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 remittance market has changed dramatically over the past few years. Traditional banks and money transfer operators that once dominated the space now face stiff competition from mobile-first platforms offering better rates, faster transfers, and transparent pricing.

But with dozens of apps claiming to be the best, which ones are Africans abroad actually using?

We analyzed the most popular remittance corridors from Canada and the UK, two of the largest African diaspora markets, to identify the apps that combine competitive pricing, reliable service, and genuine value for users.

Our Selection Methodology

We evaluated remittance apps based on five key factors:

Market Presence: We focused on platforms with proven track records in Canada and the UK, where competition is fierce and users have high expectations for service quality.

Exchange Rate Competitiveness: We compared live rates across multiple platforms for common transfer amounts ($500) to Nigeria, Ghana, and Kenya.

Transaction Volume & User Base: We assessed each platform’s scale by examining publicly available user numbers, transaction volumes, and app download statistics.

Business Model Sustainability: We looked at which platforms have demonstrated sustainable growth models. Apps that grow organically often maintain competitive pricing longer because they’re not burning through venture capital to subsidize unsustainable rates.

Speed and Reliability: We evaluated typical settlement times and examined user reviews for patterns of delays or failed transactions.

The Apps Africans Are Actually Using

1. Africhange: Best for Competitive Rates

Africhange has built a reputation for consistently offering some of the most competitive exchange rates in the Canada-UK-Nigeria corridor. The platform serves over 300,000 users and has processed more than about 3million transactions since launching in Canada in 2020.

The platform holds licenses from FINTRAC in Canada, the FCA in the UK (launched July 2024), and the Central Bank of Nigeria.

AfriChange operates across multiple corridors and supports transfers from Canada, UK, Australia, and Nigeria. The platform also offers zero transfer fees, with costs built into transparent exchange rate margins.

Transfers typically settle within 10-30 minutes to Nigerian bank accounts. The app includes multi-currency wallets and a loyalty program (Afripoints) where users earn cash rewards on transactions. In the UK, AfriChange offers true bank accounts that allow users to hold and spend money..

Best for: Users in Canada and UK sending to Nigeria, Ghana, or Kenya who prioritize getting the maximum naira, cedis, or shillings for their dollars or pounds. Nigerians who look to recieve money in USD, Nigerians who looks to send money from Nigeria to anywhere in the world.

2. LemFi: Fastest Growing Platform

LemFi has become a household name in diaspora remittance circles, serving over 1 million active users and processing $1 billion in monthly transaction volume as of January 2025. The platform raised $85 million in funding, with a $53 million Series B round that valued the company at $725 million.

The app operates from Canada, UK, US, and Europe, sending to 30+ countries across Africa, Asia, and Latin America. LemFi offers zero fees for most African destinations, including Nigeria, Ghana, and Kenya. The platform earns revenue through foreign exchange spreads, typically adding a small margin above mid-market rates.

LemFi’s multi-currency wallet lets users hold funds in GBP, CAD, USD, and EUR. Most transfers complete within minutes. The platform is regulated by the FCA in the UK, FINTRAC in Canada, and FinCEN in the US.

Best for: Users who need to send money to multiple countries or want a feature-rich app with strong brand recognition.

3. TapTap Send: Most Popular

With over 10 million downloads on Google Play alone, TapTap Send has massive reach. The company raised $97 million in funding, including a $65 million Series B in 2021.

TapTap Send charges zero fees for transfers from the UK, Canada, and EU to most African destinations. The platform supports transfers to nearly 50 countries, with particularly strong coverage in Africa, Latin America, Asia, and the Caribbean.

Most transfers complete within minutes to mobile money wallets. The company pools customer transfers to negotiate better exchange rates with partners. However, some users note that the exchange rate spread can be wider than mid-market rates, meaning the “zero fee” model still has costs built in.

TapTap Send operates as a licensed money transmitter in multiple jurisdictions, including authorization from the FCA in the UK and FINTRAC in Canada. The platform accepts debit cards but not credit cards, corporate cards, or prepaid cards.

Best for: Users who prefer a simple, straightforward app and send money to less common destinations beyond major African markets.

4. NALA: Best for Mobile Money (East Africa)

NALA has carved out a strong position in East African remittances, serving over 500,000 users. The platform raised $50 million in total funding ($40 million Series A) and reached profitability with 10x revenue growth.

NALA specializes in instant mobile money transfers, with 95% of transactions completing in seconds to major mobile money providers in Kenya, Tanzania, Uganda, and Rwanda. The platform recently expanded to Nigeria, Senegal, Cameroon, Côte d’Ivoire, and select Asian markets including India, Pakistan, and the Philippines.

Mobile money transfers have zero fees. Bank transfers incur fees that vary by country. NALA earns revenue through exchange rate markups, typically competitive but not always the absolute lowest in the market.

The platform is licensed in the US and operates as an agent under FCA-regulated Mouldr FS Ltd in the UK, and is regulated by De Nederlandsche Bank in the Netherlands. NALA was named to the Forbes Fintech 50 list in 2025.

NALA pioneered internet-free transfers using USSD technology, addressing connectivity challenges in some African regions. The app includes a referral program and repeat transfer functionality.

Best for: Users sending to East Africa who want instant mobile money delivery without fees.

5. Wise: Most Established Platform

Wise (formerly TransferWise) is the industry giant, with 10+ million downloads and over $100 billion processed in 2023. The publicly traded company (valued at $11 billion at IPO) operates in 50+ countries.

Wise uses the mid-market exchange rate—the fairest rate with no markup—and charges transparent conversion fees ranging from 0.35% to 3% depending on the currency corridor. For African currencies, fees typically run 1-1.5% for major corridors like GBP/CAD to NGN, KES, or GHS.

Transfers to Africa can take anywhere from minutes to several days depending on the corridor and payment method. Bank transfers (ACH) are cheaper than card payments. Wise offers bank-level encryption, 2-factor authentication, and is regulated by the FCA in the UK and FinCEN in the US.

While Wise doesn’t always have the absolute best rates for African corridors, the platform’s transparency and reliability make it a trusted choice for users handling larger amounts or who value the multi-currency account features.

Best for: Users who want absolute transparency, multi-currency accounts, or are sending to multiple global destinations beyond Africa.

6. WorldRemit: Best for Cash Pickup

WorldRemit serves 8+ million customers worldwide with 144 payout partners across 130+ countries. The platform offers four payout methods: bank transfer, mobile money, cash pickup, and home delivery.

Transfer fees range from $0.99 to $3.99 depending on the amount, destination, and payout method. WorldRemit adds a 0.5-2.5% markup to exchange rates. The company is regulated by the FCA in the UK and licensed in all markets where it operates.

WorldRemit’s extensive cash pickup network makes it valuable for sending money to recipients without bank accounts or mobile money access.

Most mobile money and cash pickup transfers complete within minutes. Bank transfers can take up to 4 business days.

The platform supports airtime top-ups, allowing users to add credit to recipients’ mobile phones. Customer service receives consistent praise, with phone support available in multiple regions.

Best for: Sending money to recipients in rural areas or those who need cash pickup options.

The remittance industry has come a long way from the days of Western Union monopolies and 10% fees. Competition has driven prices down and service quality up.

The winners are the millions of families receiving more money because diaspora members have better options.

The co-branded service enables customers in Zambia to send and receive money globally, based on their convenience and needs.

Zoona is a leading fintech and enterprise payments platform in Zambia. Acquired by Chipper Cash in 2022, the two brands now support 5 million customers across Africa. 

Today’s announcement combines Western Union’s global strength and 175 years of expertise in international money movement with Chipper Cash’s and Zoona’s deep local payments knowledge and innovative mobile technology platform. 

Chipper Cash app users can now support their loved ones by sending and receiving money seamlessly across Western Union’s network of over 200 countries and territories. 

They also have the flexibility to send funds to mobile wallets worldwide, as well as for cash pick-up at hundreds of thousands of locations abroad. Payout to bank accounts shall be launched shortly.

“Zambia’s digitally savvy population of over 20 million is driving a remarkable shift toward mobile-first financial solutions,” said Mohamed Touhami el Ouazzani, Western Union’s Regional vice president of Africa. 

“Integrating our international money transfer services in the Chipper Cash app means customers can transfer funds across our global network – reliably and with ease. I am delighted then that, together, we are expanding the possibilities for Zambians to connect, transact and thrive in the global economy.”

The Chipper Cash app is available for download on both Android and iOS smartphones. To initiate a Western Union transaction, customers can use funds stored in their Chipper Cash wallet. The wallet can be conveniently topped up at multiple cash and digital payment touchpoints, including retailers, mobile network operators, banks and ATMs.

“At Zoona, we’ve witnessed firsthand the incredible evolution of Zambia’s financial landscape—from the early days of cash-based transactions and agent networks to a thriving ecosystem of mobile and digital payments,” said Brett Magrath, CEO at Zoona and CPO at Chipper Cash. 

“This partnership marks the next chapter in that journey. With smartphone adoption on the rise, there’s an increasing appetite for digital financial services that move beyond USSD to deliver richer, app-based experiences. This partnership extends the reach of Zambia’s vibrant fintech ecosystem—connecting more users to global financial services through a seamless digital experience.”

The collaboration builds on Western Union’s well-established physical presence in Zambia that caters to diverse and fast-evolving customer needs. The move also supports Western Union’s, Zoona’s and Chipper Cash’s shared mission to make financial services accessible to all consumers in Zambia – regardless of their banking status.

It notes that beyond supporting the lives and livelihoods of families in the senders’ countries of origin, remittances or cash transfers represent solidarity and symbolise the generosity and resilience of the African community on the continent and beyond.

In 2023, remittances in Africa reached almost $100 billion, equalling nearly 6 per cent of the continent’s Gross Domestic Product (GDP) and exceeding Foreign Direct Investment (FDI) figure of $48 billion.

Within Sub-Saharan Africa, key markets for remittances are Nigeria, Kenya, Ghana and South Africa, with Nigeria alone receiving nearly half of all Sub-Saharan Africa’s remittances.

Remittance services are crucial for efficient international transactions, particularly for business involved in cross border operations. Remittance services facilitate the transfer of money from individuals and organisations to recipients in another country, playing a key role in Africa’s GDP growth and overall economic landscape.

Africa’s entrepreneurial sector and digital economy continue to expand rapidly. As such, the importance of efficient and reliable remittance services is increasing. For businesses looking to engage in cross-border trade, pay remote employees or manage international vendor relationships, understanding the dynamics of Africa’s remittance market is essential.

Current Landscape of Remittances in Africa

Africa is one of the largest recipients of remittances globally, with billions of dollars sent home each year by the African diaspora and businesses engaged in international operations.

These remittances have significantly assisted in funding entrepreneurial ventures and stimulating regional economic growth.

However, the cost of digital remittances remains high, particularly in Africa. Research indicates that in 2023, the average cost of sending money through mobile applications to Africa was around 5 per cent, although it was lower in West Africa, at approximately 3 per cent.

The rise of digital technology, especially, is revolutionising traditional remittance channels like bank transfers and money transfer operators. Digital wallets, mobile money platforms, and blockchain-based solutions are emerging, making remittances faster, more accessible, and more affordable for businesses.

Who Are the Key Players in the African Remittance Space?

The African remittance landscape is populated by a variety of service providers, each bringing unique strengths to the market. From traditional money transfer operators to cutting-edge fintech platforms, businesses have a wide range of options to choose from.

Here are some of the leading players.

1. SeerBit

SeerBit is a Pan-African payment solutions provider dedicated to empowering SMEs and enterprise businesses by addressing barriers such as payment fragmentation and access to cutting-edge financial products, including remittance services. Known for its innovation and commitment to making payments simple, SeerBit ensures every business has the tools to serve their customers efficiently and scale their enterprise for growth.

2. Western Union

Western Union is a long-standing player in the global remittance market and maintains a strong presence in Africa. Known for its extensive network of physical locations, it offers reliable services even in rural areas, particularly where banking infrastructure may be limited.

3. WorldRemit

WorldRemit is a digital-first remittance provider, focused on simplifying the remittance process through its mobile and web platforms. It has gained popularity in Africa for its speed, convenience and lower fees compared to traditional players.

4. Sendwave

Sendwave specialises in mobile-based remittance services, focusing on low-cost, fast transactions primarily to African countries. It has become a preferred choice for the African diaspora due to its competitive fees and efficient service.

5. Flutterwave

Flutterwave is a leading African fintech company offering comprehensive financial solutions, including remittance services. It partners with global players like PayPal and Alipay to facilitate cross-border payments, making it a strong contender for businesses.

Challenges in Africa’s Remittance Market

Despite the growth and innovation in the African remittance space, several challenges persist:

Regulatory Issues: Strict regulations, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements, can make onboarding clients a long and complex process. In some countries, foreign exchange controls and restrictions on cross-border transactions add another layer of complexity.

High Fees: While digital solutions are driving down costs, traditional remittance services are still notorious for high fees. For businesses sending large sums or handling frequent transactions, these costs can accumulate and affect their bottom line.

Slow Processing Times: Traditional channels can take days for funds to reach recipients, which can hinder business efficiency, especially when dealing with urgent payments.

Accessibility in Rural Areas: In regions with poor banking infrastructure, access to remittance services can be limited. Digital platforms are bridging the gap, but there are still challenges in reaching remote locations.

Banking and Infrastructural Limitations: Inconsistent infrastructure, unreliable internet, and limited banking networks in some areas can slow down or complicate the remittance process, particularly for businesses operating in multiple countries.

Opportunities for Businesses Using Remittance Services

For businesses operating in or with Africa, remittance services such as those provided by SeerBit offer several strategic opportunities:

Cross-Border Transactions: Remittance services simplify cross-border payments for businesses dealing with international clients or suppliers. This can include paying for goods and services, settling vendor invoices or transferring funds between subsidiaries in different countries.

Payroll for Remote Teams: With the rise of remote work, companies are increasingly using remittance services to pay international employees and freelancers. This approach enables businesses to hire top talent from different parts of Africa without facing payroll complications.

Vendor Payments: Efficient remittance services ensure timely and reliable payments, allowing businesses to maintain strong relationships with suppliers.

Regulatory Considerations for Businesses

Operating in Africa’s remittance market requires a keen understanding of the regulatory environment. Here are some of the critical factors businesses must consider:

Central Bank Regulations: Each country has its regulatory framework, often overseen by central banks, that governs remittance services. Companies must comply with local laws and guidelines related to cross-border payments, exchange rate management and transaction reporting.

AML and KYC Compliance: To combat fraud and financial crime, businesses must adhere to strict Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements. These measures are designed to ensure the transparency and security of remittance services, though they can be resource-intensive.

Currency Exchange: Many African countries experience significant fluctuations in exchange rates. Companies need strategies to manage currency risks, such as hedging or using digital currency solutions that offer more stability.

To navigate these complexities, businesses should partner with experienced payment providers that have a strong track record in compliance and risk management.

What is the Future of Remittance Services in Africa?

The future of remittance services in Africa will be shaped by several trends.

Increased Fintech Investments: The rise in fintech investments is fuelling the development of innovative payment solutions that cater to the unique needs of African businesses. More startups are entering the market with niche offerings, targeting specific pain points like fee reduction and transaction speed.

Blockchain and Digital Currencies: Blockchain technology and the introduction of digital currencies are poised to make remittances faster, cheaper and more secure. Some companies are already using blockchain to bypass traditional banking networks, reducing costs and increasing transparency.

Integration with Business Ecosystems: Future remittance services are expected to integrate more seamlessly with other business tools, such as Enterprise Resource Planning (ERP) systems, accounting software and e-commerce platforms. This will provide businesses with more streamlined financial operations.

Businesses that stay ahead of these trends and adapt their strategies will be well-positioned to benefit from the evolving remittance landscape in Africa.

The continent’s remittance market is both dynamic and challenging, with numerous opportunities for growth. In a rapidly globalising economy, businesses cannot afford to overlook the significance of having a clear African strategy for remittance services. Understanding the current landscape, key players and the regulatory environment remain essential factors to guide informed decisions that enhance their financial operations.

Businesses can finetune their African strategy by exploring partnerships with trusted remittance services providers that align with their specific cross-border needs, ensuring they remain competitive in an increasingly digital and interconnected world.

To enable these types of global connections, Nedbank has partnered with Western Union to offer a state-of-the-art money transfer solution that allows people to send and receive money between more than 200 countries and territories quickly, affordably and reliably, through the Nedbank Money App and internet banking platform.

According to Vanesha Palani, executive, Financial Management at Nedbank, the collaboration with Western Union represents another way in which Nedbank is harnessing the power of digital to add meaningful value in the lives of its clients and their families.

“Whether it’s a parent supporting a child studying overseas, a spouse or an adult child managing expenses for their family back home, or just sending some money to pay for an important celebration, this partnership ensures that people can stay connected no matter the distance that separates them,” Palani says.

She explains that Nedbank’s main goal with the solution is to provide a service that not only offers convenience and speed but also prioritises the security of people’s transactions and offers real value for money.

To deliver on these objectives, the offering leverages Western Union’s global network and combines it with Nedbank’s trusted banking services and digital leadership.

The result is the ability to send money to loved ones in over 200 countries and territories swiftly, with multiple payout options, including cash at Agent locations and transfers directly into bank accounts or mobile wallets.

According to Mohamed Touhami El Ouazzani, Regional Vice President of Africa at Western Union, the co-branded digital service is crucial as it provides customers even greater convenience when sending and receiving money around the world.

“We are excited to launch Western Union’s international money transfer services on the Nedbank Money App and internet banking platform,” he says. “South Africa is home to the highest number of international migrants on the African continent and it also has significant diaspora communities abroad. Combining Western Union’s extensive global network with Nedbank’s innovative platform makes financial services accessible to these populations – ultimately nurturing even stronger connections between people, their families and communities.”

Palani emphasises that the collaboration not only promotes financial inclusion by providing access to financial services for both senders and receivers, but also showcases the power of digital in connecting people across borders.

“We understand that every cross-border transaction is far more than just sending money; it’s a way of sharing in life’s significant moments,” she adds. “so this global money transfer service in conjunction with Western Union is Nedbank’s way of doing good by helping people strengthen these emotional bonds.”

Nigeria’s consumers are calling for even greater innovation from money transfer providers to support their remittance needs, according to Western Union’s inaugural Global Money Transfer Index.

Eighty-nine percent of consumers who receive remittances in Nigeria want services integrated into a ‘super app’ with which they can manage all personal finance needs. Seventy-nine percent want platforms with local-language capabilities.

The Global Money Transfer Index asks consumers how, when and why they use international money transfer capabilities today, as well as their expectations for tomorrow.

The results bolster Western Union’s ‘Evolve 25’ strategy to combine high-value, accessible retail and digital financial services for all. 

“Nigeria’s Government and Central Bank’s efforts in developing the necessary infrastructure has boosted connectivity and inclusivity. As a result, consumers have become attuned to the opportunities and flexibility innovations can bring,” said Mohamed Touhami El Ouazzani, Regional Vice President, Africa at Western Union. “We expect this to continue, underscored by a strong emphasis on speed, convenience and reliability.”

The Index reflects Nigeria’s fast-paced economy, as the country’s government continues to implement its National Digital Economy Policy and Strategy. Evidence of its influence may be why 61% of consumers who receive money prefer using digital methods from start-to-end today.

Speed of transfer here is key and ranks as the most important factor considered by consumers when deciding which provider to select for collecting transfers.

When asked about the future, the balance starts to shift, with more receivers (53%) desiring choice between receiving money in-person or digitally.

Remittances set to increase

In 2022, Nigeria’s inbound remittance flows were estimated to be $21 billion, making the nation the biggest receiving market in Africa, and ninth largest globally.

At present, 63% of consumers in the country receive money at least once a month. As consumers further adapt to higher global cost of living, 85% expect to receive more money within the next 12 months.

According to Western Union, Nigeria’s senders also agree they will need to transfer more in the 12 months ahead (82%). However, they also face a cost of living dichotomy: Three-quarters (75%) say global economic condition mean they cannot transfer as much as they did previously.

“Economic headwinds have impacted all consumers globally, and remittances play an integral role in ensuring people and their communities can keep moving forward, leveraging opportunities,” said Ouazzani. “Now more than ever, it is incumbent on us as money transfer providers to be agile, supporting consumers as their requirements evolve in order to manage their daily financial needs.”

The partnership will enable funds to be sent from countries around the world to mobile wallets across Africa through the organization’s licensed payment rails. The service will first launch in Madagascar, and eventually to other countries across the continent.

Kumar Shourav, Managing Director, MTO’s at MFS Africa noted that a partnership like this is unprecedented in the industry, with huge potential benefits, value, and impact implications in the long run.

“At MFS Africa, we have always believed in making payments as simple as possible. Payment infrastructures globally have traditionally remained fragmented and local in nature. Africa’s 54 countries are diverse not just in terms of population, development levels, growth rates, and stability but with payment infrastructure and regulations as well. Africa’s fast-growing populations and markets present important opportunities for businesses and individuals in an environment of slowing global growth.

“MFS Africa has more than a decade worth of experience in navigating the challenging Africa payments landscape. Its direct relationship with mobile wallet players, banks, cash pick up networks and regulators on the continent is unmatched in the industry. Western Union is a global leader in cross-border, cross-currency money movement and payments. Through this partnership, both organisations will provide customers, businesses and Global Development Organisations across the world with access to convenient payout options in Africa.

“This will foster better integration between Africa and the rest of the world and will go a long way in supporting financial inclusion across the continent. Therefore, this partnership made complete sense.”

Similarly, Western Union’s ethos is based on empowering the aspiring populations of the world with accessible financial tools to improve the lives of their loved ones and communities.

Hassan Chatila, Global Head of Account Payout Network, Western Union, says, “At Western Union, we aim to be the global leader in providing accessible financial services to the world’s populations and, in turn, increase global financial inclusion. Our efforts to drive global financial inclusion means delivering on customer needs today and into the future. Through our partnership with MFS Africa, we are excited to come together and deliver on our joint commitment to bring innovative solutions for customers as they support their families and accelerate their momentum up the economic ladder.”

Mohamed Touhami El Ouazzani, Regional Vice President of Africa, Western Union, “Innovation, commitment to customer focus and financial inclusion are at the heart of everything we do at Western Union. We are deeply committed to the region and remain focused on advancing cross-border money movement solutions for the people in this region, their communities as well as the broader economy. Through our collaboration with MFS Africa, we look forward to achieving our common critical role in getting money to the places where and when it is most needed.”

This collaboration to provide access to transacting across borders will further cement MFS Africa as a preferred, better, and one-stop solution for payments into and within Africa.

Whether you’re a young entrepreneur in the merchant marketplace, require access to collect loan repayments from customers or need to send bulk payments, MFS Africa strives to continuously connect senders, recipients, and service providers across the continent.

The organization’s full-service digital payments network connects over 400 million mobile money wallets, over 200 million bank accounts across Africa, and over 200,000 agents in Nigeria, to enable cross-platform and cross-border payments for remittance companies, mobile network operators, banks, non-bank financial institutions and global merchants.

An interesting fact you should know is this – even with the availability of these money transfer service providers, many Nigerians do not still know how to send money internationally. While some of them know these platforms, but just find them somewhat difficult to use.

Certainly, this post will expose you to the top 5 platforms that you can use to send money abroad. In other words, your” how to send money abroad questions” will be answered when you understand how these platforms work. Importantly, you need to take cognizance of the requirements, charges, sending time, etc.

Our Top 5 Platforms You Can Use To Send Money Abroad

1. Wise

2. Domiciliary Account

3. Western Union

4. Money gram

5. Xendpay

Send Money Abroad With Wise

The number one option on our list is Wise which was previously known to be Transferwise. With this platform, you can send money abroad from Nigeria. It’s a UK money transfer provider and has been in existence since 2011.

Do the following:

• Create an account – Of course, the number one step is signing up with the service provider. Create an account with Wise using your email address. And remember to use a strong password.

• Amount – The next thing step is to select the amount you want to send. If you are sending $100 for example, you may need to send $105 due to transaction charges.

• However, before you make a transfer, it is advisable to use the calculator to see fees and exchange rates. The transaction fees are dependent on the amount, the currency you’re sending money to, and your payment method.

• Fill in your details – Before a successful transfer of money abroad, you should have some of the following details ready, your name, the recipient’s full name, your phone number, the recipient’s phone number, the recipient’s address, etc.

• Review the details – It’s always good to review your transfer details so that transfer goes successful. Make sure everything looks right before hitting the send button.

Send Money Abroad Via Domiciliary Account

Having a domiciliary account allows you to send money abroad. There isn’t too much paperwork to be done here. A government ID card is required (Drivers License, International Passport, Voters Card), utility bill, passport photograph. Some banks will require you to provide 2 referees who own a current account.

It takes about 3 days for your account to be set up. Upon completion, your account number would be sent to you via email, your SWIFT Code, routing number, etc. All these processes are just to have the domiciliary account.

You are only allowed to fund a domiciliary account with foreign currencies such as dollars, pounds, or euros which enables you to do foreign transactions on that account.

Nigerian banks do not sell foreign currencies; they will refer you to the black market. You will always buy at a high rate. Once you get those foreign currencies you go back to the bank to deposit them and it reflects in your account.

With the funds in your account, then, you can easily send money internationally through your mobile App. You will be charged a transactional fee and it depends on the bank you are using. The fees are relatively small.

Send Money Abroad Via Western Union

Western Union has been in existence for many decades and is also known to be one of the most common ways to send money abroad. It’s not just a platform to receive funds internationally, you could also send money.

Interestingly, anyone who intends to send money abroad can do this by going to any Western Union shop or online. At the time of writing this article, a check on the website says “the online platform wasn’t available but will be back soon.”

Before transferring or sending money internationally, make sure you register your profile in 3 simple steps – create your profile, verify your profile, and send money.

One would be wondering, how do I have funds in my Western Union account. It’s almost the same procedure as having a domiciliary account.

Here are the procedures:

• Go to any Western Union shop or outlet.
• Give the agent the amount you wish to load, bear in mind that it comes with charges.
• If you’re loading a prepaid card, give them the card too.
• Load your prepaid card or cell phone with the desired cash amount.

Now that you have money to send abroad, do the following:

• Login To Profile
• Choose Sending method
• Choose the Country amount and delivery method
• Enter card details
• Enter your receiver information
• You will get an email confirmation
• Share MTCN code with the receiver

Send Money Abroad Via MoneyGram

MoneyGram is another reliable platform that has been in operation for years. It’s like a twin brother to Western Union. The procedure is almost the same. It is the second-biggest money transfer company in the world.

With this platform, you can also either visit one of their outlets closest to you or send money internationally online. You can also MoneyGram App on Appstore. Fill in your details. It is very much cheaper when you make a transfer via the App. You can either load your credit card or debit card with money and send it.

Send Money Abroad Via Xendpay

Xendpay offers one of the lowest-cost global money transfer services. Xendpay has an App that is currently available on iOS and Android. This platform also works in Nigeria. So, your destination won’t be a problem here.

You are either using the App or website to send money.

Also, any user can fund or transfer funds through bank transfer, credit, or debit card. However, the process of sending money starts with creating an account.

Let’s assume you have created the account. Then, do the following:

• Just log in. If you haven’t, registration only takes a few seconds. Or you can get going even faster with Facebook or Gmail login.

• Select the amount you want to send and the destination. Then check out what your money looks like at the other end, without any hidden fees.

• Also, bear in mind that there are a few details you will need relating to your recipient’s bank account before sending such as IBAN, Swift code, bank name, bank address, etc.

Other Platforms To Send Money Abroad From Nigeria

There are other ways you might want to explore sending money abroad. Making international transfers does not end with MoneyGram or Western Union.

Below are other options

• Cryptocurrency
• PayPal
• Pioneer
• OFX
• Xoom
• Azimo
• Skrill