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CONTACT system launched cash-to-accounts transfers in Nigerian banks

21 May 2018

CONTACT payment system in partnership with Nouveau Mobile Limited has launched money transfers to Nigeria in two popular formats – cash-to-accounts in any African bank and paying out in cash.

CONTACT system users worldwide are able to send money transfers to the accounts to the banks of Nigeria, the largest African country in terms of economic development, which is one of the five world leaders in incoming transfers volume.

Senders and beneficiaries of CONTACT system transfers can choose paying-out to individuals' accounts in any bank of Nigeria or in cash in any of over 130 Wema Bank offices located throughout the country. The currency for sending money transfers to Nigeria is US dollars. Payment in cash and transfer to bank accounts is processed in Nigerian Naira. The conversion rate is available to the sender at the time of sending.

Transfers are paid-out in one hour after sending. The maximum amount of one transfer is $1000 (in cash) and $9,999 (on accounts). Commission fees vary from $ 7 to 3.5%, depending on the amount of transfer.

To send a money transfer to Nigeria, it is sufficient to indicate the name and mobile phone of the recipient, as well as his account number and bank name (for transfers to accounts).

"Nigeria is the largest recipient of transfers among African countries and is one of the five world leaders with an annual volume of incoming transactions of over $ 20 billion. It is noteworthy that the list of the main sending countries of transfers to Nigeria is unusually wide - it includes the United States, the EU, the countries of the Persian Gulf and even neighboring African states. That's why we offered our clients around the world two popular formats for sending transfers-to bank accounts and cash, and reduced the time for delivery of money to 1 hour", - said Elena Gafarova, vice president of the CONTACT system for international development.