After two consecutive years of declines, international remittances to low- and middle-income countries are poised for positive growth in 2017, according to the World Bank’s Migration and Development Brief, released on October 3, 2017. Overall, global remittances are on track to grow by 3.9 percent.
Sub-Saharan Africa is one of the regions expected to see strong growth in money transfers. In fact, Nigeria is expected to have the fifth-largest amount of remittances. Nigerian money exchange estimates for 2017 are $22 billion, coming in behind India ($65 billion), China ($63 billion), the Philippines ($33 billion) and Mexico ($31 billion).
Why Nigerian Money Exchange Figures May Be Strong
As more and more Nigerian nationals move to the United States, Canada, the United Kingdom and other parts of the world to seek out greater opportunities, there has been a corresponding increase in the number and amount of money transfers to Nigeria from those countries. People send money home to their loved ones for all sorts of reasons, but ultimately it comes down to wanting to provide a measure of financial support to friends and family members.
The global economy is continuing to improve, leading to estimates that global remittances and money transfers will continue to grow in 2018 (estimated 3.4 percent growth.)
With the process of transferring funds or sending money overseas easier today than ever before, Nigerian-born ex-patriates don’t have to jump through the same type of procedural hoops today as in years past. This may also be contributing to the growth in the overall amount of money transferred from other countries to Nigeria.
Choose Ping Express for Money Transfers to Nigeria
When you are living and working in the United States, Canada or the United Kingdom and want (or need) to send money to your loved ones in Nigeria, you have a lot of options. Don’t make the mistake of thinking that every money transfer service is the same – they are not!
At Ping Express, we have worked hard to streamline the money transfer process, making it as user-friendly as possible. Here are some of the many benefits our customers enjoy:
- No long waits for you. With Ping Express, there is no need for you to go to a physical money transfer location during regular business hour, only to stand in line so you can make a money transfer to Nigeria. Once you have downloaded the Ping Express App (available for Android and Apple devices), you can make money transfers from anywhere with an internet connection – day or night!
- No long waits for your beneficiary. Instant transfers to all major banks in Nigeria, including UBA, Zenith Bank, First Bank, Skye Bank, Access, Union Bank, WEMA Bank, Standard Charter Bank, FCMB, Eco Bank, Fidelity Bank, GTB, and many more!
- Competitive pricing. We understand that you want your beneficiary in Nigeria to receive as much money as possible. As an online company without the overhead of keeping up a brick-and-mortar business, we are able to offer competitive rates.
To get started with Ping Express, check out our short “How it Works” video. Then, simply download our mobile app and you’ll be ready to start sending money to your loved ones in just moments. Still have questions? Contact us online today.