As one of Africa’s biggest economies with a GDP of about $200 billion and a population of over 250 million, it is not unusual for remittances to flow into Nigeria.

This is in addition to the fact that Nigerians are hardworking and passionate people who move to foreign countries so that they can improve the lives of their loved ones back home.

As of 2024, remittance inflows rose to $20.98 billion, with remittances from international money transfer operators accounting for $4.73 billion.

International money transfer apps have become a necessity for Nigerians. They are a fast, reliable, and cost-effective way to support loved ones back home, pay bills and invest in local opportunities.

They facilitate seamless cross-border transactions and serve as robust alternatives to traditional banks, which are often slow and expensive. These apps offer better exchange rates, lower fees, and real-time monitoring. 

Here, we will discuss some of these platforms and explore their strengths and weaknesses.

Being popular and around for some years, these platforms have passed the tests for integrity and dependability. However, their transaction time, charges, and exchange rates may vary. So let’s get right to it. 

OhentPay

OhentPay is a reliable and user-friendly payment platform for personal and business transactions, with a focus on international transfers.

It is a cost-effective and efficient way to manage international transfers, allowing customers to benefit from its transparent pricing, fast processing times, and global reach.  

It supports over 40 currencies and operates in more than 190 countries. The platform allows direct bank transfers with swift processing times and keeps costs predictable with a fixed rate of £1.50 for personal accounts.

Also, it is highly regulated and secure with FCA regulation, PCI DSS compliance, and SOC 2 certification.

Finally, OhentPay crowns its offerings with a simple and user-friendly interface alongside reliable customer support for easy account management. You can sign up on Ohentpay here. 

How to send money from Nigeria using OhentPay.

1. Download the OhentPay app on the Google Play Store or App Store.

2. Choose an account type either business or personal account and sign up.

3. Correctly fill in your credentials with the right documents and get your OhentPay account in 2 minutes.
4. Once your account is set up, put the equivalent of the money you want to send abroad on your card and start transacting from Nigeria.

Types of ID Verification for OhentPay Customers

In Nigeria, where digital financial services are rapidly growing, understanding the available ID verification methods is necessary. There are different types of ID verification methods for customers in Nigeria.

OhentPay BlogObianuju Okeke

Grey.

This is a fintech app made for Africans who need virtual international bank accounts to receive and manage foreign currency, including USD, GBP, and EUR.

With Grey, Nigerians in the diaspora or remote workers can have virtual foreign accounts, enabling them to receive payments like locals in these regions.

Grey makes it easy to convert between currencies and withdraw funds directly to Nigerian bank accounts, often at competitive rates. With a user-friendly interface and swift processing times, Grey is ideal for freelancers and digital nomads. 

But it currently focuses more on receiving and converting funds than on robust peer-to-peer international transfers. Also, users may encounter transaction limits or delays during high traffic periods.

How to send money from Nigeria using Grey.

1. Download the Grey mobile app, create an account and sign up.

2. Log in to your account and on your dashboard, change the displayed currency to that of the recipient.

3. If there is no fund in your Grey account, you need to top up your wallet through your linked card.

4. Click on 'Send Money'. The button is right under your balance.

5. Two options will pop up, "GreyTag" and "New Recipient".

6. GreyTag is a peer-to-peer option, where the receiver must have a grey account, so all you have to do is tag them and transfer the money.

LemFi.

LemFi, previously Lemonade Finance, is designed to help Nigerians in the UK, US, and Canada send money back home quickly and at competitive rates.

Some of its strengths include instant transfers, zero fees on many transactions, and multi-currency accounts. This is why it is a popular choice for diaspora users. 

However, LemFi is not left without its drawbacks. Its services are limited to a few countries, and its exchange rates can be inconsistent.

Users have also complained occasionally about app glitches and slow customer support.

So while many Nigerians in the diaspora use it for everyday remittances, others may need to seek alternatives for larger transfers or more comprehensive financial services.

How to send money from Nigeria using LemFi.

1. Create an account using the LemFi app.

2. Once you're logged in, go to your dashboard and click on "Send Money".

3. Select a primary and secondary currency. The primary currency should be your currency while the secondary currency is that of the recipient.

4. Add a note or reason for payment and continue.

5. Choose a delivery method.

6. Click on "New Beneficiary' and enter the recipient's details.

7. Confirm the information and send it.

The Best Mobile Apps for Pounds to Naira Currency Conversion

When it comes to money conversion, you need to know about the different mobile apps that exist and the one that suits your preference. Conversion rates change from time to time, so finding one that fits your needs is best. So how do you go about money conversion? And in

OhentPay BlogObianuju Okeke

Remitly

Remitly is another go-to for Nigerians in the diaspora who want to send funds home quickly and securely.

Its intuitive app, multiple delivery options (like bank deposit, cash pickup, and mobile money), and competitive exchange rates make it appealing for Nigerian users looking for speed and flexibility.

Its flexibility also hinges on its two service tiers: “Express” for instant delivery at a higher fee and “Economy” for lower fees with slightly longer delivery times (up to 5 days). 

Despite its amazing offerings, Remitly has some significant weaknesses. For instance, its exchange rate margins can vary, fees may add up depending on the chosen service, and some users have raised concerns about account verification delays and occasional transaction holds.

Wise

As a leading online money transfer platform, Wise (formerly TransferWise) is known for its transparency and use of the real mid-market exchange rate, making it one of the popular choices for Nigerians in the diaspora who want to avoid hidden fees.

These users can send money directly to local bank accounts in Nigeria at low, upfront costs and enjoy transacting multiple currencies with fast delivery times.

Wise’s user-friendly interface and strong regulatory compliance make it trustworthy and easy to use. 

However, the downsides of Wise include its non-support for cash pickup or mobile wallet transfers in Nigeria. Its fees can also be slightly higher for smaller amounts or card payments, which may limit its flexibility for some users.

Send by Flutterwave.

Send by Flutterwave is a money transfer service that aids financial transactions between countries. 

To open a Send by Flutterwave account, start here: www.send.flutterwave.com

How to send money from Nigeria using send by Flutterwave.

1. Download the Send App and Sign up with your email address.

2. Register your account and verify your identity.

3. On your dashboard, click on 'Send Money'.

4. Input the amount to be sent and the recipient's currency 

5. Select a delivery method and the recipient details

WorldRemit

As a global digital money transfer service, WorldRemit allows users to send money quickly and securely to over 130 countries, including Nigeria.

Its supported payout methods include bank deposits, mobile money, airtime top-ups, and cash pickup, making it versatile for different recipient needs.

Users appreciate its accessibility, competitive fees, and the ability to send money conveniently via app or website.

However, they don’t fancy the fact that its fees are quite higher than its competitors and its exchange rates may include a markup. Also, users have reported occasional delays and verification hurdles that have affected their experience.

Revolut

Revolut offers a wide range of financial services, including international money transfers, multi-currency accounts, and virtual cards.

It allows Nigerians to send money abroad at interbank exchange rates with low or no fees within monthly allowances.

This is why it is one of the popular options for Nigerians abroad looking for flexible and cost-effective ways to move money. Revolut also offers extra features like budgeting tools and crypto trading within the app.

Unfortunately, it may not support all Nigerian banks, and users often face weekend exchange rate markups and additional fees once they exceed their free allowance.

TransferGo

TransferGo, a digital remittance service, is known for its fast and affordable international money transfers, particularly between Europe and countries like Nigeria.

It offers low fees and competitive exchange rates. Known for its simplicity, multilingual support, and multiple delivery speed options (instant, same-day, and next-day transfers), it is one of the go-to options for Nigerians both within and outside Nigeria. 

The downside to TransferGo’s services, however, is that it may be limited by region and bank coverage.

Moreover, like many platforms, it can apply exchange rate markups that reduce the total value received by the recipient.

Profee

As an international money transfer platform, Profee prioritizes speed, low fees, and convenience.

It allows users to send money directly to bank cards or accounts, making it a practical choice for Nigerians abroad looking to send remittances back home.

Competitive exchange rates, no hidden fees on many routes, and instant or near-instant transfers to select destinations are some of its standout features.

Downsides of using Profee include the fact that its availability may be limited to certain countries,  its verification process can sometimes be lengthy or strict, and it potentially delays first-time transfers.

Paysend

Paysend specializes in low-cost international money transfers. It allows users to send money from over 50 countries to more than 170 destinations, including Nigeria.

With a focus on card-to-card and bank transfers, Paysend is known for its flat transfer fee, real-time exchange rate visibility, and the ability to send directly to Visa, Mastercard, or local bank accounts. 

Although it's a convenient option for quick personal transfers, some users have reported delays in customer support responses and occasional issues with transaction speed or verification, especially during peak periods.

OhentPay: The Smart and Best Way to Make International Money Transfers

Sending money to (and even from) Nigeria should not have to be an expensive and complicated process.

This is the reason OhentPay comes as the smart and best way to make personal and business remittances. It is a fast, secure, and affordable method to make transfers to loved ones and business partners without unnecessary delay or fees.

So if you are ready to send money to Nigeria, sign up on OhentPay today and experience seamless international money transfers.