Nigeria is a highly populated country in Africa. It is also called the “Giant” of this continent. But recently, many people are facing enormous issues in international transactions because the Nigerian Government took some major steps regarding online money transfer. Having the second biggest stock market in the world, businesses got affected badly and the migrants are also suffering from intense consequences. However, the complete solution for all these problems is still a big question for everyone. The most prominent factors leading to this action are listed below.
- ILLEGAL PLATFORMS WERE BEING USED TO SEND MONEY TO NIGERIA: The first and most concerning issue was the presence of enormous illegal and unlicensed platforms that were used to send money globally and according to the statistical reports, they may have caused severe harm to the economy of Nigeria. The country’s stock market was stack due to the presence of all such unlicensed regulatory. Due to this, the government immediately stopped all online money transactions but after checking the licenses of several companies, they were allowed to do online money transfer in Nigeria. So, if you are also facing problems in international transactions, then you do not have to worry anymore because licensed companies such as Western Union, MoneyGram, and Ace Money Transfers are still working there.
- HIGH TRANSMISSION FEES: Due to dollar deficiency, the exchange rates are higher in Nigeria. This is creating an issue in all international money transfers. Several banks and IMT’s were charging extra exchange rates and service charges. The charges vary from bank to bank but still, it was causing problems in online money transfer. But, if you look for all available options and choose your money transfer portal carefully, then you may come across optimized exchange rates. Thereby, it’ll help the people to avoid paying hefty prices for sending money online.
- FRAUDS AND SCAMS: Online money transfers have the highest rate of money scams and frauds to date. Many people claim to send people’s money online but after sending the payments, the websites were deactivated or closed. Large amounts of payments were stolen by people digitally. The rate of such dodges was increasing day by day. That’s why the Government ceased the licenses of hundreds of untrusted money transfer companies. But, the companies which were proved to be loyal and efficiently such as Ace Money Transfers are still working in Nigeria with optimized exchange rates and minimum service fee.
WHAT IS THE SOLUTION?
Use trusted IMT platforms or retailer banks to send money online. Save your money from getting wasted or misused. Always check the license of money transfer portals and the regulatory body that’s affiliated with the specific company. Look at the customer review and then after whole satisfaction, choose among available options according to your perimeters to get the best services.