Nigeria is a sub-Saharan country in Africa with a 200 million-strong population. The country is in economic instability with social life in stages of growth. Remittances to the country from its diaspora stood at $24.5 billion in 2018. This is very important for supporting the families in Nigeria undergoing a shift and growth. Money transfer to Nigeria from the United States stands at $7.2 billion in the same year.
The US has the largest Nigerian Diaspora in the world with the most qualifications. Nigerian Familie households have a higher median income than the average American household. Tennessee, a state in the US has 16.8% African Americans in the population. The state is home to around 6.7 billion people which makes it the 16th most populated in the country. Nigerian Americans who send money Nigeria do not get value for their remittances. Online money transfer services like FAZRemit can help change that.
Money Transfer to Nigeria without Value
The diaspora in the country who remit money to Nigeria has trouble from the start. The country is in a high-risk economy because of fluctuating oil prices globally. Because of this, banks and International Money Transfer Operators take advantage of the users. There is a better method for these users to remit money to their loved ones in Nigeria.
Banks take anywhere from 203 weeks to remit money to accounts in Nigeria. They charge money transfer to Nigeria at foreign exchange rates which are never favorable to the migrants. The users lose most of the money they remit to their family and friends in processing fees.
International Money Transfer Operators (IMTOs) assure customers faster and cheaper service to Nigeria. They charge the customers 8-10% of the total remittance amount as processing fees. The service takes 1-2 days which is not quick enough for customers in time-locks. The service offers no value for the customers, unlike online platforms.
Online money transfer services like FAZRemit ensures the customers, value for their money transfers to Nigeria. The increase in online penetration in Nigeria has created a unique opportunity for citizens. Nigerian diaspora can send money to Nigeria using FAZRemit directly to the benefactor’s account.
FAZRemit and Its Services
FAZRemit offers its customers fast, safe and affordable money transfer to Nigeria. The platform offers the lowest processing fee in the corridor.
Migrants in Tennessee can register on the platform online. The registration process is simple and quick. The platform does automated KYC checks at the time of registration. This ensures safety for the customer and their money during online transactions.
The user can send up to $2499 instantly online to their benefactors in Nigeria. We offer our partnership with 25 banks in Nigeria to make transactions hassle-free. 1.7% of the remittance amount is the processing fee charged for the service by FAZRemit. This offers the diaspora value for the remittances they make. These transactions help many families and individuals in Nigeria to lead a better life.
Join FAZRemit today. Send remittances to Nigeria from the US to help the ones you care about.