Nigerian diasporas play a major role in the growth of their home country through remittance money. They remitted $34.5 billion in 2018 into their home country and their loved ones making up 6.1% of the GDP. With a $7.2 billion inflow from the United States alone, the diaspora is a major component of the remittance machine.
North Carolina, like most states in the US, has seen an increase in the African American population since the 1990s. Today, African Americans make up 11.2% of the total 10 million population in the state. Of that percentage, Nigerian Americans make up most of the ethnic population in the state.
Money transfer to Nigeria has been a major talking point in recent times. The predominant platforms of banks and IMTOs do not offer the diaspora any value for their remittances anymore. The importance of an easily accessible remittance corridor to send money to Nigeria from the US is on the rise. And this has led to the entry of online automated service platforms like FAZRemit. What made online platforms spring up in the first place?
Do You Want ‘A’ or ‘A+’?
The oldest of the money transfer firms, all governments recognize them as financial institutions of trust and security. They offer services to their customers with a lot of drawbacks because of no competition in the space. Money Transfer to Nigeria through banks is slow. They take anywhere from 2 to 3 weeks to remit money to a Nigerian bank account. The processing fee involving the foreign exchange rates is high for Nigeria, which is an African country. The fluctuating fee also gives the diaspora a headache while sending money to Nigeria each time.
IMTOs or Banks 2.0
International Money Transfer Operators tried to attract customers with faster transactions and a standard processing fee. A win-win situation until we look at the fact of the matter. Their faster services take 2-3 days and charge their customers a premium for the service. The processing fee involved may be as high a 10% which offers no value for the customers. Many users feel it may even be more expensive than banks at certain times. Thus they are not a lot better than banks.
With no real differentiators and de-risking laws creating a further muddle, these services reigned supreme. But there’s a new player in town and it offers fast, affordable transactions completely controlled by the user. We are talking about Online Automated Services like FAZRemit. They ensure their customers a very different experience from the aforementioned platforms. You could say FAZRemit provides its customers with an A+ service compared to banks and IMTOs.
Why Not FAZRemit Use for Money Transfers to Nigeria?
FAZRemit offers its customers a fast, safe and affordable means of money transfer to Nigeria from the US. The platform has given the diaspora a better choice. Since its inception, FAZRemit has already helped thousands of Nigerians remit money to their families in Nigeria.
Registering to FAZRemit allows the user to send money to Nigeria at the click of a button. It is possible to send $2499 instantly and can have no upper limits if need be. The platform offers its services even in North Carolina with online registrations.
KYC documents submitted during registration undergoes verification to safeguard the customers and their money. A customer also has all the details of transactions available to him/her. They can view it through the easy to access platform interface.
FAZRemit provides all these services at the lowest processing fee in the market. The 1.7% fee charged by FAZRemit is a far cry from those charged by major banks and IMTOs. It is easy to see why the next time you send money to Nigeria, FAZRemit offers better value.
Join FAZRemit today to avail its online services for yourself from North Carolina. Money transfer to your loved ones in Nigeria has never been so fast, safe and affordable!