District of Columbia, formally known as Washington DC is the capital of the United States. The federal district is home to about 702,455 citizens as of July 2018. The most remarkable thing is that black ethnicity groups make up 50% of the total population, including Nigerian Americans. The district has proven to be a large contributor to remittance send to Nigeria in 2018 from the US. Nigeria, the largest populous country in Africa received $34 billion of remittance money in the last year alone. Projections show a definite increase in the remittance outflow even from the 50th most populous city in the country.
There are various platforms which help the diaspora send money to Nigeria. Money transfer to Nigeria using newer platforms like FAZRemit proves to be the best choice.
Money Transfer Platforms and their Services
Platforms like Banks and International Money Transfer Operators were the go-to service providers for the Nigerian diaspora in the former years. Lets us look at what changed the service environment for each of these platforms.
Banks provide safe and secure transactions for customers to send money internationally. They enabled the diaspora to help their families with remittance money which helped them to grow and stabilize. Banks usually charge a fluctuating processing fee for this service dependent on the foreign exchange rates. The fluctuating processing fees along with the 2-3 week delays in remittance made the customers look for better options.
International Money Transfer Operators (IMTOs)
This better option proved to be IMTOs. They provided faster services at a constant processing fee structure. These faster services take 2-3 days to remit money to their branches in Nigeria from the United States. The faster branch to branch transfers means more work for the benefactors who want it in their banks. They charge the customers a premium of 8-10% of the total amount to send money to Nigeria from the US. This is a huge loss for the diaspora who need more affordable and safe transactions at faster speeds.
Online Automated service platforms became the go-to services for these customers who were embracing technology. The growth in Internet penetration in Nigeria meant that these online services were more useful for the Nigerian Diaspora. Services such as FAZRemit assures its users fast, affordable transactions at the safety of their own homes. They could use their mobiles or computers to send money to Nigeria from the US.
Money Transfer to Nigeria using FAZRemit
The District of Columbia’s financial authority licensed FAZRemit to carry out money transfers to Nigeria from the federal district. The service has changed the lives of its users for the better. FAZRemit offers more than just money transfers. FAZRemit provides safe, affordable transactions to its users at the click of a button.
Registering to FAZRemit assures the customers a medium to send $2499 to their families instantly. The platform also secures them and their money with KYC document checks and partnership with over 25 Nigerian banks.
FAZRemit provides its services at more affordable prices than its competitors. The platform charges just 1.7% processing fee to send money to Nigeria from the United States. This enables the user to get value out of the service they chose.
Since the platform does transactions online, they show up instantly in the benefactor’s account once the user requests the transaction.
Just about anyone can use FAZRemit because of the easy-to-use interface and the customer-centric ethos of the platform. 24/7 customer support also enables the user to feel safeguarded at any point of doubt.
Sign up with FAZRemit to send up to $2499 to your families in Nigeria instantly. Money transfer to Nigeria has never been this accessible, fast or affordable!