Cash remittance service set up between UK and Nigeria

Cash remittance service set up between UK and Nigeria

United Kingdom (UK)-based Transferbee has launched an online money transfer website which allows users to send money to Nigeria direct to recipients’ mobile phones, responding to the popularity of mobile money in the country.

Transferbee.com aims to provide a cheaper service than traditional banking transfers, charging senders only GBP4.50 (US$7.20) for sending money from the UK to Nigeria.

Money arrives in Nigeria direct to mobile phones, which recipients can withdraw at thousands of cash-out points across the country, or use to pay utility bills, buy airtime, or make other payments and transfers directly.

“According to the World bank report, Nigerians receive more than US$20 billion from abroad every year,” Titas Bledis, chief executive officer (CEO) of Transferbee said. “But the market is still dominated by banks and companies charging high fees for the same service. We want to change that and offer a cheap and convenient way for Nigerian people to send money back home.”

A mobile money wallet will be created automatically on transfer of the funds, meaning money can be sent to any Nigerian mobile phone number, with money sent to Nigeria via the site arriving in the recipient’s mobile money wallet within 24 hours.

Transferbee is working in collaboration with two Nigerian mobile money operators – Teasy Mobile Money and Cellulant Wallet – and hopes to develop further partnerships with local operators.

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