MoneyTO, the London-based remittance operator, is entering into a partnership with Africa’s Global Bank – United Bank for Africa (UBA) Plc, to expand its services and enable customers in Nigeria to receive money transfers from the United Kingdom to their bank accounts or to pick up cash.
To achieve this, MoneyTO will be relying on UBA’s vast branch network, which includes over 1,000 payout locations.
MoneyTO launched remittances to Nigeria in 2020 and is constantly improving its services to provide customers with easy and low-cost solutions.
Since UBA is one of the largest financial services institutions in Africa, providing services to over 25 million customers in 23 countries, MoneyTO’s customers will benefit from the collaboration with the bank as it will significantly enhance the opportunities and services rendered.
“We are excited to combine our efforts with UBA to facilitate remittances to Nigeria. The speed, low fees, favourable exchange rates, and less time-consuming service are the most requested features for migrants. Our new service is yet another step to meet the customers’ needs. MoneyTO helps people manage their funds more efficiently, even if they do not have а bank account,” said Galina Selicka, CEO of MoneyTO.
Remittances to Nigeria can be made online at www.moneyto.co.uk or via the mobile app, and the sender just needs to provide the recipient’s name, phone number, or bank account number.
Nigerians receive the remittances in Naira, with the commission starting from £0.99. The first two money transfers are fee-free to give customers the opportunity to make sure that MoneyTO service is simple and convenient.
UBA’s Group Head of Retail Products and Services, Prince Ayewoh, who spoke on the partnership, said the bank is always on the lookout for collaborations that will present ease to its numerous customers across the continent. “UBA is delighted to welcome MoneyTO as a new partner. We believe that our collaboration will help provide excellent and convenient service to people looking for easy ways to send money from the UK to Nigeria. Our footprint across Africa and beyond gives us the edge to meet the financial needs of billions of customers, and through this partnership, the recipients can choose to receive money directly to their accounts or collect cash at any UBA branch nationwide,” he explained.
Nigerian workers living abroad remitted $19.8 billion back home in 2022, about 7% more than in the previous year. This amount makes up about 5% of the country’s GDP and is a significant part of income for many households.
The World Bank estimates that Nigeria receives 10% to 15% of all remittances originating from the UK. Remittances support families’ basic needs, such as health, food, and education.
Taking into consideration the appeal of the new service for migrants, who are looking for better ways to transfer money back to their home country, MoneyTO intends to expand its remittance service to other African countries as well.
The MoneyTO mobile app can be downloaded for free from the AppStore and Google Play.