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List of Banks In Nigeria and Their Websites, Year Founded & Addresses

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Do you know how many banks we have in Nigeria and even their websites?

Today, I will listing down all the banks in Nigeria including their website, year founded, address and how they operates

The banking industry in Nigeria has seen significant growth over the years. With this developmental strides, these bank have taken their trade online. Information about these banks can now be found on their websites.

Some of the banks I’ll be listing have international Banking License, other are national and some regional.

All 21 Licensed Banks in Nigeria and Their Websites

  1. Access Bank: Access Bank plc, commonly known as Access Bank, is a Nigerian multinational commercial bank, owned by Access Bank Group. It is licensed by the Central Bank of Nigeria, the national banking regulator.

It was founded in 1989. The headquarters is located at; Plot 999c Danmole street, off Adeola Odeku/Idejo street, Victoria Island, Lagos.

Recently, Access Bank acquired another big Nigerian Bank known as “Diamond Bank”. You can click here to know more why Access Bank acquired Diamond Bank.

Website: www.accessbankplc.com

 

  1. Fidelity Bank: Fidelity Bank Plc., is a commercial bank in Nigeria. It is licensed as a commercial bank with international authorization, by the Central Bank of Nigeria (CBN).

Fidelity Bank was founded 1988, with its headquarters in Lagos State.

Website: www.fidelitybank.ng

 

  1. First City Monument Bank (FCMB): First City Monument Bank (FCMB) Ltd is a full service banking group.

It was founded in April 20 1982.

The bank has its headquarters in Lagos.

Website: www.fcmb.com

 

  1. First Bank: First Bank of Nigeria, sometimes referred to as FirstBank, is a Nigerian multinational bank and financial services company headquartered in Lagos. It is the biggest bank in Nigeria by total deposits and gross earnings.

It was founded in 1894. Their initial name was ‘Bank of British West Africa’.

It was later renamed in 1979 as First Bank of Nigeria.

Headquarters 35 Marina, Lagos State.

Website: www.firstbanknigeria.com

 

  1. Guarantee Trust Bank (GTB): Guaranty Trust Bank plc also known as GTBank or simply GTB is a Nigerian multinational financial institution that offers Online/Internet Banking, Retail Banking, Corporate Banking, Investment Banking and Asset Management services.

It was founded on the 17th of January 1990. GT Bank’s headquarters is located at 635 Akin Adesola Street, Victoria Island, Lagos.

Website: www.gtbank.com

 

  1. Union Bank: Union Bank is a large commercial bank, serving individuals, small and medium-sized companies, as well as large corporations and organizations.

Website: www.unionbankng.com

 

  1. United Bank for Africa (UBA): United Bank for Africa (UBA) Plc is one of Africa’s largest financial institutions with operations in 20 African countries and 3 global financial centers: New York, London and Paris.

Website: www.ubagroup.com

 

  1. Zenith Bank: Zenith Bank is a Nigerian multinational financial services provider. It is licensed as a commercial bank, by the Central Bank of Nigeria, the central bank and national banking regulator.

The bank was established in May 1990 and commenced banking operations in July of the same year. On 17 June 2004, the bank became a public limited company.

Headquarters: Zenith Heights, Plot 84, Ajose Adeogun street, Victoria Island, Lagos.

Website: www.zenithbank.com

 

  1. Wema Bank: Wema Bank Plc, commonly known as Wema Bank, is a Nigerian commercial bank.

It was founded on the 2nd of  May, 1945.

Headquarters: 54 Marina, Lagos.

Website: www.wemabank.com

 

  1. Stanbic IBTC: Stanbic IBTC Holdings , commonly referred to as Stanbic IBT , is a financial service holding company in Nigeria with subsidiaries in banking, stock brokerage, investment advisory, pension and trustee businesses. Stanbic IBTC Holdings is a member of the Standard Bank Group, a financial services giant based in South Africa. Standard Bank is Africa’s largest banking group ranked by assets and earnings operations in 20 African countries and 13 countries outside Africa.

Founded in 1989

Headquarters I.B.T.C. Place, Walter Carrington Crescent, Victoria Island, Lagos.

Website: www.stanbicibtc.com

 

  1. Sterling Bank: Sterling Bank Plc is a full service national commercial bank licensed by the Central Bank of Nigeria. Its shares trade under the Banking sector of the Nigerian Stock Exchange with the symbol STERLNBANK. It was founded in 1960.

Sterling Banks headquarters is located in Sterling Towers, 20 Marina, P.M.B. 12735, Lagos State.

Website: www.sterlingbankng.com

 

  1. Polaris Bank: Polaris Bank Limited, formerly Skye Bank, is a commercial bank based in Nigeria. It is licensed by the Central Bank of Nigeria.

Polaris bank is the youngest Nigerian bank. The bank was founded on the 24th of September, 2018. With its headquarters at 3 Akin Adesola Street Victoria Island, Lagos.

Read: Why Skye Bank Plc changed to Polaris Bank

Website: www.polarisbanklimited.com

 

  1. Ecobank: Ecobank Nigeria Plc, commonly referred to as Ecobank Nigeria PLC, is a commercial bank in Nigeria. It is one of the commercial banks licensed by the Central Bank of Nigeria.

Ecobank was founded in 1986 with its headquarters in Lagos.

Website: www.ecobank.com

 

  1. Heritage Bank: Heritage Bank Plc. (HB PLC,) but often referred to as Heritage Bank, is a Nigerian commercial bank.

Heritage Bank began operations in 1989.

Headquarters: 292B Ajose Adeogun Street, Victoria Island, Lagos.

Website: www.hbng.com

 

  1. Keystone Bank: Keystone Bank Limited, also known as Unity Bank plc, is a commercial bank in Nigeria.

This is also a young bank, founded in 2011.

Headquarters: Victoria Island, Lagos.

Website: www.keystonebankng.com

 

  1. Unity Bank: Unity Bank, also known as Unity Bank plc, is a commercial bank in Nigeria.

It was founded in 2006 with its headquarters in Abuja.

Website: www.unitybankng.com

 

  1. Diamond Bank: Diamond Bank Plc. is a Nigerian multinational financial service provider. Diamond Bank was acquired by Access Bank PLC in December 2018, and announced to complete the transactions of the merger fully in the first half of 2019.

Founded December 20, 1990.

Headquarters Victoria Island, Lagos

Website: www.diamondbank.com

 

  1. Standard Chartered Bank: In 1965, the Standard Bank of South Africa merged with the Bank of West Africa acquiring businesses including a banking operation in Nigeria, which dated back to 1894. The name was then changed to Standard Bank of West Africa. Four years after the merger, Standard Bank Nigeria was incorporated locally to take over the business in Nigeria

Its head office is located at: 142 Ahmadu Bello way, Victoria Island, Lagos.

Website: www.sc.com/ng

 

19: Citi Bank: Citi has had a presence in Nigeria since 1984. Citi is one of the oldest existing international bank in Nigeria, with service bank branches spread across the nation.

Citi Bank’s head office is located in Charles S. Sankey House, 27 Kofo Abayomi Street, Victoria Island, Lagos.

Website: www.citigroup.com/citi/about/countries-and-jurisdictions/nigeria

 

  1. Jaiz Bank: Jaiz Bank Plc, is a bank in Nigeria operating under Islamic banking principles and is a non-interest bank. It is the first non-interest bank established and is headquartered in Abuja, the capital city of the country.

It was founded in 2003.

Website: www.jaizbankplc.com

 

  1. Sun Trust Bank: SunTrust Bank Nigeria Limited (STBNL), is a Nigerian financial services provider, licensed as a commercial bank, by the Central Bank of Nigeria.

Founded August 15, 2016.

Headquarters: 1 Oladele Olashore Street, Off Sanusi Fafunwa Street, Victoria Island, Lagos, Lagos State, Nigeria

Website: www.suntrustng.com

 

  1. Providus Bank: Providus Bank Limited (PBL), is a

Nigerian financial services provider, licensed as a commercial bank, by the Central Bank of Nigeria.

Founded June 15, 2016

Head Office: 724 Adetokunbo Ademola Street, Victoria Island, Lagos.

Website: www.providusbank.com

 

So there you have it guys, these are all the banks in Nigeria and their websites. Do you think we missed to add a bank or more? Kindly tell us using the comment box below.

 

 

 

My name is Stephen Gbolagade, people say I'm a multi-skilled guy. I guess maybe because I'm a Blogger, Website Designer, SEO specialist, Content Writer, Business coach, Digital Marketer, and Self-taught Frontend Developer. But what do I have to say about myself? My contents, personality, and services will say and prove the person I am to you. __________________________________________________________________________You can hire me for Music Promotion, Website Design or Blog Setup, Marketing and any Digital-based tasks! __________________________________________________________________________ Contact me here on Facebook :: Instagram :: WhatsApp __________________________________________________________________________ If you're inspired by me and think it's necessary to buy me a cup of coffee, you can give me a tip HERE 👌

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Banking

VFD Microfinance Bank in Nigeria: Save Money, Get Loan & Invest – Don Jazzy Endorsed!

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Hello guys, have you heard about VFD Microfinance Bank in Nigeria? Not really? Well, I’m about to tell you what’s up about this bank; how you can save money, apply and get loan, invest your savings wisely and get financial tips that will spark your financial curiosities.

NOTE: This is not a sponsored post (i.e., I’m not paid to write about VFD or promote any of their services). This is just like other posts I write from my personal experience and what’s working for people.

But I’m going to give you honest review about their products (or services), their mobile apps and their website. I will start what the basics;

What to Know about VFD Microfinance Bank

According to the company’s overview, VFD Microfinance Bank is a financial services institution based in Lagos State, Nigeria. They operate fully in the ‘Microfinance Banking Sector’ and have different finance experts who comes together to help transform their customers’ goals to reality.

According to the company, they write;

We’re in the business of helping all our customers achieve their desires, solve intermittent problems and create wealth, through high yield savings accounts and low interest rates on loans.

Although VFD Microfinance bank has its head office in Lagos, but you can bank with them anywhere you are in Nigeria. You know this is made possible by virtue of advancement in financial technology – thanks to that.

In fact, I’m living in Osun State and I have an account with them which I hope to grow my savings with them.

But you may be thinking that you’ve heard about different digital banks and some seemed to be fraud. And that may bring a particular question to your mind that;

Is VFD Microfinance Bank Scam or Legit?

Without much ado, VFD Microfinance Bank is Legit!

Why do I say that?

In the title of the post, you read that it’s Don Jazzy Endorsed, right?

Yes, Don Jazzy openly endorsed VFD Microfinance Bank via his verified social media handle (here @Donjazzy) and that’s how I personally learned about this digital Microfinance bank in Nigeria.

I believe Don Jazzy won’t put his global reputation on risk in order to vouch for a scam or fraudulent banking company.

Well, I didn’t register an account with VFD immediately I learned about them from Don Baba, but had to check on their website and reputable to see if they will woo my darling self. And you know what? They seduced me with their services and had to register for an account immediately.

I also learnt (through research on Google) that VFD Microfinance bank is featured in Guardian Online Magazine, Techpoint Africa, Business Day, Nairametrics, and they’re in UNILAG – a reputable university in Lagos State.

Now, let talk about what you can do with VFD Microfinance Bank.

Why Using VFD Microfinance Bank in Nigeria?

You know that temptation is a real bastard when it comes to money.

Sometimes, you may find it difficult:

  • To save money in your piggybank at home (because you might find yourself spending it easily)
  • Save with a bank (because the money will be deducted for some charges like SMS alert and other arrant charges)
  • Apply and get a loan easily in Nigeria

But what If I tell you that with VFD, these challenges are eliminated because they created the platform for you in mind.

Overview of VFD Microfinance Bank’s 5 Top Products and How They Helps

  1. Employee Loan

This is one of the loan packages for employees by VFD Microfinance bank and if you’re working with any company, you might be eligible.

Note that your company must be able to sign a MoU with VFD and agree to pay back the loan from the salaries.

How this helps

If you are a staff of a company and you’ve been looking for a way to get loan, this package is for you and you’ll enjoy good interest rate, get the money within 6 hours after applying and you can back from the company salaries for 12 months (that’s a year)

APPLY HERE: https://vfdbank.com/employee

  1. Travel Loan

You’ve been trying to enjoy yourself somewhere outside the country and you don’t have enough money for the vacation, right? Don’t feel sad, VFD_MFB is here to help you with their travel loan package.

VFD Microfinance Bank partnered with WONTRA, a company where you can book your flight, accommodation, rent cars and help you with amazing attractions and holidays.

With this partnership, VFD will help you fulfill your dream to travel and enjoy yourself outside the country.

Before you can be eligible, you will have to meet their requirements and accepts their terms and conditions. For more, read and apply here: https://vfdbank.com/travel-loan

  1. Secured Loan

You may need urgent loan to take care of something like medical bills or anything, VFD Microfinance Bank understand that at this junction, you are seriously in need of cash and some people or bank might turn down your request for loan…

That’s why they offer this package for anyone who can provide a collateral for the quick loan.

Such collateral (or assets) must be proved by you by providing the necessary documents and other requirements.

The good news is that, you can get a loan up to N2millon as long as you secured it with an original asset.

To learn more and Appy, check here: https://vfdbank.com/secured-loan

  1. Unsecured Loan

Unlike Secured loan package where you’ll have to provide a collateral, VFD Microfinance Bank offers loan to professionals in formal employment of blue chip/multinational organization.

In simple words, people who can apply for this loan are however banking professionals or regular customers and the maximum you can be given is N250k within 6 months.

You will be given the fund within 24 hours of providing necessary documents.

To learn more and to apply, check here: https://vfdbank.com/unsecured-loan

  1. Savings

Your case may be different, you may not need a loan but would like to save some money. IF that’s the case, VFD Microfinance Bank offers hybrid savings package.

You’re not just keeping your money here but you’re making your money to work for you while you save.

With VFD_MFB hybrid saving package, you’ll earn compounded monthly interest of 14% per annum on whatever you save.

Note, this campaign is designed to help people who’re ready starting investing for as low as N50k.

For more details about this and getting started, check here; https://vfdbank.com/startnow

Let talk about registering;

How to Register an Account on VFD Microfinance Bank

I will not go deep into this, because the registration steps are easy and I trust that it’ll be easy for you. To register with VFD MFB, you’ll need:

  • A working email address
  • A passport photograph on your phone (to upload as profile pic)
  • Your BVN and/or Bank Account Details (Name of Bank and Account Number)

If you have these ready, go to their website to register and follow the prompt steps.

I personally use their android mobile app (which is free), you can get it on Google PlayStore.

Before registering, make sure that the phone number linked with your BVN is active, because you’ll be sent a 4-digits PIN to validate your registration on VFD Microfinance Bank.

After you’ve either registered with BVN or Bank details and might have done the validation successfully, the next thing is to navigate through your account!

Added Benefit of VFD Microfinance Bank

  • You can become one of their sales agents and make money while helping to know about this helpful company, and follow-up till they start maintaining a certain balance on their account
  • You Can pay for bills such as Cable, Data etc.
  • You can set and monitor a budget for each month
  • You are shown the analysis of your account (both inflow and outflow)
  • And you can be rest assured of high security from their end.

So, that’s what I can write about VFD Microfinance Bank in Nigeria

Let me tell you that you need to be patient when registering because of internet service and you might encounter delay or validation errors (token). But if you notice this, wait for a while and try again. I faced this difficult, I entered requested and entered my token more than 8 times but finally, I register successfully.

Also note that the 3 key agendas of VFD Microfinance Bank is Nigeria is to help you SAVE, INVEST and gives LOAN if you meet their requirements.

I will be updating you in case anything changes or added, till then, don’t forget to subscribe to my mailing list in other to receive free banking tips, how to make money online, business ideas that works in Nigeria and lot of useful info.

Also, kindly share this post with your friend if this helps.

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List of BIC or SWIFT Codes of Nigerian Banks – for International Money Transfer

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Have you ever been asked to input your Nigerian Banks’ Swift Code when you’re trying to make a payment with your card or want to receive some funds through wire or international money transfer? If yes, and that’s why you’re here, I will show you all the SWIFT codes of Nigerian Banks as it is in 2020.

If you’ve been trying to receive some money through “international transfer” to your local bank in Nigeria from oversea countries like USA, Holland etc., you’ll be required to enter IBAN, Name, Name of your Bank, Address, Swift code and other personal data before the transaction can be successfully processed.

Check This Out: 7 Best Ways to Receive Money in Nigeria from Abroad (international Transfer)

Unlike inter-bank transactions in Nigeria where you only need to give your Name, Bank Name and account Number to the person hoping to send you money and you’re good to go. Without this swift code, you won’t be able to receive your money to your local bank in Nigeria.

But you may be asking that…

What is Swift Code

First, SWIFT is an abbreviation for ‘Society for Worldwide Interbank Financial Telecommunication’.

From the acronym, a SWIFT code is a worldwide accepted unique form of identification to identify and locate a bank or a financial institution. This enables all banks in the world to exchange transactions without any problem.

No wonder, SWIFT code is also referred to as BIC

BIC is also an abbreviation which stands for ‘Business Identifier Code’

In my own experience, it’s either you’re asked of SWIFT code or BIC. So, always remember that SWIFT CODE and BIC are the same code which I will be showing you (Nigerian Banks’ Swift Codes or BIC).

Also note that SWIFT code or BIC is used to identify headquarter of your bank. If they need to identify your bank’s branch (that you’re using exactly), they’ll ask for your bank sorting code instead which is just 6 characters which are figures.

SWIFT Code or BIC is usually 8 or 11 characters. And if it’s 8, it identifies the headquarters but if it’s 11 characters, it identifies the branch. But all Swift codes of Nigerian Banks are just 8 characters, meaning that it will identifies the headquarter of your bank.

You may also want to know how they get these SWIFT codes for Nigerian Banks right? Okay, I’ll tell you.

BIC or Swift codes of Nigerian Banks are gotten just like other banks or financial institution in the world. Here is how they’re gotten;

How SWIFT Codes or BIC Are Gotten in Nigeria (all over the world)

Note the first 8 characters long and then the next 3 characters. And I will be using GT bank swift code (GTBINGLA) as specimen for you to understand better;

  • 4 characters that comes FIRST stands for BANK Code which are letters (e.g GTBI)
  • 2 characters that comes NEXT stands for country code (for Nigeria, it is NG)
  • The NEXT 2 characters stands for Location code of headquarter Bank (for GT, it Lagos, so Location code is LA)

That’s how Guaranty Trust Bank got their own Swift code, which is GTBI + NG + LA which is equal to GTBINLA.

Can you see how they form the swift code for Nigerian banks? If I don’t tell you, you won’t know right? Now clap for me, lol.

But what if you see 11 characters long swift code, what does the last 3 characters stands for?

  • The LAST 3 characters stands for Branch code.

But in most cases, only the 8 character will be good especially if you’re using your Nigerian Bank Swift Code.

And Note that ‘NGLA’ comes last in all swift codes of Nigerian Banks because all head offices of banks in Nigeria are located in LAGOS, Nigeria except Stanbic IBTC.

Now, let talk about what you’re here to check – all BIC or Swift codes of Nigerian Banks;

All SWIFT Codes of Nigerian Banks in 2020

Here are the SWIFT codes for all Nigerian Banks in ascending order:

  1. Access Bank SWIFT Code – ABNGNGLA

  2. Central Bank of Nigeria SWIFT Code – CBNINGLA

  3. CITI Bank SWIFT Code – CITINGLA

  4. Diamond Bank SWIFT Code – DBLNNGLA

  5. ECO Bank SWIFT Code – ECOCNGLA

  6. Equitorial Bank SWIFT Code – EQUTNGLA

  7. First Bank of Nigeria SWIFT Code – FBNINGLA

  8. First City Monument Bank (FCMB) SWIFT Code– FCMBNGLA

  9. Fidelity Bank of Nigeria SWIFT Code – FIDTNGLA

  10. Guaranty Trust Bank (GTB) SWIFT Code – GTBINGLA

  11. Heritage Bank SWIFT Code – HBCLNGLA

  12. Unity Bank SWIFT Code – ICITNGLA

  13. Jaiz Bank SWIFT Code – JAIZNGLA

  14. Polaris Bank SWIFT Code – PRDTNGLA

  15. Sterling Bank SWIFT Code – NAMENGLA

  16. Bank PHB SWIFT Code – PLNINGLA

  17. Keystone Bank SWIFT Code – PLNINGLA

  18. Skye Bank SWIFT Code – PRDTNGLA

  19. Stanbic IBTC SWIFT Code – SBICNGLX

  20. Standard Chartered Bank SWIFT Code – SCBLNGLA

  21. Union Bank SWIFT Code – UBNINGLA

  22. United Bank for Africa (UBA) SWIFT Code – UNAFNGLA

  23. WEMA Bank SWIFT Code – WEMANGLA

  24. Zenith Bank SWIFT Code – ZEIBNGLA

SO, that’s the list of all SWIFT Codes of Nigeria Banks

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7 Best Ways to Send & Receive Money from Abroad in Nigeria

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Are you looking for risk-free, convenient and best way to send and money from abroad in Nigeria? Then this page is for you! If you’re a freelancer, online business person or you have family living outside the country, you may need to send money to them or they send to you here in Nigeria. But what’s the best and easier way to do this?

Typically, it’s much easier to send or receive money right here in Nigeria from anyone within the country, at least, we have the financial institutions and their internet banking services. But in case with international payments, it’s not easy and sometimes, risky.

There are many reasons why sending money to Nigeria from abroad is risky such as certain financial rules apply may be exclusive to a particular nation, logistics, trust (fear of being scammed) and many more.

  1. Despite all these differences, people still receive money from abroad in Nigeria, and you too can.

Most of these payment methods or services to receive money in Nigeria are online based, and as such you should be familiar with navigating the internet while you can also try some offline without the internet. These payment services – either online or offline have their strong points and weaknesses, this implies that there’s NO 100% ‘best way’ to receive money in Nigeria from foreign  countries, rather you could choose the most suitable option based on your situation and recipient, and in some cases the originating country.

Below are some of the best ways you can receive or send money from (or to) abroad in Nigeria.

How to Receive Money from Abroad in Nigeria

1.      Western Union

First on my list in the popular Western Union (WU) services that lets you send and receive money from friends and family members living outside Nigeria. Western Union is also listed as a means of payment in some online freelance marketplace across the globe.

It being first on this list doesn’t make it the best means of receiving payment from abroad. In term of reputation and general market awareness, Western Union seem to be the most recognized platform for receiving international payments.

How to Receive Money from Abroad in Nigeria with Western Union

This means of receiving payment involves:

  • Visiting the nearest commercial bank, as almost all commercial banks in the country are agents to this service and I advise you use this medium when you receiving a huge sum of money.
  • Tell the bank you need to set up a way you can receive money from foreigners with Western Union and they will set everything up for you.
  • You can do better without visiting the bank by creating an account on Western Union’s website.
  • After setting up your account, the next thing is to send your details to the foreigners in order to send you the money
  • After sending him/her your details, ask for the MTCN
  • After 24 hours, go to any commercial bank to withdraw your money.

Frequently Asked Question about Western Union

  • QUES 1: What’s the requirement to open a Western union account to receive money from Abroad in Nigeria?

ANS: You will need an ID card that bear the name and address you want to use to receive the money.

Note that using the Western Union service to receive payments offers little to no convenience as you’d be bombarded with lots of paper works; a valid mean of identification, the Money Control Transfer Number (the sender will send this to you), amount to be credited as indicated by the sender, the sender’s country and name. These are just the basics as several banks have varying requirements.

  • QUES 2: Do I need my account number to receive money with Western Union?

ANS: No, you don’t need your account number.

  • QUES 3: How much does it cost to send money with Western Union in Nigeria?

ANS:  According to CNN Money, Western Union charges $5 for a money transfer of up to $50, but a transfer of $900 could cost $76.

  • QUES 4: What’s the meaning of MTCN in Western Union?

ANS: MTCN stands for Money Transfer Control Number. It’s a tracking number or a 10-digit reference code assigned to every single money transfer made with western union.

Okay, let check the second option if it’ll be more easier;

2.      Payoneer

More like the PayPal service, but Nigeria are still plagued with the inability to receive funds; more like a one-way street! With issues like this, many Nigerians have decided to switch while awaiting the good news from PayPal.

Payoneer is a pretty new services and not well known, it packs lots of feature like what’s found on PayPal and also offers you a MasterCard or Visa card which you can use locally in withdrawing your funds. Many freelance sites such as FIVERR are integrating this service as a means of payments.

Such wide acceptance goes to show the credibility and efficiency of such a means of payment.

As a freelancer, it makes life easier as it keeps you away from the banks (and all its stress) and lets you focus more on your job while using your Payoneer card on the go.

Amazing Offer: Click here to open a payoneer account and earn $25 bonus!

3.      MoneyGram

Many compare MoneyGram to Western Union, well they’re not wrong as these two has similar structure and close looking features, but what is MoneyGram and how can one use it in receive money from abroad in Nigeria.

MoneyGram is world payment system that eases the means of payment across the world, this process made it possible by its affiliation with commercial banks across the globe. You can use the MoneyGram service by visiting any commercial banks in Nigeria – most banks with Western Union also supports MoneyGram, and as with its counterpart lots of paper work awaits you.

Requirements to Receive Money in Nigeria from Abroad with MoneyGram

You will need stuffs like:

  • A valid ID card having the name and address you gave the foreigner.
  • Reference number, Sender’s name and his/her country in order to withdraw the money.

Other requirements will be requested depending on the bank you visit.

N/B: It’s important you use your current bank as this makes the process much easier.

4.      World Remit

Another wonderful service you could use in receiving funds internationally in Nigeria is World Remit.

World Remit is an online based money transfer service that facilitates the easy transfer of money from overseas to Nigeria. This service was launched primarily with the intention of easy cash transactions for international workers. As a freelancer or relative to someone overseas, you’d find the service pretty useful and straight-forward.

One selling point of this services is its less charge rate when compared to it counterparts. Not much of paper work is required, just some few clicks online and you good to go. It’s not advisable to use this service for receiving large amounts!

5.      Ria Money

Ria Money is a similar service like that of Western Union and MoneyGram. One distinction is that Ria Money also uses local kiosk and shops in and around major cities in the facilitation of cash transfers. It’s quite similar to WU in terms of structure, lesser transaction fees are charged thereby leading to longer transaction times.

The service can be accessed online or via its local agents scattered around in Nigeria and can be used in receiving money. You can also receive your funds via credit cards, bank accounts, but you’d incur more charges when you make use of either credit or debit cards.

6.      Skrill

Skrill has been around for a while now, it’s built mainly for skilled workers who intend to monetize their skills online. Mainly freelancers especially in this side of the world find it difficult to receive payments after doing a job for their clients.

PayPal which is widely supported by most of these sites still doesn’t allow users in Nigeria to receive money – you could say that this is a substitute for PayPal. Skrill is now widely supported by freelance sites and beginning to garner global acceptance.

The service which is online based will allow you to link either your credit card or local bank account to its site, with this you could be rest assured of getting all your payments in a timely manner.

7.      Wire Transfer

Last on this list is the good old Wire transfer which transfers the cash directly to your bank account. A major drawback in using this means in receiving payment from abroad in Nigeria is the time it takes the money to arrive your account, and other technical difficulties that may arise from using Wire Transfer.

As long as you have a functional bank account, you could use this service in receiving funds, but be ready to wait for at least, 3-5 business days.

Rounding Off: How to Receive Money from Abroad in Nigeria

Some people would expect PayPal to be on the list but, I’ve intentionally skipped them. Reason is due to the technicalities involve if you choose to go through the back door, not everyone will be comfortable with that as PayPal Nigeria doesn’t support receiving of funds.

In conclusion, these medium however easy or complicated they may be, have their best use cases and you should choose your preferred method based on the current situation.

I hope you’ve learnt a lot, let me know which of this services you use to receive money from abroad in Nigeria and I’ll be glad t0 update this post with your new method if its result is great.

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