London based payment service MoneyTO has launched money transfers to Nigeria. The services come at zero charges and can be initiated from the UK and EU countries.
The World Bank reported that 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. Over the past six years, remittances made by Nigerian expats have increased by more than 126%. About 20% of the total volume of remittances to Nigeria are sent from the UK, followed by Italy, Spain, Germany, Ireland, etc. As stated in a PwC report, the growth of remittances to Nigeria is expected to soar to $29.8 billion in 2021.
MoneyTO founder, George Piskov said, “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.”
Users can send money with MoneyTO online using their Visa and MasterCard in GBP and EUR. The recipient will receive the transfer in Nigerian Naira (NGN). The payment service according to offers one of the best exchange rates on the market. For instance, when sending GBP 300 with any other service, the addressee receives NGN 150 710 on average, with MoneyTo the amount will be NGN 156 018.
MoneyTO offers in Nigeria convenient and secure money transfers to the bank accounts in Lagos, Kano, Ibadan, Benin City, Port Harcourt, Jos, Ilorin, Abuja, Kaduna, Enugu, Zaria, Warri, Ikorodu, Maiduguri, Aba, Ife, Bauchi, Akure, Abeokuta, Oyo, Uyo, Sokoto, Owerri, Yola, Calabar, Umuahia, Ondo City, Minna, Lafia, Okene, and other cities and towns in Nigeria.
The money transfers can be sent to the bank accounts at the following banks: Access Bank Plc, Citi Bank, Diamond Bank Plc, Ecobank Nigeria Plc, Equatorial Trust Limited, Fidelity Bank Plc, First Bank of Nigeria Plc, First City Monument Bank Plc, Guaranty Trust Bank Plc, Heritage Bank Plc, Skye Bank Plc, Standard Chartered Nigeria Ltd, Sterling Bank Plc, Union Bank of Nigeria Plc, United Bank for Africa Plc, Unity Bank Plc, Wema bank plc, Zenith bank Plc.
