Nigeria saw an increase of 6.4% of the total mobile subscribers in 2018. The figures stood at 172 million which is 87% of the total population of the country. The oil-driven Nigerian economy is stabilizing albeit with trouble. The families and household economies still face harsh conditions. They require remittances more than ever to fight the ever-rising prices in the economy.
The country is very much dependent on money inflows into the country which is a staggering $25.08 billion. The remittance amount of 2018 made up 83% of the country’s federal budget for the year. Yet, the high-risk-tagged economy faces issues with providing the remitters with value. The situation of money transfer to Nigeria is changing soon. With online service providers like FAZRemit, users can easily send money to Nigeria online.
With an eye on the Future
In 2016, the government brought stricter foreign exchange laws into effect to strengthen their currency. It is difficult for the government to control the rate for transfers with current remittance trends. Customers prefer cash-point to cash-point transactions as their prevalent corridor to send money to Nigeria. IMTOs and banks make use of the high-risk economic situation to charge bigger fees than necessary. Banks and IMTOs charge customers 7-10% of the total amount as processing fees for their services.
With 112 million Nigerians having access to the internet and an 87% mobile penetration the country is looking for a change. Online money transfer services like FAZremit help the diaspora in America to send money to Nigeria instantly. Our services also provide the customers with a value for money transfer to Nigeria. Estimates also show that 89% of migrants will send money to Nigeria using online services by 2022.
Using online money transfer services can help bolster the Nigerian economy. The country can achieve greater remittance inflows with a reduction of processing charges. Migrants can pay less to send more by deducting middle agents while they send money to Nigeria online. The estimates put the total remittance money to Nigeria to reach $42 Billion by 2022. Saving 10% of this can help the Nigerian economy so much.
Wise Money Transfer to Nigeria with FAZremit
The Nigerian diaspora in the US remitted $7.2 billion in 2018. FAZRemit offers its users with safe, fast and affordable money transfer to Nigeria. With the online penetration in Nigeria ever growing, it is easy to register to FAZRemit online.
The platform does online KYC checks which ensure the user and his money security against fraud. We are also a wise choice for remittances to Nigeria because of its 1.7% handling charges. We offer our users the lowest processing fee in the corridor.
With FAZRemit, users can send money to their families and loved ones in an instant. The platform has ongoing partnerships with 25 banks in Nigeria and we expect it to grow further. This will provide our customers with even more options and choices for hassle-free transfers. FAZRemit provides value to users who send money to Nigeria online.
Join FAZRemit today to make money transfers to Nigeria from the United States. Use our services to make a difference in the lives of people you care.