NIGERIA – MoneyTO, a London based remittance operator, has launched money transfers to Nigeria, Africa’s largest economy and most populous nation.
According to a report by Nairametrics, transfers can be made from the UK and EU countries fee-free. The recipients will get the transfer channeled straight to their bank accounts in Nigeria.
According to the World Bank, Nigeria is one of the six largest recipients of remittances in the world, attracting $24 billion in 2019, which made up 5% of the country’s GDP.
The West African nation is reported to receives about 67.0% of the total remittance received in the Sub-Saharan Africa Region.
Over the past six years remittances made by Nigerian expats have increased by more than 126%.
The growth of the remittance industry in the country has been majorly driven by the large number of Nigerian diasporas who have migrated overseas in search of higher paying job opportunities.
The number of Nigerian migrants in 1990 was 465,932 and it has grown over the years.
In 2013, the Nigerians living outside their country were 1,030,322, a figure that is more than double the number in 1990.
According to the World Bank report 20% of the total volume of remittances to Nigeria from Europe are sent from the UK, followed by Italy, Spain, Germany, and Ireland.
The growth of remittances to Nigeria is expected to soar to $29.8 billion in 2021, according to a PwC report.
All these figures portray a ripe market and great potential for growth which MoneyTo can leverage upon to increase its revenues and improve the convenience of remitting money from Europe to Nigeria
“Launching Nigeria fee-free money transfers is a significant breakthrough for MoneyTO brand. We look forward to being of service to the Nigerian communities in the United Kingdom as well as in the countries of the European Union.”George Piskov- MoneyTO founder
Remittances with MoneyTO can be sent online via Visa and MasterCard in GBP and EUR. The recipient will, on the other hand, receive the transfer in Nigerian Naira (NGN).
MoneyTo says that it offers one of the best exchange rates on the market and recipient can receive their money at a number of Nigeria’s leading commercial banks including Access Bank Plc, Fidelity Bank Plc, and First City Monument Bank among others.
MoneyTo will however have to face stiff competition from other MTOs, in the industry who include major companies such as Western Union, MoneyGram, World Remit and RIA.
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