New money transfer platform to facilitate remittances between the UK and Nigeria

Jan 16, 2014

A new online money transfer service will enable Nigerians living in the UK to send money back home, Cajnews Africa reports.

A new online money transfer service will enable Nigerians living in the UK to send money back home, Cajnews Africa reports.

Transferbee, the company behind the new service, said it had chosen the social website Eskimi as the main channel for the launch of
the
new financial service in Nigeria. It added that people will be able to send money at lower rates than through commercial banks.

Nigeria has been named by the World Bank as one of the top five recipients of global remittances. A report released by the bank revealed that these transactions reached $21 billion in Nigeria in 2012.

Nigeria is by far the largest recipient of remittances in sub-Saharan Africa, accounting for about 67 per cent of the inflows to the region in 2012, followed by Senegal and Kenya.

According to Vanguard, remittance flows to Nigeria and the rest of the region are also expected to grow in the coming years to reach about $39 billion in 2015.ADNFCR-2976-ID-801682797-ADNFCR