weeks to remit money to the benefactors account in Nigeria from the US. They charge their customers based on the fluctuating foreign exchange rates which creates a problem for the diaspora. The shortcomings of the banks created a space for the IMTOs.
International Money Transfer Operators filled the shortcomings of banks with promises. They promised faster transactions at better rates but never gives value to these services. They ensure money transfers to Nigeria from the US in 1-2 days and charge a premium for them. They charge 8-10% of the total remittance amount which is very expensive. These IMTOs, because of no competition in this corridor, give the customers no value for their service.
Money Transfer to Nigeria Made Easy Online
The remittances from the diaspora in the US are to help the families and individuals in Nigeria. And the prevalent corridors of money transfer do not provide the users with value. The increase in internet and mobile penetration in Nigeria has provided the platform for online money transfer services. FAZRemit provides its customers with a fair value for their transfers.
FAZRemit and their services
FAZRemit offers fast, affordable and safe money transfer to Nigeria from US. The platform allows its users to send money to Nigeria instantly using the platform.
Registering on FAZRemit is easy to do online. Having an account on the platform allows the user to send up to $2499 instantly to benefactors in Nigeria.
The service is safe because of the use of KYC checks during registration. This allows the platform to safeguard the user and their money during transactions. We help the customer remit money to Nigeria at the lowest processing fee in the market. The service charges the customer 1.7% of the total remittance which offers the customer value.
FAZRemit allows users to remit money to their loved ones at fast affordable rates. We understand the importance of remittances to help families and friends.
Join FAZRemit and send money to Nigeria instantly from Virginia at affordable rates.