Chat with us, powered by LiveChat

Tag: US to Nigeria Money transfer

Social Media in Nigeria – The Future of Online Money Transfer to Nigeria

Millennials want convenience. They are not at all interested in drafting an email with a subject, greetings, and salutation. Gone are those days when response time were days or even…

Millennials want convenience. They are not at all interested in drafting an email with a subject, greetings, and salutation. Gone are those days when response time were days or even hours apart. Being a service and quality centric generation, they need the resolution of their queries the fastest. Enter – Social Media Platforms.

Internet Revolution in Nigeria

Although Nigeria has always been the most active social media user in the entire African sub-continent. Since the time of Myspace, Nairaland, and Friendster, Nigerians have been keen users of social networks. This trend has continued, moreover exploded in the era of Facebook and Twitter.

Political entities, media houses, and individuals using these platforms have made an impact globally. Moreover, some of the most effective campaigns were born as social media amplified the voice of everyone with no restrictions. Some hashtags made their journey to become social movements such as #BringBackOurGirls, #CitizenSolutionToEndTerrorism, and #LightUpNigeria.

bring-back-our-girls-fazremit-social-media-send-money-to-nigeria

Nigerians Connected to Internet

As per the World Bank’s 2018 report, more than 37 million unbanked Nigerians are using cellular devices like mobile and tablets to connect to the World Wide Web. Although 55.3 million Nigerians who are already part of the banking system are contributing to the country’s revenue stream, public and private institutions are yet to tap the remaining 27 million population. Banking and financial institutions see this problem as an opportunity which in turn would not only help them grow but also uplift the overall economy of this developing country.

Online money transfer to Nigeria, contributing $25 billion, is playing a major role in this field. However, for achieving the aspirations of 200 million population whose median age is 17.9 years, it is essential for remittance service providers to deal with the audience in their own playground. And that is Social Media!

Nigerians on the Internet

It is estimated that by 2021, more than 150 million Nigerians will be connected to the internet. Although this number could also be possible because of the exponentially growing population of Nigeria that is currently 2.6% annually. However, as the new generation takes over, Nigerian Diaspora’s social media penetration would undoubtedly increase significantly.

nigerians-internet-social-media-fazremit

Use of mobile wallets to send money to Nigeria online is on the rise as most of the internet users are hooked on to the social media platforms. 41 out of every 100 Nigerians use Facebook and WhatsApp which clearly indicates the enthusiasm of the young generation and their preference.

Nigerians and Social Media

Top 3 most-used platforms consist of Facebook-owned platforms, followed by YouTube. More E-commerce platforms and web-based payment gateways have followed this trend, and they are collaborating to avoid missing the golden chance. Nigerian Interbank Settlement System (NIBSS) indicated that in the first 9 months of 2018, Nigerian e-payment crossed 56.85 trillion Naira. This number exceeded the previous year’s record by 16.4 trillion Naira.

To achieve this feat, apart from the usual organic results and direct marketing, social media platforms played a major part. Right from brand awareness to increasing traffic, social media platforms have become an active lead and revenue generating sources. Furthermore, they are also an amazing relationship builder as it enhances customer satisfaction multifold.

social-media-nigeria-fazremit

Effective Social Media Advertising (SMA) and Social Media Marketing (SMM) strategies have resulted in a paradigmatic shift in the manner small to large-scale enterprises present themselves in the market.

As time goes by, the numbers will change. But it does not seem that the trend will show a negative sign, at least not anytime soon.

Comments Off on Social Media in Nigeria – The Future of Online Money Transfer to Nigeria

What are the different ways of money transfer to Nigeria from US?

In this era of technology, completing the basic banking deeds have become an easy task. Today one can transfer money not only from one state to another but from any part of the world to another…


In this era of technology, completing the basic banking deeds have become an easy task. Today one can transfer money not only from one state to another but from any part of the world to another. With the help of banks and money transferring platforms, it has become very easy to transfer money and to complement these transfers, a complementary currency conversion (or in some cases, as additional charges) with the basic transaction is also available. In this article, we’ll discuss the ways to money transfer to Nigeria from US.

Types of International Money Transfer Services

International money transfer is a broad topic and it is divided into various segments. Generally, international transfers are made either for personal use or for professional and/or business use. Basically, if someone wants to send money to Nigeria online, it is best to use interbank transfers, through wired transfer, private money transferring platforms or through bidding sites. Let’s take an overview of these options –

Bank Transfer

Generally, every bank has its own rules and regulations to transfer the money. Since, in the general population, there is a fear of fraudulent activities by private organizations, therefore, for big transactions, especially for FIAT currency exchange, banks are considered the most reliable option by the most.

However, because of the strict and in fact necessary policies by the government, such institutions can be tracked down and are accountable for any illicit activity on their platform. This has empowered the individuals and businesses who have the options to choose from the three most common ways to send money, namely, ACH which is the cheapest, wire transfer – the fastest and bank transfers that are considered as compared to be secure. Next on the list are

Private Platforms

Platforms like PayPal, Swift wire charge a fixed percentage or cut and transfer money from one country to another. These platforms operate on their own and provide comprehensive security throughout the entire process. These platforms are used for any country, for instance, if one seeks out for money transfer to Nigeria from US or wants to make a transaction from any part of the world to another, he or she can do easily it through online payment systems. FAZRemit, being one of those sites not just provides the fastest platform to wire money to Ghana, Nigeria or Kenya from US, but also ensures that the transaction cost is the lowest, and that only verified entities, be it individuals or businesses, are involved, thereby making the process highly reliable and secure from the point of view of both, the customers as well as legal entities.

Bidding Sites

This option is not so popular among the international money sending customers but it can surely help in achieving the task. All that one needs to do is create a task and all the money transfer operators bid on it. Although it provides a competitive rate for the customer, at the same time, this is a rarely used option because of the additional cost involved due to the involvement of a middle-man.

What is IMTO?

In the overall International money transfer market, which is currently worth more than a trillion dollars, there are a few fraudulent money transfer platforms that are luring in individuals with schemes that are too good to be true.

To stop such activities, financial regulatory bodies such as Central Bank of Nigeria has licensed only a few IMTOs, and it is highly recommended that one chooses from them. Few of these registered IMTOs facilitating money transfer to Nigeria from US in the US-Nigeria corridor include:

  • Smallworld Financial Services (licensed partner of FAZRemit)
  • TRANS-Fast Remittance,
  • WorldRemit limited,
  • UAE Exchange Centre LLC,
  • Wari limited, and
  • Home Send S.C.R.L.

Nigerian Banks v/s IMTO

Generally, it is recommended that one must choose banks over IMTOs but there are multiple reasons why the latter is steadily gaining its speed and the global market is undergoing the paradigm shift. First is the scale at which they can operate. Unlike banks, IMTOs are constantly upgrading their services based on the customer feedback while on the other hand, there are no groundbreaking upgrades in the banks’ functioning which, in the long run, could prove fatal for the banks. Secondly, the significantly low processing time plus the overall charges levied by IMTOs has always been much ridiculously low as compared to banks.

In Nigeria, this list also includes one more problem, i.e. distrust among the common people for the banks and especially government agencies which although have gone through challenges over the years but have not delivered on their promises of providing the most basic amenities to the common people. This perception is also shared by the immigrants and remittance senders.

How to find the best money transfer to Nigeria from US?

Money is an essential and hard-earned commodity, and it is one’s obligation if not the only option to check all the criteria before opting for any money transfer providing services. To put it in a simple manner, there are just 4 criteria to find the best money transfer options –

It is easy to go on any platform and get a persuasive webpage that would try to attract a user. Basically, this is the purpose and the sole objective of creating any website, moreover, any online content but it in the end, what matters the most for a user is to find ‘value’ that can only be achieved through a balanced and analytical approach to make the final decision.

Comments Off on What are the different ways of money transfer to Nigeria from US?

Type on the field below and hit Enter/Return to search