Expanding bank network set to improve money transfer to Nigeria
Access to banks across Nigeria, where many of our customers send money to friends and family, is set to improve for the vast majority of Nigerians.
As of June 26, 2020, the Central Bank of Nigeria has issued a directive that will expand the reach of the country’s regional banks, and by doing so promote financial inclusion.
Currently, regional banks typically operate in at least two of Nigeria’s geopolitical zones. The new directive – which banks have six months to comply with – means an extra ‘zone’ for each bank.
This means each regional bank will now need to cover three zones across the country.
What is financial inclusion?
Nigeria currently lacks a robust national information management system. This means widespread electronic payments are not possible. Furthermore, only around 40% of the population have bank accounts. But Nigeria is experiencing the beginnings of a digital revolution: the number of Nigerians with access to smartphones is predicted to triple in the next 5 to 6 years ( Brookings).
According to The World Bank, “Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.”
When our customers send money to Nigeria they need to know that their beneficiaries have local access to banks, whether that is to collect money or set up an account in the first place. With an active bank account, beneficiaries, of course, have access to bank deposit as a method of receiving remittance.
More ways to transfer money to Nigeria
In short, this means wider access to banks for the Nigerian population.
Practically speaking, and for money transfer purposes, it means:
- More locations for cash pick up, making it more efficient for your beneficiary
- More locations for bank accounts to be set up
What does this mean for money transfer to Nigeria?
Whether you are already a Small World customer, or simply looking for the best way to send money to loved ones in Nigeria, now is a great time to sign up.
Small World offers three ways to transfer money to Nigeria:
- Bank deposit: If your recipient has a bank account, you can send money direct to a bank account
- Anywhere pickup: More than 800 locations can be used for pick-up when you make a money transfer to Nigeria with Small World
- Cash pick-up: Use the Small World website to see where you can send money for cash pick up
Transfer money to Nigeria with bank deposit for the first time
Bank deposit is already the most popular way to send money to Nigeria for Small World customers. The expansion of regional banks across the country is likely to make it even easier for this method of sending money.
If you are looking to transfer money this way for the first time, or are new to Small World, we’re here to help you make the switch.
How to set up your online account if you are new to Small World
To set up an online account:
- Go to our registration page and select “Create account”
- Enter and re-enter your email address and choose a suitable password, ideally one that is memorable but unique to the Small World site.
- Read and accept the terms and conditions
- Then you can create your account
You will receive an email from us asking you to validate your email address – within the email click on “confirm email address”.
Note: You must not try to login to your online money transfer account until you have validated your email address
Once your email address has been validated, you are now registered with Small World. All you need to do now is enter some further information and provide your identification documentation, and then you will be able to make your first online transaction.
If you already send money via Small World
If you already use a Small World branch or agent, or send money through our call centre, you can activate an online account that is linked to your existing activity. This allows you to access information about your past transactions and your beneficiaries and past transactions, making it even easier when sending money abroad.
Simply go to our registration page and select the “Have a branch account? Activate online now” option. Full instructions can be found in this guide.
The most popular ways to send money to Nigeria:
- Cash pick up
- Bank deposit
- Anywhere pick up
Our main partners in Nigeria are Polaris Bank, Fidelity, First Bank, GT Bank, access, UBA.