The cheapest option for your specific transfer depends on where you’re sending from, where the money is going, how much you’re moving, and how quickly it needs to arrive.

Understanding how these services make money helps you avoid overpaying. Some charge upfront fees with transparent exchange rates. Others advertise zero fees but mark up the exchange rate.

The total amount your recipient receives matters more than how the costs are structured.

This guide breaks down the services by category and explains what to look for when comparing options.

Digital-first remittance platforms

These companies operate primarily online and through mobile apps. They tend to have lower costs than traditional services because they don’t maintain physical locations.

Africhange

Africhange operates across key remittance corridors from Canada, the UK, and Australia into West and East Africa, with a focus on cost efficiency and speed.

Part of Africhange’s appeal lies in its regulatory footing. Its Nigerian subsidiary holds an International Money Transfer Operator licence from the Central Bank of Nigeria, which allows the company to process remittances directly rather than through third-party intermediaries.

This structure shortens settlement timelines and reduces avoidable costs once funds are received in Nigeria.

Africhange currently supports transfers from Canada to Nigeria, as well as to other markets including Ghana, Kenya, Benin, Togo, and Senegal. The platform also supports multiple currencies on both the sending and receiving sides, which makes it easier to manage cross-border payments without constant conversion headaches.

LemFi

LemFi has emerged as one of the fastest‑growing platforms for remittances to Africa. It combines low cost with a smooth app experience that works well for people sending money from North America, the UK, and Europe.

Users open an account, verify their identity, and then send money directly to bank accounts or mobile wallets in countries like Nigeria, Ghana, Kenya, Cameroon, Senegal, and others. Most corridors carry zero transfer fees, and many transfers arrive within minutes.

You can hold balances in US dollars, British pounds, Canadian dollars, and other major currencies, then convert and send at competitive exchange rates.

The platform is regulated in the UK and Canada and holds licences to operate remittances into key African markets. Funds typically reach a recipient’s bank or mobile wallet in minutes. A loyalty or rewards component may appear, providing additional value for frequent senders.

Remitly

Remitly is one of the long‑standing players in cross‑border money transfers. It operates through a simple app and web interface that walks you through sending money step by step. When you use Remitly you choose between two ways to send. One option keeps fees low but takes a little longer.

The other delivers faster if timing matters more than cost. You can fund transfers with a bank debit or credit card, and your recipient can get money straight into a bank account or popular mobile money wallets used in many African countries.

WorldRemit

WorldRemit is similar to Remitly but supports a wider range of payout methods in many countries across Africa. In addition to bank deposits and mobile money, WorldRemit sometimes offers cash pick‑up options at local partners if the recipient prefers that. The interface is straightforward. You enter the amount, pick where you are sending it, choose how the recipient will collect the cash, and the app shows fees and delivery times before you confirm.

WorldRemit tends to settle transfers within a few hours for most corridors, though it can vary by country and bank processing times.

Wise

Wise focuses on transparency and cost efficiency. Unlike many banks or money transfer services, it uses the real mid‑market exchange rate and charges a single, upfront fee. This means the recipient gets the exact amount shown before you confirm the transfer, without hidden markups.

Wise is particularly suitable if keeping costs low is your priority, and you can wait for the transfer to process. Delivery times vary depending on the destination bank, but most transfers arrive within a few hours to a couple of days. The platform supports multiple currencies and countries, making it convenient for repeat transfers with predictable pricing.

Traditional networks

These established services have extensive physical networks across Africa. They’re useful when recipients need cash pickup or live in areas without reliable banking infrastructure.

Western Union

Western Union has one of the largest agent networks in Africa, making it a reliable option for recipients who may not have access to a bank or mobile money account. The service supports cash pickup, bank transfers, and mobile money in many countries.

Cash pickup is fast, often available within minutes, but it is more expensive than other payout methods. Bank transfers and mobile money can be cheaper, though delivery times may vary depending on the destination and local partners. Fees are generally higher than digital-first platforms, and exchange rates include a markup.

You can send money through the Western Union website, mobile app, or at a physical agent location. Online bank transfers are typically less costly than cash pickup, making them the better option when speed is not the top priority.

MoneyGram

MoneyGram operates across Africa with a large agent network, covering many urban and semi‑urban areas. The service allows recipients to collect cash quickly, often within minutes or a few hours, though timing can vary depending on the location.

Transfers can be sent online, via the MoneyGram app, or at agent locations, including major retailers. In addition to cash pickup, the platform supports bank transfers and mobile money in many countries. Fees for cash pickup are sometimes slightly lower than Western Union, but the cost depends on the sending corridor and payment method.

MoneyGram provides a reliable alternative for recipients without bank accounts or mobile wallets, while also offering multiple ways to receive funds for those who prefer digital options.

Mobile Money and regional platforms

Mobile money has transformed how people send and receive money in Africa. In several countries, more adults now have mobile money accounts than traditional bank accounts. This widespread adoption has made it easier to move money quickly, securely, and without relying on banks.

Mobile Money overview

Mobile money lets people receive, store, and spend money using just a mobile phone, without needing a bank account.

Major providers include M‑Pesa in Kenya and Tanzania, MTN Mobile Money across several countries, Orange Money in West Africa, and Airtel Money in multiple markets.

Most international transfer services now support sending money directly to mobile money accounts. This method is often faster and cheaper than using bank transfers or cash pickup, making it a popular choice for both senders and recipients in some countries.

Wave

Wave is a mobile money platform that operates in Senegal, Côte d’Ivoire, Burkina Faso, Mali, and Benin. Transfers from the US to Wave accounts typically carry no transfer fees. The exchange rate is the main cost for the sender.

Recipients need a Wave account to receive funds, and creating one is straightforward. Wave functions as both a transfer service and a mobile money wallet, allowing users to send, receive, and spend money through the app.

Coverage is currently limited to the West African countries where Wave operates, but within those markets, the platform is fast, simple, and easy to use.

Sending money to Africa is more efficient now than it was years ago. Digital platforms are driving down costs and forcing greater clarity in pricing. Whether you prioritise cost, speed, or convenience, there are options that fit your needs. Check fees and exchange rates before you hit send, and choose the right tool for your corridor and frequency.

The breach, which occurred between September 20 and 22, 2024, caused a week-long outage that disrupted the company’s website and app services. The breach was discovered on September 27, 2024.

The stolen data includes customers’ names, phone numbers, email addresses, dates of birth, and in some cases, Social Security numbers and government identification documents.

Added to this, postal addresses, bank account numbers, and MoneyGram Plus Rewards numbers were compromised. Transaction details, including dates and amounts, were also affected.

MoneyGram, which operates in over 200 countries and serves more than 50 million people annually, is still in the early stages of its investigation.

The company is working to identify the full scope of affected customers but has not disclosed the exact number impacted. A spokesperson for MoneyGram, Sydney Schoolfield, declined to provide further details beyond the company’s official statement.

In response to the breach, MoneyGram took steps to contain and remediate the issue, including taking certain systems offline, which temporarily impacted their services. They have launched an investigation with the help of external cybersecurity experts and are coordinating with law enforcement.

MoneyGram has already notified U.K. data protection regulators as required by law, noting the possible international implications of the breach. The company has advised affected customers to remain vigilant for incidents of fraud and identity theft by reviewing account statements and monitoring their credit reports.

The company has not yet revealed how the breach occurred but is continuing its investigation into the nature of the cyberattack.

More than US$20 billion dollars was remitted into Nigeria last year by the nearly 1.5 million Nigerian migrants around the world, making the nation the 8th largest remittance receiving country globally.

Remittances account for more than 4% of Nigeria’s total economy, making the swift, effective delivery of funds vital at an individual level, but also as a driver of economic stability for the nation, according to data obtained from WorldRemit.

Sending money to Nigeria has traditionally been expensive and slow, with traditional bank wires often causing frustration, according to Monito, an online platform designed to help individuals and businesses find the best options for international money transfers and currency exchange.

Furthermore, navigating the complexities of remittances to Nigeria has become even more challenging due to the Central Bank of Nigeria’s (CBN) decision, as of July 2023, to permit international money transfers in both US dollars ($) and naira (NGN).

However, there is good news for those looking for efficient and cost-effective ways to send money to Nigerian bank accounts. Several international money transfer services, known for their convenience and reliability, now operate exclusively online and allow transfers in either US dollars or naira. Over the past 12 months, Instarem, TransferGo, Remitly, and WorldRemit have consistently emerged as top choices on Monito’s comparison engine for sending money to Nigeria.

1. Instarem: Ideal for Sending from the US and Canada

Instarem stands out as one of the most cost-effective options for sending money to Nigeria. Whether you’re sending from the United States ($) or Canada, Instarem offers excellent exchange rates, affordable fees, and fast transfer speeds, ensuring your funds reach their destination within a day. According to Monito’s data over the past year, Instarem consistently ranked as the top choice for sending US dollars to Nigeria, making it a reliable option for many.

2. TransferGo: A Strong Choice for Transfers from the UK and EU

TransferGo has gained recognition for providing competitive exchange rates on international money transfers, particularly for those sending money to and from European countries. This platform offers a wide range of payment and payout options, simplifying the process. Over the past 12 months, TransferGo consistently ranked as the second-best app for sending money to Nigeria. It is especially ideal for transfers originating from the UK (£) or the EU (€).

3. Remitly: Reliable and Cost-Efficient

Remitly is a trusted industry leader known for offering some of the lowest exchange rates for international money transfers worldwide. With an exceptional Monito score, Remitly stands out as a secure, fast, and satisfying choice for sending money to Nigeria. Over the past year, Remitly consistently ranked as the third-best app for sending money to Nigerian banks, offering affordability to a substantial number of users.

4. WorldRemit: Extensive Coverage and Convenience

WorldRemit’s international money transfer service boasts an extensive network of cash pickup locations, enhancing convenience for recipients in Nigeria. With various options for sending and receiving money, including bank transfers, cash pickups, mobile money, and airtime top-ups, WorldRemit provides flexibility and ease of use. Over the past 12 months, WorldRemit consistently ranked as the fourth-best app for sending money to Nigeria and is particularly competitive for transfers originating from South Africa.

5. Small World: Suitable for Cash Pickups

Small World has built a comprehensive network of cash pickup locations, making it an attractive option for users who prefer sending cash to Nigeria. While Small World ranked as the fifth-best app for sending money to Nigeria over the past year, it was the cheapest option for a smaller portion of users. Therefore, it is advisable to utilize Monito’s comparison engine to assess their services before making a decision.

6. MoneyGram: Trusted for Cash Pick-Up Services

MoneyGram is a dependable choice for cash pick-up services, although its pricing may not always be the most competitive for bank transfers. Over the past 12 months, MoneyGram consistently ranked as the seventh-best app for sending money to Nigeria. While it was the cheapest option for only a limited percentage of users, it remains a viable choice for transfers from specific countries, such as the US, the UK, Canada, and Australia.

When sending money to Nigerian bank accounts, consider these top-ranked money transfer apps, which charge low fixed fees and offer competitive exchange rate margins. These providers have been rigorously reviewed for transparency, service quality, fees, and customer satisfaction, ensuring that your money transfer experience is seamless and trustworthy.

Best App to send money to Nigeria by Country (2023)

Based on the country or currency from which you are sending money, here are the best apps to use in 2023 when sending funds to Nigeria:

• From the United States: Instarem
• From the United Kingdom: TransferGo
• From the Eurozone: TransferGo
• From South Africa: WorldRemit
• From Canada: Instarem
• From Australia: Instarem
• From Ireland: TransferGo
• From Sweden: TransferGo
• From Poland: TransferGo

These recommendations have been compiled based on data collected from April 2022 to April 2023 on Monito.

This integration marks a significant milestone towards Changera`s mission to democratize cross-border payments access for people and businesses worldwide.

Changera will now allow both cash-in services in Canada, Senegal, Uganda and Kenya and cash-out services using Circle’s stablecoin, USDC, via the Stellar blockchain network, at participating MoneyGram locations across 180+ countries. 

Founded in 2021, Changera’s business objectives are rooted in enabling seamless and secure cross-border payments and remittances for its users. Since its inception, the fintech platform has delivered on its value proposition to allow businesses across Nigeria, Ghana, Kenya and Canada.

With this integration, Changera is taking a giant leap forward, expanding its reach worldwide as the first African-based custodial wallet collaborating with MoneyGram. Users in Canada, Senegal, Uganda and Kenya will enjoy reduced costs and faster transactions when cashing in at MoneyGram agents closest to their locations into their Changera Wallets, while withdrawals are available to existing and new customers globally.

Speaking on the integration, Ruth Iselema, the Chief Executive Officer of Changera said:

“The primary objective of this integration is to simplify the process of funding Changera wallets for users. Our solution is coming very timely because 1.4b people currently don’t have bank accounts globally. That`s approximately a quarter of the world’s population and 60% of adults worldwide work in the cash economy despite access to digital wallets. MoneyGram’s extensive network of agents will allow easier deposit and cash transfers in these regions and recipients will have unparalleled access to cash out their funds conveniently. This is the first collaboration of its kind between MoneyGram and a Fintech company in Africa, outside of traditional banking institutions. We’re proud to be pioneers of such.”

Expressing excitement about the integration, Umar Adamu, Chief Technology Officer at Changera said:

“We are thrilled that our goal to enable businesses and individuals move money freely globally is coming to fruition through this integration with a global leader in cross-border money transfers and payment service MoneyGram. This collaboration marks a significant milestone for Changera as we expand our reach and enhance the user experience for our customers. We are revolutionising the way Africans engage with digital wallets, providing them with unparalleled convenience and accessibility as they on/off ramp with USDC over the Stellar network on our platform. It accentuates our commitment to fostering financial inclusion and empowering individuals throughout the continent. We are excited about the possibilities and look forward to transforming the financial landscape in Africa together.”

Direct cash deposits and withdrawals are a major step forward for Changera`s customers who can now access their funds swiftly and securely, without the limitations previously experienced.

It further underscores Changera’s commitment to advancing financial inclusion for the excluded, unserved and underserved regions in Africa and ensuring equal access to the benefits of the digital economy.

By integrating MoneyGram’s trusted services, Changera is staying true to its mission to allow users to transact without limits, regardless of their geographic locations, thereby bridging the gap underserved by the traditional banking systems and offering individuals convenience, reliability, and security when it comes to digital wallet payments and remittance.

The integration represents a significant milestone in the pursuit of financial inclusivity, reinforcing Changera’s position as a trailblazer in the African Fintech landscape.