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How digital remittance is changing the face of money transfer to Nigeria

Did you know Nigeria receives more money from the UK than any other country? According to Finder, UK transfers to Nigeria make up 15.4% of all transfers abroad. The reasons people may carry out a money transfer to Nigeria vary. However, research shows that most people send money home to support their families.<br><br>

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How digital remittance is changing the face of money transfer to Nigeria

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  1. Howdigitalremittanceischangingthe faceofmoneytransfertoNigeria Did you know Nigeria receives more money from the UK than anyothercountry?AccordingtoFinder,UKtransferstoNigeria makeup15.4%ofalltransfersabroad.Thereasonspeoplemay carry out a money transfer to Nigeriavary. However, research shows familiesthat most people send money home to support their.

  2. Transparency TDuring the global financial crisis of 2008, many Nigerian people lost confidence in their countries’ banking systems. According to research, valuable assets were lost, and many were impacted bya significantdrop in shareprices.Asa result, peoplelosttheir investments,andmanylosttheirjobs. As similar events unfolded in the wake of the pandemic, people questioned where their money had gone – they turned to the banks for answers. In response, Nigerian banks hiked up their fees and commissions whilst reducing their lending to stabilise their profit. Wherebankshavetraditionallybeenconservativeabouttheirpractices,digital remittanceopensdoorstotransparentbankingsystems.

  3. Speed Digital remittance uses a global online network to transfer money. This means money can be sent instantly across the world. Asa result, there are no more delayed transfertimesthantraditionalbanking. Astudy by VISAnoted that transaction speedsthrough digital remittance will continue to increase as digital remittance companies race to compete against each otherinthegrowingmarket. Theyrecognisedthatthegrowthinfinancialtechnologywillmeanthatmorepeople are likely to turn to digital remittance in the years to come. Estimates already expectthatmorethan15millionpeoplewillbesuingdigitalremittancebytheyear 2025.

  4. Cost Another benefit of digital remittance is more affordable transfer costs. As VISA notes – Attheendof2020,thecostofsending$200viaremittancewas6.66%.Ifwepanbackto onlytwoyearsbefore,thismeansthepriceofremittancedroppedbyasmuchas12%. Ifweputthisinactualfigures: In2018,$200couldbuy72200Naira. In2020,thesameamountcouldbuy76000Naira. That’sanincreaseof3800Naira.That’s$9moreperexchange. Giventhistrajectory,wecanexpectthatusingmoneyremittancewillcontinuetoyield costbenefitswiththegrowthofdigitaltechnologies.

  5. ContactUS ElizabethHouse,2ndFloor, 54-58HighStreet, Edgware Middlesex UnitedKingdom MailID-info@tangopay.co.uk Website:https://www.tangopay.co.uk/

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