It is predicted that Nigeria will have 140m smartphone users by 2025 (Statista.com). This huge increase, from around 40m in 2019, could have a significant impact on money transfer. If you send money to Nigeria this new wave of technology will introduce some exciting changes for you and your beneficiary.
Technology has always been a force that drives and shapes our daily routines, saving us valuable time in everything from the way we communicate to the way we watch and share media.
In a similar way, the digital revolution in Nigeria and across Africa has opened new options for the money transfer sector, bringing faster and more efficient options to both the sender and their recipient.
How do smartphones impact money transfer?
Although bank deposit is already the most popular way to send money to Nigeria, this vast increase in smartphones gives users almost instant access to their money transfer.
Now, all anyone needs is a device and a bank account and they can check on a digital bank deposit from anywhere in the world in a matter of minutes. Saving them the time that it would usually take for them to go to a bank.
For those customers using the more traditional cash pick-up when they send money to Nigeria, a beneficiary with a smartphone could be the start of digital transactions. With instant access to a bank account, money can be sent to an account quickly and securely for the first time.
Customers sending money digitally for the first time can read more about this in our recent article.
Factors shaping Nigeria’s smart future
At the centre of Nigeria’s digital revolution are smartphones, an increasingly important and popular part of everyday life.
Global technology and consulting services firm International Data Corporation (https://www.idc.com/getdoc.jsp?containerId=prMETA46136420) reported in March that Nigeria’s smartphone market grew 5.3% quarter-on-quarter in Q4 2019. This is a vast increase and one that is largely shaped by the country’s young and growing population.
As we’ve discussed above, this brings new options for sending and receiving money.
Sending money to Nigeria for the first time?
If your beneficiary having a smartphone means you are able to send money for the first time, choosing Small World, gives you access to a range of benefits:
- Your first transfer is fee free
- We offer great exchange rates and low fees
- Online allows you to safely send money to anywhere in the world
- There are no hidden costs
- You can track the status of your money transfer online
You can also use the Small World app to send money to Nigeria. Again, this is an efficient, safe and easy to use option which allows you to make a bank deposit from wherever you are, without the need to visit a branch or agent.
This guide will help you get started and, once you have, we’re confident that you’ll never look back.
Has Covid-19 changed things?
Though this revolution has been taking place for a while, the impact of the Covid-19 pandemic looks like it will accelerate it.
Back in March the Central Bank of Nigeria (CBN) was keen to emphasise the importance of not handling cash.
Speaking to NAN, Mr Isaac Okoroafor, the CBN Director of Corporate, said: “In times like this, it is advisable for Nigerians to adopt alternative payment methods such as electronic transfers, internet banking, USSD, etc, to avoid the disease – Covid-19.”
Social distancing and other hygiene measures mean that digital options such as contactless payments and bank deposits have now become a part of life for people who may otherwise not have used these services.
Smart technology is here to stay and will increasingly become an essential part of everyday life in Nigeria.
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.