FAQs: Everything you need to know about sending money to Nigeria

05 Sep 2023 - Category: Blog /
Send Money to Nigeria

We have good news for Nigerians sending money back home. Whether it’s for family support or any other reason, now you can send money in Nairas with Small World. And guess what? It’s easy on the pocket! Send money with Small World to enjoy the best rates and great services.

We offer bank deposits for our Nigerian customers living in the UK, Ireland, Finland, Sweden, Germany, Switzerland, Belgium, Netherlands, and many other countries all over the world.

With Small World, relocation and immigration don’t mean separation. Bringing home closer to you one transfer at a time.

Got questions? We have the answers.

What are the benefits of sending money in Naira?

Did you know that sending money to Nigeria in the Nigerian Naira (NGN) has a lot of benefits?

Not only does it provide direct financial support to a country with huge economic potential, but it also helps recipients receive the full value of their money sent without any extra fees.
Plus, sending remittances in NGN can boost the local economy by supporting small businesses and local services.

For Nigerian immigrants abroad, sending money back home for family support, educational expenses, medical bills, etc. in the local currency can help maintain connections and fulfill cultural and familial obligations.

In addition to that, transferring funds in NGN can also show your confidence in the nation's financial future; promoting foreign investment and fostering economic empowerment.

So why not consider sending money in NGN next time you need to transfer funds to Nigeria?

Is it safe to make bank deposits via Small World?

Fun fact, more than 50% of our customers choose the bank deposit option to send money to their loved ones in Nigeria.

Our remittance services make it easier for you to send bank deposits in just a few easy steps and 0 hassle.

Can I receive NGN in Nigeria?

Whether you want to do it through the bank you receive the funds in, or with any currency exchange provider, the choice is yours!
If you want to receive NGN, the information required is the beneficiary name and the account number known as NUBAN (Nigerian Uniform Bank Account Number). NUBAN has 10 digits.

What do I need to do to send money to Nigeria if I am a new customer?

To send money to Nigeria, you only need to:

  • Register for FREE with Small World - If you don’t already have an account.
  • Create a beneficiary - you will see Naira as the default option but you can also switch to USD by clicking on the drop down.
  • Set up the transfer - Choose how much money you wish to send.
  • Pay safely - Choose to use bank transfer or debit/credit card.
  • All done! - We will let you know when it’s on its way, usually within minutes.

What do you need to send money to Nigeria?

The information required for funds transfer with Small World includes the beneficiary name and the account number known as NUBAN (Nigerian Uniform Bank Account Number).

The NUBAN is a 10-digit account number format that allows the presenting bank to perform checks and ensures that money is sent and received by the correct accounts. It is about accuracy, organisation and financial efficiency.

You can find more information in the blog What are NUBAN Numbers?

What is the best way to send money to Nigeria?

This depends on your situation and preference. We’re here to help you with every step of the way.
Your options are many, you can start the transfer by visiting a branch, agent, contacting our call centre or online via website and mobile app. Your beneficiary in Nigeria can receive the money via bank deposit.

Is there a maximum amount I can send to Nigeria?

Bank deposit:
You can receive up to 10,000 USD into your USD bank account. The max amount for bank deposit is $9,999.99 per transaction.

Which partners are available in Nigeria?

We collaborate with many partners to make sure you have a great variety of choices.

  • Polaris Bank
  • Fidelity Bank
  • GT Bank
  • Zenith Bank
  • FirstBank
  • UBA
  • Union Bank
  • Access
  • Ecobank

What’s the “Naira 4 Dollar Scheme” and what does it mean for me?

A few years back, the Central Bank of Nigeria announced that for every US dollar you send back, your loved ones would receive 5N extra. This is called the Naira 4 Dollar Scheme.
Naira 4 Dollar Scheme was introduced to encourage the Nigerian diaspora/ Nigerian immigrants to send US dollars back to Nigeria.
However, in July 2023, the Naira 4 Dollar Scheme was abolished by the Central Bank of Nigeria.

The good news is, Nigerian immigrants now have the option to send money back home in their local currency, Naira (NGN) as well as USD.

Who can my beneficiary contact to get more information?

We are here to support and answer any questions your beneficiary may have. Our dedicated Nigerian customer support team in Lagos can be reached by landline: 014 536 799.

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