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MoneyWhat is mobile money and why is it important for Africa? 07 Dec 2021
What is mobile money and why is it important for Africa?
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The Central Bank of Nigeria's new incentive "Naira 4 Dollars" gives you ₦5 extra for every $1 received. This gives you extra support and your family, friends or contacts in Nigeria receive extra money. The scheme is in place until the 8th of May. Ramadan is also around the corner, so it's also a great time to send a gift to celebrate this religious holiday and get extra support.
The central bank of Nigeria has made it illegal to send Naira to Nigeria as of 17/12. As a licenced operator, we are complying with this ruling.
This is their decision, although officially they are no longer able to do so (and they put their own banking partner relationships / licences at risk). Each day there are less and less websites offering NGN transfer services.
To encourage the Nigerian diaspora to send US dollars back to Nigeria, the Central Bank of Nigeria has agreed to provide support. For every US dollar you send back, your loved one will receive 5N extra.
For example, if you send 100 US Dollars in a transaction, the person you’re sending money to will receive 500N as added. This will be added even if your receiver decides to take out the money in cash or transfer to a domestic account.
The incentive will be valid for all transfers from Monday 8th of March to 8th of May 2021.
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