What is the Importance of Affordable Money Transfers to Nigeria?
Although the average remittance cost to Nigeria dropped to 10% from 14% in 2008, it is still the highest in the world. Furthermore, all the Sub-Saharan nations suffer from the same problem. Nigeria’s share of overall remittances inflow has decreased, but that signifies something else. Irrespective of the high international transaction cost, other African countries have embraced the trend and are currently witnessing a boom in the remittance market.
For the largest economy in Africa – Nigeria – remittance is a major economic driver. In 2017, overall remittance revenue surpassed oil revenues of the so-called ‘oil-driven’ Nigerian economy by $2 billion. Moreover, the recorded remittance figure, as opposed to oil revenue, was considered being a conservative estimation. Reason being, only 40% of the Nigerians are banked.
Further, the rest 37% unbanked Nigerian population relies on the informal revenue inflow. This doesn’t mean that all of them are receiving remittances, however, a considerable amount of people do.
Among those, there are many who are sceptical about the regulated channel because of their distrust in the government and financial institutions. However, it is the responsibility of the government and the money transfer operators (MTO) to spread awareness about the services that provide affordable money transfer to Nigeria online. Such individuals and families must be made familiar with the benefits of online international transactions.
In this article, we will lay down some points why Nigerians need to look a reliable and affordable platform to send money to Nigeria from Canada and how can they choose the best of them all.
1. Pay Less, Pay Smart – Choose Wisely
Gone are those days when you didn’t have any choice. Either there were limited banks or selected Money Transfer Operators. The digital world has eradicated all sorts of restrictions. Nowadays, just by browsing through the internet, one can easily compare one platform with the other and select the best one as per his or her specific requirements.
Removing the banks out of the question because of their exceptionally “generous” international transaction rates, an average affordable money transfer to Nigeria would cost anywhere from 5% to 7% of the total transaction.
But here‘s the problem.
While you are surfing on the internet, you may come across hundreds of money transfer platforms.
To ensure that it is a reliable remittance platform, you must clarify the total transaction cost in advance. There are some platforms who do not include the currency exchange rates in their overall calculation. Such hidden fees could spoil your experience completely. So, beware!
However, N2Xpress ensures that for every money transfer to Nigeria from Canada, the customer pays the lowest fee. Before making any transaction, you see the exact cost you want to pay, how much would your beneficiary get, and what would be your total cost.
2. Faster and Unlimited Transactions
Cash transfers are not just costlier but also slow. Cash transfers could be, in fact, very difficult in terms of feasibility as well as security. This is why you must avoid international cash transactions and go for digital payments.
If you are taking a regulated course for an international transaction to Nigeria from Canada, that you always must, you will be required to submit your KYC documents. Physical presence within the working hours and waiting in line will also compromise your convenience. Why would you want to do it to yourself when you can do it at your own convenience?
Along with convenient and instant wire transfers, the price is also very important. All of them have their own significance. N2Xpress, therefore, facilitates the fastest money transfer services from Canada to Nigeria, Ghana and Kenya to ensure that you get the best experience within the affordable range that you seek!
3. Actively Participate in the Country’s Economic Development
You must always make money transfers through a licensed and regulated channel. This ensures the security of your funds. In a case, because of any reason, your funds do not reach to the beneficiary, you can have your money back. If not regulated, there is a possibility that you may not be able to get your hard-earned money back!
There are many benefits to choose a registered platform. On a personal level, you can get the best and competitive services.
On the broader side, once you choose a formal channel of financial transaction, you become a part of the national economy. This helps the government to create more accurate statistics of money-flow.
The Federal Government of Nigeria, then, can use these statistics to develop better policies. This could benefit not just you, your family, your community, but the entire nation.
Although there are economic problems and challenges that the Nigerian government needs to solve. But, if you, the citizen, do not comply with the basic requirements of the government, the vicious cycle of blaming one another could continue endlessly!
4. Always Get the Best Because You Deserve it!
There is a neck-to-neck competition in the market. In the digital remittances era, you, as a customer, are the most valuable asset that any service provider cherishes. While competing for the throne of service providers facilitating the most affordable money transfer to Nigeria, you can easily get the best in the market. All you need to do is – explore!
Central Bank of Nigeria (CBN) is targeted to drop down the unbanked population from 37% to 20%. The remittance trend is shifting drastically. In the age of millennials, the world is moving towards a more accessible and better choice every single day. And, the government will play a decisive role if they want to promote this trend and prosper or slow their pace and fall behind the race in which they have already taken a good lead. With a decisive victory in Nigerian elections 2019, Mr. Buhari has undertaken this humongous responsibility and the entire world is watching.
Billions are pouring in the Nigerian remittance market every single day. Everyone wants ‘More’. So, why not take the full benefit of it and choose the service that provides the most affordable money transfer to Nigeria?