Ohio is the 7th largest state in the United States in terms of population. The state is home to 11.5 million people with almost 16.4% being of African origins. Though it is a predominantly white state, there are African Americans spread out in all parts of the state. Ohio’s African immigrants are growing in size, diversity, and impact.

With a remittance outflow of $7.2 billion in the last year, Nigerian Americans are a vital catalyst to Nigeria’s growth. The diaspora in America helps in the economic and social growth of their home country with remittances. This corridor of international money transfer is of vital importance but has seen little help from Financial Institutions. Banks and IMTOs which dominate this corridor do not offer value to the diaspora who use their services.

The internet revolution in Nigeria has brought on a new competitor in this space. Platforms like FAZRemit value their customers and offer them a bang for their buck.

Money transfers to Nigeria Undermined and taken Advantage of

Banks

Banks are the oldest financial firms to offer international money transfers to Nigerian Americans. They provided services which took 2-3 weeks to remit to the benefactor’s accounts.

They charge a processing fee tied to the fluctuating foreign exchange rates. These foreign exchange rates are never a value-adder to send money to Nigeria from the United States. De-Risking laws in Nigeria leave African Americans with no other choice for money transfer to Nigeria from Ohio.

IMTOs

International Money Transfer Operators (IMTOs) act like banks but are not banks. They provide branch-to-branch money transfer services to its customers. These faster services often took advantage of the lack of competition in the US-Nigeria corridor. The prime example being the 7-10% processing fee they charge for a 2-day remittance. They are faster than banks, but not the fastest. And they are not in any way the most affordable. In fact, many users claim they are as expensive or more than the banks themselves. All this while the customers themselves have no access to the workings of the service.

Online Platforms

Online platforms for money transfer to Nigeria from the US, like FAZRemit,  changed the demographic for the better. FAZRemit assures its customers fast, affordable and safe remittances to Nigeria. The customer-oriented services give the users access to all the details concerning the transactions. The transfers themselves take place in an instant through online mediums. This is an emerging market where the new player is standing up to the Big-guns. They are in fact providing more value to the customer.

FAZRemit Helps to Improve Money Transfers to Nigeria

FAZRemit is the industry frontrunner in the online money transfer services from the United States to Nigeria. They ensure a fast, safe and affordable medium for thousands of Nigerian Americans to send money to their loved ones.

Registering with FAZRemit is simple and easy to do from Ohio online. The user interface enables the user to have access to their account details and transaction details. It is completely customer centric and easy to use.

FAZRemit checks KYC documents of the starting and termination points. This is to safeguard the customers and their money. This level of security weeds out illicit activities from ever entering the platform. 24/7 customer service and prompt response help the customer at every step.

FAZRemit’s services have no match in the online transfer market in terms of value. They charge the lowest processing fee among all other service providers. The fee amounts to 1.7% of the total remittance amount is the lowest in this corridor. This is helping thousands of Nigerian Americans to send money to Nigeria without second thoughts.

Read: Choice of a faster safer and affordable Money Transfer Service

The importance of remittance for the Nigerian economy can never be overstated. With remittances forming almost 6% of the nation’s GDP, FAZRemit is giving the nation a new lifeline.

Become a user of FAZRemit today to send money to Nigeria from Ohio, United States. A future of prosperity awaits for your loved ones and the Nigerian Economy.

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