Georgia is the 24th largest in the United States in terms of land area with a population estimated to be 10,519,475. African Americans make up 31.32% of the total population of the state. It plays a major role in the remittance inflows that the African nations receive. Nigeria, the largest nation in Africa received $34 billion in 2018 as remittance and $7.2 was from the US alone. The Nigerian diaspora in the US is one of the best-educated groups in the US. They have a higher median household income than an average American household. Money transfers to Nigeria from the is on the rise and services have taken note. Banks and IMTOs face another major player in online automated platform services like FAZRemit. Which will be better for the Nigerian American in Georgia looking to send money to Nigeria?
Prevalent services and their shortcomings
Prevalent services include banks and International Money Transfer Operators who have not provided the customers with value.
Banks offer their customers’ money transfers across borders with safety and security. The service takes 2-3 weeks to remit money to Nigerian bank accounts. This time-frame is outdated in today’s fast-moving and poses a drawback for time-locked needs. Banks charge international transfers in terms of the foreign exchange rates. These rates are always fluctuating and are a cause of concern for the customers. All-in-all, using bank transfers to remit money to Nigeria from the US is slow and expensive.
This branch to branch modeled transfer platform takes lesser time than banks to transfer money to Nigeria. They still take 2-3 days and charges a premium to do so. The 8-10% processing fee is a loss for the customers remitting money to their families in Nigeria. Take into account the branch model and the benefactors need to move the remittance into their bank accounts themselves. IMTOs again trumps in having more drawbacks than advantages.
The increase in penetration of mobile and internet services has brought life to services offering money transfer to Nigeria online. These online platforms like FAZRemit offer fast, secure transactions at affordable rates. The users have complete access to information and services like FAZRemit are customer oriented and easy to use.
Money transfer to Nigeria with FAZRemit
Money transfer to Nigeria with FAZRemit offers the customers unprecedented value and choice. FAZRemit assures its users fast, affordable and secure transfers at their fingertips.
Registering with FAZRemit is easy and timesaving to do from Georgia using online means. Registering ensures validity and profile management in the platform. The user can keep track of their transactions and other details through its interface.
FAZRemit does KYC document verification to safeguard the user and their money against fraud and illicit activities. The safety of the user is of utmost importance to FAZRemit and other back-end services it provides. This ensures the customer peace of mind and hassle-free transfers to their loved ones.
FAZRemit enables its users to send money to Nigeria at affordable rates. FAZRemit charges 1.7% as a processing fee to remit money to Nigeria from Georgia and the US. This is the lowest rate provided by any service platform for this corridor.
FAZRemit also offers its users mobile wallet services which are creating a cashless economy in Nigeria. The usage of mobile wallets in Nigeria has increased in recent years and projections show more growth in the coming years.