How to make business payments to Nigeria

How to make business payments to Nigeria

From petroleum to cocoa beans, Nigerian exports accounted for about 10 per cent of GDP in 2020. That’s around 34 billion dollars worth of goods. As the demand for Nigerian-made products increases, so does the need for reliable payments services to the country. Below we discuss what to expect and look out for when you’re sending business to Nigeria.

  1. Pay a low fee on business transfers to Nigeria

Fees are just one part of a money transfer. Low or zero fees combined with a fair exchange rate usually means you’re getting a great deal. You can always expect a low, transparent fee and fair exchange rate on business payments to Nigeria. What’s more, you can:

  • Save up to 75% compared to banks and other providers

If you send at least one payment per month, your business can save around £1,000 per year.

  • Make speedy business transfers

Send instant transfers to suppliers in over 70 countries, including Nigeria.

  • Send payments from your office or on the move 

Our award-winning app and website let you transfer money from the palm of your hand.

*SWIFT and some bank transfers can take between two and 24 hours.

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2. Get a business exchange rate alert for euros and US dollars

Currently, sending naira to Nigeria isn’t possible, even if you’re a business. Thankfully, you can still send euro and US dollar payments to Nigeria. 

About to make a large international business payment? Register with Azimo’s business exchange rate alert service and get the rate you want.  

For instance, if you’re making a large business purchase, you can choose your preferred exchange rate. So, whenever the rate reaches this point, you’ll get an alert. That way, you can save time and get more euros or dollars for your money. 

After that, you can simply register with Azimo Business or log in to your account to proceed with your transfer.

Did you know? Nigeria is the eleventh largest oil producer in the world. That equates to an average daily production of around 1.8 million barrels.

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3. Use a price comparison tool

Imagine if you could compare the real costs of sending business payments to Nigeria. Well, you can with the Azimo Business price comparison page. You’ll see how leading banks and other providers compare in terms of transfer fees, exchange rates and commission, i.e. the actual price you’ll pay. Often, you’ll find that banks and traditional providers use low fees to mask poor exchange rates and sky-high commissions.

Top tip: When greeting a group of people, always try to greet them in order of seniority.

Generally, greetings are a very important aspect of all interactions in Nigeria, so you should ask after a person’s health and family etc. 

4. Select from a range of currencies and delivery options

When you send payments to Nigeria with Azimo Business, you can do so via bank deposit, cash pick-up or SWIFT. Even better, you can send and convert over 60 currencies to euros and US dollars. 

Before setting up your transfer, you’ll need your recipient’s:

  • Company name.
  • Registered company address.
  • Bank account number.
  • Account SWIFT-BIC number (SWIFT and bank deposits only).
  • Mobile phone number (Cash pick-up only) 

For more general information about sending corporate payments, visit our guide to your first Azimo Business transfer.

5. Choose a safe and secure provider

Despite Nigeria’s diverse economy and rich export history, doing business there can be complicated. Transferring money to Nigeria can be confusing and there are many bad operators on the market. Whether you’re sending euros to pay suppliers in Lagos or dollars to buy products from Abuja, peace of mind is essential. 

Above all, look for features such as:

  • FCA Authorisation.

All financial service providers in the UK must be authorised by the Financial Conduct Authority (FCA). If you can’t find any evidence of FCA authorisation on a company’s website, steer well clear. The authorisation should include a reference number. Azimo’s FCA authorisation reference number is 900220.

  • 3-D Secure.

If you’re paying by credit or debit card, proper encryption is essential. 3-D Secure is the most common card payment security provider and “Verified by Visa” and “Mastercard SecureCode” are two of the most recognisable brands on the market.

  • Document verification.

If you’re sending money to Nigeria, any competent money transfer provider will verify your identity and/or your company’s license to trade. This process takes anything from a few minutes to a couple of hours, but without it, your money is unlikely to be safe. Be suspicious of any provider that doesn’t check who you are – it means that potential fraudsters are free to use their service without verification.