The best ways to send money if you are completing an investment project in Nigeria
If you’re in the process of completing a home build or undertaking a major purchase in Nigeria, let’s explore the ways that Small World can make this simple, easy and safe.
What are the different ways I can send money to Nigeria?
You can choose most convenient option for you and your beneficiary:
- Bank deposit. If your beneficiary has a bank account, you can transfer money directly to them in an instant. Bank transfers are quick, easy and secure and your beneficiary then has total freedom to decide how they want to use the money.
- Mobile wallet. If your beneficiary has access to a mobile phone, you can send money to a mobile wallet app. They can then choose to withdraw their money as cash or use their mobile wallet to make online payments.
- Cash pick up. If your beneficiary prefers to collect their money as cash, they can do so by visiting one of over 820 cash pick-up locations in Nigeria.
Why is now a good time to send money to Nigeria?
First and foremost, the Central Bank of Nigeria is currently working to expand the reach of its regional banks to promote financial inclusion in the country.Keeping an eye on your options over the next few months is a great idea as they are likely to expand.
Additionally, the exchange rate is currently strong between the US Dollar, the pound and the Nigerian Naira. A good exchange rate is one of the most important things to consider when making an international money transfer because it defines how much the Naira is worth in another foreign currency.
As the sender, a higher exchange rate means you get more Naira for your British pound . But the exchange rate changes constantly and is influenced by many factors – political, social and economic – that are outside of our immediate control, so when the rate is favorable it is worth taking advantage.
At Small World, we are able to set our own Exchange Rates, and constantly compare our rates with those of our competitors (and the banks) to give our customers the best rates possible.
While the exchange rates are currently good, it is always worth checking to the rate at the moment you make the money transfer.
How do I send money to Nigeria with Small World?
Create an account In order to transfer money to Nigeria, you will first have to create a Small World account .
You can do this quickly and easily online, via the Small World mobile app, or in person through one of our many agents.
Through an agent
Using the app
Visit the Small World website and click “register” in the top right-hand corner.
What you will need to create an account To create an account you will need the following information:
- Your email address,
- Your first,
- middle and last name
- Your telephone number
- Your date of birth
Once these details are entered, you will be asked to create a unique password and 4-digit passcode (do not share these with anyone else). You will then be asked to verify your registration, either via SMS or by clicking a link sent to you by email.
You will need to prove of your identity with a passport, a resident card, or a full Driver License.
While we hope this has helped you consider your options, there are always a lot of factors to consider when you are sending money home for investment purposes. If you are still unsure, it’s worth having a read of a recent article that outlines three key factors.
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.