The State of Connecticut in the United States boasts the highest median income for households in the country. It is only the 29th most populated state with around 3 million inhabitants according to 2018 records. The state has 10% black ethnicity groups in its population. The high median income and the low population is a driving factor for many African Americans to settle here. Nigerian Americans living here contribute a large share to the $ 7.2 billion sent as remittances to Nigeria in 2018. The diaspora uses banks and IMTOs as their primary platform for transactions but has increased their use of online services. FAZRemit is licensed to operate from the jurisdiction of Connecticut, creating an easier platform for money transfer to Nigeria.
Money Transfers to Nigeria Sees Changes
Banks and IMTOs were predominantly used to send money to Nigeria and other African countries by diasporas. But this has seen a fall in recent times with online services like FAZRemit becoming easier and more accessible.
They were the only platform to transfer money across borders for a long time. But they are currently in decline due to the rising popularity of online platforms. Banks provide safe and secure transactions with varying processing fees. The variability in the processing fee is related to the foreign exchange rates that they adhere to, for international transfers. They take 2-3 weeks to remit money to a Nigerian bank account which is not the 20th-century standard.
International Money Transfer Operators
IMTOs have had varied luck since the advent of the internet. IMTOs provide faster services to its customers than banks with 2-3 day money transfers to Nigeria. They charge 8-10% of the total remittance money as fees which is a huge loss for the diaspora. IMTOs also do not safeguard the customer’s money with the branch to branch transactions being their norm. The customer has no accessibility to the transactions and yet pay a premium for these services.
The increase in usage of internet and smartphones in Nigeria has led to the rise of online platforms like FAZREmit. They help the customers to send money to Nigeria even from remote places in Connecticut at the click of a button. They assure fast, safe and affordable international money transfers to their customers. They also provide customers with complete access and have proven to be a reliable source for money transfers to Nigeria.
Choose FAZRemit and Send Money to Nigeria Instantly
The registration process for FAZRemit is as easy as using the platform. The platform offers affordable remittance corridors for its customers. The diaspora can rely on FAZRemit to provide fast and secure transactions at an instant.
FAZRemit’s processing fees are the lowest in the market at 1.7%, which provide value to the customer. Remittances have never been more easy or secure for the diaspora in Connecticut and the United States.
KYC Document verification during the registration assures safe remittances along with ease of mind. The transactions are done instantly and show up in the benefactor’s account at the click of a button. Prompt customer service makes FAZRemit one of the most trusted online money transfer services today. Online presence of Nigerians has grown in recent years fuelling the growth of online platforms like FAZRemit
FAZRemit assures fast and safe platform to send money to Nigeria from the US.
Register today at FAZRemit and start sending up to $2499 to your loved ones in Nigeria.