Over $20 billion USD is sent to Nigeria each year. This money is mostly sent by Nigerians who moved abroad to live and work in other countries so they can earn money and send it home to help take care of their loved ones from afar.
However, sending money internationally has long been difficult and time-consuming. There were confusing and exorbitant fees, money was slow to arrive, and you had to send it from a physical location. In fact, this is still the reality for many Nigerians sending money home today.
Remitly is a digital remittance company that has set out to transform this space. They are making remittances more fair, transparent, and cost-effective for the millions of immigrants and their families around the world who rely on them.
The savings that come from not having brick-and-mortar operations and transfer agents are passed on to customers in the way of lower fees and great exchange rates. This helps their money stretch further for their loved ones who may desperately need it. Remitly backs each transfer with their delivery promise, an exact date and time a customer and their recipient can expect money to arrive. If your money doesn’t arrive on time, Remitly will refund your transfer fee. The company also tracks the movement of funds as they approach the destination and provides updates each step of the way.
The idea behind Remitly took flight when, Co-Founder and CEO, Matt Oppenheimer was in Kenya working as Head of Mobile Banking for Barclays Bank. There, he noticed firsthand how reliant families in Kenya were on money sent from loved ones working abroad. He was convinced that the convergence of smartphone penetration and mobile app technology could change all of that. “Living in Kenya, I saw how painful, expensive and inconvenient it was to send money home. Seeing the remittance process up close was an eye-opener and I became convinced this was a problem around which we could both build a big business and make a difference in helping more immigrant communities around the world,” said Oppenheimer.
“We’re deeply honored to offer money transfers to Nigeria. Immigrant communities have long had sub-par remittance options. They have been disadvantaged by expensive, unreliable financial services, but we’re working hard to change this and have made great strides,” added Oppenheimer.
For more information visit Remitly.com or download the Remitly mobile app. Remitly is currently offering a free first transfer and with their Express service so that you can get your money to Nigeria within minutes.
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