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Tag: international money transfer operator

4 Things to Expect from A Secure Money Transfer to Nigeria…

When it comes to a remittance platform that provides secure money transfer to Nigeria from USA, there are few boxes it needs to check. Right from being a part of…

When it comes to a remittance platform that provides secure money transfer to Nigeria from USA, there are few boxes it needs to check. Right from being a part of a safe environment to your personal security, everything matters.

In this blog, we will list down all the pointers that make an ‘online remittance provider’ secure. Furthermore, we will check how FAZRemit ensures the safety of all the customers who want to send money to Nigeria from USA.

1. Guaranteeing A Safe Habitat

Strictly following the guidelines laid down by financial regulators of both the countries of a remittance corridor is mandatory. In this case, Nigerian and American financial regulatory bodies have specific protocols that each and every licensed bank and non-bank financial institution must follow.

To achieve that, online money transfer platforms have to do a trade-off between the freedom to make any transaction(s) without any obstacle and asking them for their KYC documents. This ensures that each and every international transaction is processed within a controlled and safe environment. And that the money is not being laundered or used for Terrorism funding.

 

kyc documents for safe secure money transfer to Nigeria

FAZRemit is dedicated to providing the most convenient money transfer to Nigeria. However, there are some security protocols we need to follow to ensure the safety of the entire FAZRemit family. This is why, to register on FAZRemit and for sending money to Nigeria from USA, one needs to submit his or her identity and address proof.

2. Securing Your Data

To register on a platform including any sort of financial transaction, you need to submit various details, including, but not limited to:

  1. Phone Number
  2. Email ID
  3. Address Proof
  4. Bank Account Details
  5. Personal Documents

Read: FAZRemit Privacy Policy

Therefore, it is the concerned platform’s responsibility to keep all your personal and public information (if any) safe.

3. Sending Money to the Right Beneficiary

There have been multiple cases in the finance industry where a customer commits a mistake of sending money to an incorrect address. The worst part about this blunder is – it may require a lot of exhaustive documentation work to get the transferred funds back. If not that, then one may need to convince the recipient to return the money back. So, overall, in this scenario, your convenience goes down the flush!

beneficiary-verification-secure-money-transfer-nigeria-fazremit

To avoid such problems from the very beginning, FAZRemit allows you to add a beneficiary. Once we verify the beneficiary, we notify him or her of the same, and then you can send money to the Beneficiary instantly. Furthermore, you can make recurring payments to the verified beneficiary.

Also, if you do not want to send the payment right away, you can create a transaction and save it for later. When you want to release the payment, simply make the payment and we will transfer the money instantly!

4. 100% Refund if the Transaction is Unsuccessful

In the case, because of any reason, FAZRemit cannot process your transaction, you will get 100% refund. This is how we ensure that money is 100% safe with FAZRemit.

satisfaction-secure-money-transfer-nigeria-fazremit

Once you get onboard with FAZRemit, we ensure that you have the fastest, most convenient and safe experience.

To experience the most secure money transfer to Nigeria from USA at the most affordable rates, register on FAZRemit today!

For any further queries, you can always use our Chat Support or contact us at support@fazremit.com.

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IMTOs VS Banks – How IMTOs are Revolutionizing the Remittance Market?

International Money Transfer Operators (IMTOs) mostly use international banking network to carry out high-speed transactions. Licensed IMTOs, in their initial stages, were considered as a subsidiary of banks. However, because…

International Money Transfer Operators (IMTOs) mostly use international banking network to carry out high-speed transactions. Licensed IMTOs, in their initial stages, were considered as a subsidiary of banks. However, because of multiple factors, migrants, NGOs, businesses are turning down the banks. In this blog, we will put 7 reasons why IMTOs are being preferred over international money transferring banks.

1. Alternative to High Cost and Processing Time

Banks used to levy a ridiculously high transaction fee (8-10%) for international transactions and also, take a week to send money to Nigeria from USA.

But banks are not the only option to make international transactions anymore.

After complying with the KYC regulations, registered money transfer operators like FAZRemit facilitate instant transactions at the most affordable prices.

2. IMTOs Provide More Personalized Experience

Since IMTOs cater to a very limited audience, as compared to banks, they can easily make considerable changes in their operations. Banks, being process-oriented organizations, are more likely to follow a specific protocol and are adamant to any drastic changes.

So, basically, it is the difference between a traditional legacy and innovation.

Right from improving the mobile experience to timely tweaking the platform, and giving better customer support, IMTOs have the capacity to use their innovative ideas and strategies to overcome the incumbency. Actively participating in reforms and giving value to customer feedback allows IMTOs to explore the market. They are overcoming the traditional methods by proving them as tangible differentiators to become better. Consequently, the ultimate beneficiary is the customer, who can select from a pool of competitors dedicatedly trying to upgrade their game.

3. The Derisking/De-banking Blunder

Derisking pushed millions of formal transactions from a regulated environment into an opaque space. Most of the licensed IMTOs were asked by the Central Bank of Nigeria to discontinue their services which created a lot of uproar from not just the businesses but also common people. The common people stood by the side of IMTOs and the CBN then had to reform its policies.

It is evident that online money transfer scams have increased multi-fold in the past decade. And this was one of the major reasons to take such a drastic step. However, there were more side-effects than the advantages of this step.

De-risking or de-banking caused a notable ripple in the ongoing process of a global objective. Low-Income individuals from poverty-stricken nations such as Latin America and Carribean countries faced a huge blow as remittance is one of the major sources of their overall income. So, the only way is to find a solution instead of taking a drastic action like de-risking and creating more problems when there are already many.

It is, therefore, the responsibility of money transfer services to take banks and financial regulators into confidence. Both need to work in synergy to avoid such scenarios in the future.

This is where AML/CFT laws can ensure that every individual or business making an international transaction is identified and verified. This would help achieve the ultimate objective – to curb Money Laundering and Terror-funding.

4. Distrust in Banks

With 40% Nigerians underbanked and more than 60 million unbanked individuals, the Nigerian population is yet to actively participate in the mainstream Nigerian economy.

Underbanked individuals simply use their bank accounts to receive salaries and then transact the money all at once. On the other hand, unbanked do not own a bank account at all.

Because of the high level of corruption and political instability that keeps hovering above Nigerians, it is difficult for them to get over the past. However, IMTOs give them a ray of hope. MTOs ensure that the middlemen are cut short altogether. Additionally, if one is formally associated with an MTO by providing proper documentation, he or she can rely on the organization itself that it would safeguard his or her personal and financial interests.

Authorities and banks, in collaboration, have always been opposing the rise of IMTOs. I have thoroughly debunked their arguments in multiple blogs.

Read: Debunking Myths About Online Money Transfer to Nigeria

It’s not that the Government of Nigeria (GOK) and CBN are not doing their parts. In fact, CBN has claimed to bring the underbanked rate to 20%. Even this is not a very good number for a promising nation like Nigeria. However, it is, apparently, much better than 40%.

5. The Fear of Missing Out (FOMO)

The digital age has brought with it – Peace, prosperity, and convenience. However, its a shame on the part of the government as well as the MTOs that they have not been able to spread awareness of the benefits that economically and socially backward countries are missing out on.

Because of the internet boom, it is not easy for even poorest societies of the world to stay completely unaware of the important discussions, especially the ones affecting them. Still, this section of the population deserves to get the information. Banks and government institutions have got a long way to go to earn the trust of the general public.

And this benefits the IMTOs too. Overcoming the incumbency of banks, IMTOs have indeed made a mark in the remittance market. And the FOMO effect is encouraging more people to sign up for something better than what they already had. Reason being, those who have opted for this change, a majority of them, if not all, availed the benefits much more than they had expected.

6. IMTOs Focus on Details

Banks have a specific policy, i.e. to expand their horizons and audience. On the other hand, the primary objective of emerging MTOs, like FAZRemit, is to enhance their verticals.

Instead of tapping into multiple countries, FAZRemit, at present, caters to specific demographics and operated within limited remittance corridors. For all the individuals who want to transfer money from USA to Nigeria, Ghana or Kenya, the online money transmitter provides a flexible (customer-driven) yet highly secure platform.

This strategy, when implemented in the best manner, earns the trust of a specific community. In the long run, it helps emerging organizations to repeat the same feat while expanding. On the other hand, banks already have widespread connectivity and affiliation due to which most of them have similar market penetration. It could be good for business and even the stakeholders. But now, the trend is shifting.

7. Competition Among MTOs

IMTOs are constantly competing with each other. For every single international financial corridor, there are hundreds of online money transfer services. While they cut down their operational costs with the help of technology, their primary emphasis on Research and Development enables them to take a step ahead. Instead of choosing between a well-established IMTO and a bank, a customer sending money to Nigeria deserves more. He or she needs instant money transfer from USA to Nigeria at the cheapest rates with the ease of accessibility plus an assurance of high-grade financial security. This is where FAZRemit stands out of the rest.

Furthermore, an exponential increase in entrepreneurship and innovation has accelerated our progress. While some of the big names in the industry always try to set their monopoly, there are some who are different.

The virtual reality is taking over all the businesses and making them accessible to everyone instead of a specific set of people. Therefore, making an argument that in the future, all international transactions will be as convenient as opening a browser, is not a far-fetched estimation. We are on the way to make bill payment in Nigeria, and all sorts of funds transfer extremely accessible without compromising with global security. It may take time to reach that point but it’s not too far away!

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