With a population nearing 200 million, Nigeria is one of the world’s largest countries and the most important marketplace in Africa. The Nigerian economy is diversifying rapidly, with a surge in IT and telecommunications innovation helping to reduce the country’s dependence on the oil industry.
Despite this, doing business there can be difficult. Transferring money to Nigeria can be confusing and there are many bad operators on the market.
Whether you’re sending naira to pay suppliers in Lagos or dollars to buy products from Abuja, peace of mind is essential. In this article, we’ll show you how to make safe, easy business payments to Nigeria.
Look for these security features
Sending money online is entirely safe – if the correct technology and authorisation are in place. When choosing an online money transfer provider, look for these security features:
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.
If you’re paying by credit or debit card, proper encryption is essential. 3-D Secure is the most common card payment security provider on the market and is usually advertised on websites and apps that use it. Some companies market 3D-Secure as “Verified by Visa” or “Mastercard SecureCode.”
If you’re sending money to Nigeria, any competent money transfer firm will verify your identity and/or your company’s license to trade after you sign up. 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 company that doesn’t verify who you are – it means that fraudsters are also able to use their service without verification.
Don’t go offline
Banks and high street providers are expensive
For more than a century, banks and offline money transfer companies have charged as much as 15% of the amount that their customers send abroad. They do this by charging high fees or giving customers a bad exchange rate and then pocketing the difference.
Few high street providers, large or small, will give you anything like the real exchange rate. Their fees are often unclear and usually not stated in full until you’re committed to sending the money.
The black market isn’t safe
Black market providers, often posing as local businessmen, occasionally offer excellent rates. This sometimes indicates money laundering or other criminal activity. When you give your money to an unregulated provider, it can be seized by law enforcement or simply stolen.
Digital technology has solved both of these problems. Customers no longer have to choose between being ripped off by their bank or risking their money with unregulated provider. Online money transfer companies offering a safer, easier, cheaper way to send money.
Choose an established, trusted provider
With so many online money transfer options to choose from, it’s important to go with an established, trustworthy firm that offers a great exchange rate to Nigeria.
Azimo has been trading since 2012 and has moved billions of pounds around the world for its customers. With 30,000+ five-star reviews on Trustpilot, the Apple App Store and Google Play, it is trusted and safe. Sign up today as a business customer and you’ll receive five fee-free transfers.