For the first time, Nigerians will be able to send money to loved ones outside the country through Western Union or MoneyGram, the two dominant money transfer service providers in the country.
Until now, Nigerians could only be recipients of money transfer services and not senders despite being the biggest beneficiary of money transfers in Africa.
In 2013, Nigerians received a total of $21 billion in remittances from Nigerians abroad. This was about 65% of total remittances of $32 billion received by all other African countries in 2013.
Now Nigerians can also send money abroad through Western Union and MoneyGram.
Nigerians planning to send money abroad can only send a maximum of $5000 and it must be to another person. Businesses cannot send money through this service and monies cannot also be sent to company accounts abroad.
Under this service, money can be sent through Western Union and MoneyGram to over 200 countries in the world. The money will be sent in Naira and received in the local currency of the country it was sent.
For example, a Nigerian can send money in Naira through Western Union or MoneyGram to Ghana. The beneficiary in Ghana will receive the money in Ghana Cedis.
This new service will provide Nigerians a form al transfer to send money to their loved ones in any part of the world. It will especially help parent who have their Children schooling in other parts of Africa and the World to easily send money to them.
Already, several banks have launched the service. United Bank for Africa (UBA) Plc launched the service on Monday, October 13, 2014 with Phillips Oduoza, the GMD/CEO saying that “This service opens a new vista of opportunity for Nigerians to easily trade with other Africans and also trade with other parts of the world. It also offers a great platform to send money to loved ones abroad. As Africa’s global bank, we are proud to partner with MoneyGram to make this service available. It opens a whole new world of opportunities for our customers”
