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WorldRemit Transfer: How to Send & Receive Money in Nigeria

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WorldRemit Transfer is one of the best methods to send money to Nigeria, or receive money from your client or family member(s) Abroad. 

But in case you don’t know how to use platforms like WorldRemit, and you really need a faster and cheaper way to make transaction, consider if your case is like “Jerry” below;

Jerry has always been obsessed with what he considers outrageous charges he pays while sending money home to friends, family and loved ones in Nigeria using the conventional money transfer platforms.

In one of these occasions he was advised by a cousin “James” who visited from the U.K to try out “WorldRemit Transfer” platform since that has been his personal brand lately having discovered they operate with a transfer fee he considers ridiculously cheap.

Jerry didn’t blink before jumping in to try it out, and what were his findings? WorldRemit was not only cheaper, it was swift, seamless and secured with varying delivery options in Nigeria.

Given this, if as a Nigerian, African, etc., who wishes to send money to Nigeria or any other African country for up-keep, medical, education, investment, building, freelance payment, etc. 

WorldRemit Transfer may just be one of the viable options you will have to consider.

What is WorldRemit?

WorldRemit is a cross-border digital payment solution that provides international money transfer service. It’s a fast and secure service in which you can transfer money online via smartphone, computer or any other device.

This platform is designed in a way that you are not required to visit an agent location to facilitate your remittance, you are good at home, office, from the comfort of your desktop and mobile device.

Benefits of using the WorldRemit Transfer in Nigeria

Using WorldRemit Transfer service in Nigeria could benefit you in a number of ways, since it’s one of the most up-to-date money transfer platforms with requisite functionality.

  • There’s no limitation (unlike PayPal) in sending money to Nigeria since the service is available to over 150 countries locally around the globe
  • Unlike most money transfer platforms, WorldRemit is designed with a multi-currency functionality which allows you to send money in a preferred local currency
  • It’s an instant transfer which avails the receiver immediate pick-up without delays considering remittances could be meant to serve emergency purposes
  • Using the WorldRemit platform has never been questionable in terms of security and convenience giving money could be sent from the comfort of your mobile device using the service app.

Who can use the WorldRemit service

Everyone above 18 years old, capable of accessing financial services with a legal work permit and are duly not under any form of obligation/limitation as perceived by the Bureau of finance in the residence country can use WorldRemit.

Requirements to Use WorldRemit

To use the WorldRemit Transfer service, you are required to make provision for the following

  • Valid Identity card as approved by the relevant authority in your residence country
  • A WorldRemit app/agent location
  • The beneficiary’s complete name and phone number
  • A credit/debit card linked to your WorldRemit app

With the above information and condition strictly met, you are one leg into sending your remittance to Nigeria or any other country where this service is available.

How to Send Money to Nigeria/Africa with WorldRemit

Note:  Sending money to Nigeria or any other country follows the same protocol and could be referred to as a one size fits all scenario.

Traditionally you can either send money in two ways;

  • The WorldRemit app or 
  • From an agent location.

Considering the ease of doing things most users prefer the mobile app since you do not have to travel down to an agent location whatsoever.

To send money from an WorldRemit Agent location

  • Indicate your intention at the agent location,
  • You will be required to complete a transfer form
  • Endeavor to provide the receiver’s name and phone number at the appropriate column

Note: If you capture any other name other than the receiver has on his/her valid ID card in Nigeria such transfers may experience delay and would not be paid out.

It’s advised that the receivers should send their complete name as contained on their valid ID card in Nigeria suitable for money transfer namely (National ID card, Voter’s card, International Passport, driver’s license and the BVN).

  • Hand in the transfer amount to the agent
  • The agent will process the transfer, thereafter you will receive the transaction details, usually the “8-digit” reference number, amount being sent and the sender’s complete name.

The receiver will receive a transaction alert on their mobile phone since it has been inputted on the system during transaction processing, in a situation they could not get a beep, kindly forward every necessary details across since they’ll need them for cash pick-up at any of the participating banks location in Nigeria.

Note: WorldRemit uses the “OTP” as a secondary security layer for a payout and why you must ensure the receiver’s phone number is correctly captured during transaction processing at the agent location.

To send money from your WorldRemit app

This is the easiest means to effect a transfer so far, to do this

  • Kindly visit Google Play Store and download the “WorldRemit app” available on both IOS and operating systems.
  •  Having downloaded the app, you will need to sign up at once
  • On successful sign up, kindly login to commence your transfer

Note: You are required to link your credit/debit card from where you are expected to pay for your remittance, hope that’s clear? Good.

  • Click on the menu, tap on “How it works” enter the amount you wish to send and pick a delivery option either bank account or cash pick-up.

Where a bank account is preferred, the receiver will have to withdraw the remittance across the counter without visiting the money transfer department in Nigeria (banks).

Remittance can now be received in USD.

Banks that Supports WorldRemit in Nigeria

There are basically 5 participating banks namely: 

  • Polaris bank, 
  • First bank, 
  • Access bank
  • Fidelity bank and 
  • GTBank.

If the receiver has an account with any of these banks, the money will be deposited in USD by creating an automatic Dollar account for such customers, all they’ll do is simply walk into the branch, fill a withdrawal slip and complete a withdrawal “asap.”

  • In the next column, kindly enter the recipient details: complete name, phone number, and destination.
  • Add your personal information as seen on the app
  • Link your card and complete your payment
  • On successful completion “8-digit” transaction reference will be generated alongside other details.
  • Kindly forward same to the receiver in Nigeria or any other country with which he/she can claim the money at the bank.

How to Receive Money from WorldRemit in Nigeria

It is assumed that you have either received the transaction details straight to your mobile phone or you have received from the sender, or both. Whichever happens first, what matters is that the information has been received. 

It’s time to proceed to the bank for your Cash pick-up.

Requirements for WorldRemit cash pick-up

  • Transfer 8-digit reference number
  • Sender complete details (name)
  • Amount being sent
  • Valid ID card (Voter’s card, National ID card, Driver’s license, International Passport and BVN) any of the listed ID’s can serve.
  • A mobile phone number linked to the transaction

In Nigeria the only authorized agents are banks, so you are expected to visit any of the participating banks mainly Polaris bank, First bank, Access bank, Fidelity bank and GTBank.

Note: Receipt method is strictly dependent on the preference made by the sender while routing the remittance. It could be via bank account or cash pick-up.

  • Where a bank account is the case:

You are required to visit the advised bank by the sender/WorldRemit, on arrival you will have to complete a withdrawal slip just like when you intend to withdraw from your naira account.

The difference here is that the currency and the amount column should be completed in USD, both in figure and words. Hand over the slip to the paying teller who should complete your payment without delays.

  • Where you have been advised on cash pick-up

Kindly walk into any of the aforementioned banks, except where a particular bank is being advised. Enquire to see the money transfer teller.

You will be required to complete a WorldRemit transfer form, complete the form while paying attention to details. Return the same to the teller with your valid ID card having completed.

The teller verifies the ID and crosscheck your form against the transfer details on the system, where every other detail is in the right order. 

Payment processing will send an “OTP” to your mobile phone number linked to the transfer initially.

You are required to communicate the “One Time Password” to the paying teller who inputs the same in the column required on his/her system to complete your payout finally.

Having completed the payout you will receive cash in USD.

Note: You are not to be paid in naira or any currency other than the USD at this time.

Take your money to the parallel market for exchange and start spending, do not forget to buy me a bottle of Coke afterward (smiles).

Frequently asked questions on WorldRemit transfers

Q1. WorldRemit transfer daily/limit to Nigeria?

Unlike other money transfer platforms, you can transfer as much as $5000 per transaction to Nigeria without weekly, monthly or quarterly restrictions. However, you will be required to provide additional information on the WorldRemit app for your “KYC” if you wish to send higher limits.

Q2. How to track/correct WorldRemit receiver details

There’s always a need to track your transfer to ascertain its status either available for payout or already paid out, there’s likewise a room to track and correct WorldRemit receiver details where there’s an error in receiver’s name which may delay a payout in Nigeria.

Given this, the receiver is expected to provide the sender with the right name sequence as seen on his/her valid ID card.

Q3. How long does WorldRemit take to Nigeria?

Transfers to Nigeria and other countries are usually instant without delays, the receiver can cash out the same day in event the money is meant for high priority reasons like medicals, travel, etc.

Q4. WorldRemit bank transfer?

You can actually receive a transfer via any of the participating banks as mentioned earlier. The money could be sent and an immediate account opened IRO your transaction or as cash pick-up across the counter.

Q5. Which other method can I use for Money Transfer Except WorldRemit in Nigeria?

You can try platforms like Payoneer, Remitly, Ria Money, MoneyGram etc…. (Check here for other methods)

Conclusion: You Can Start Using WorldRemit to Send & Receive Money

WorldRemit transfer is a competitive brand that has gained users over the last few years giving to its effective, secure, safe and swift service delivery enshrined in a seamless user experience. Money transfer has never been this easy.

Have questions on this topic you’d need clarity or on money transfer generally? Let’s get talking via the comment box.

About Guest Author

Raphael Orji is a freelance writer, content marketing strategist with unique experience in banking , finance, and money transfer. He works with small businesses, start-ups and entrepreneurs in building brand image with quality content marketing strategy. He blogs over Fintechngr.

This Post “WorldRemit Transfer: How to Send & Receive Money with WorldRemit in Nigeria” first appeared on https://gbolamedia.com – Do not copy!

 

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Banking

How to Save in US Dollar in Nigeria – 4 Different Methods

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How to Save in US Dollar in Nigeria

Is it really possible to save in US Dollar in Nigeria?

If yes, is it legal and safe? How and where can I start? Those are the questions I’m going to answer in this blog post. But let’s start answering the first question;

Why Should I Save in US Dollar in Nigeria?

Because Nigeria inflation rate is getting worse!

Naira was one of the strongest currencies in the world, even it was once stronger than the famous US Dollar. But now, reverse is the case.

Nigerian Naira (NGN) is becoming one of the weakest (cheapest) currencies in the world.

Although Naira is not among the top 10 weakest in the world for now, but the current state of Naira is not something to be happy about. It’s affecting our cost of living.

For instance;

If you have saved N500,000 in the bank last year (2020) when $1 was N410, it simply means you saved approximately $1,220.

But now in 2021 when a US Dollar is closing at N522, that your N500,000 will now be $958 approximately.

By saving in Naira, you’ve lost about $262 which is equivalent to N136,764.

But you may be thinking that; ehn, I still have the N500,000 I saved since last year till date. Nothing has been deducted.

Yes, you’re right. That N500,000 is still there but let me tell you this;

That your N500,000 is now N363,764 😥

You can calculate that yourself using the US Dollar rate when you saved the money and the current US Dollar rate.

If a plot of land in your area cost N500,000 that last year, how much will it be by now? Probably it will increase to something close to N700,000.

Remember, you can afford to buy that plot of land for N500k last year, but now, you can’t!

Same thing applied to most thing you buy and use at home such as vegetable oil, rice, and so on. The prices are increasing every day.

Why?

Because those industries calculate their prices with respect to US Dollars’ exchange rate.

The price of everything is increasing and Nigeria’s Naira is losing its value, that’s a big disaster and the reason you should learn how to save in US Dollar in Nigeria now!

You should start saving in US Dollar as that will put you on safer side, thereby making money in the process.

ALSO READ: How to Smart Ways to Save Money in Nigeria

The next question you might be curious about is;

Is it legal and Safe to Save in US Dollar in Nigeria?

First, it is 100% legal to save in any type of currency in Nigeria as long as you’re not scamming or engaging in money laundering.

Second, it is safe depending on which platform or how you’re saving your US Dollar in Nigeria.

Now, let’s talk about where and how you can start saving US Dollar in Nigeria.

How to Save in US Dollar in Nigeria (and Earn Money)

1.      Piggyvest FLEX Dollar

Piggyvest has been around for a while, and it’s currently the best platform to save money in Nigeria. Although there are other competitors like Cowryrise but Piggyvest seems to be undefeated.

Well, we are not here to praise Piggyvest.

But how can you save in US Dollar in Nigeria with Piggyvest?

It’s simply by using the “Flex Dollar” feature on the platform. Piggyvest’s Flex Dollar lets you save in US Dollars even though you are in Nigeria. Here is how to do it;

How to Save in US Dollar in Nigeria Using Piggyvest

  • Click here to Sign up for a new account;
  • Verify your email address, phone number (under Account Tab >> Account Setting);
  • Add your Debit card(s) linked with your BVN (under Account Tab >> My Cards and Bank Settings);
  • Note that Piggyvest will give you a new account number (Go to Account Tab, you’ll see Flex Number by WEMA) copy that number;
  • Make transfer from your Bank account to that FLEX number you copied earlier;
  • If the transfer was successful, you should see the money in your Piggyvest Balance now (Confirm it)
  • If the money is now in your Piggvest account, it’s time to buy the US Dollar;
  • Click on SAVINGS on your dashboard, then scroll down to click on Flex Dollar;
  • Click on “Save in Dollars”;
  • Check the current dollar rate, if it’s okay by you, type in how many DOLLARS you want to buy;
  • Then proceed to pay with the Balance in your Piggyvest (the one you transferred earlier) or pay with your ATM Card

That’s how to easily save in US Dollar in Nigeria with Piggyvest.

Here’s a big deal about Piggyvest;

You can make money while you’re saving on Piggyvest by interest, investing or referring your friends to join Piggyvest.

If you join Piggyvest with this link, I will earn N1,000 for referring you, and you’re also earn N1,000 for joining. But you must complete all registrations and start saving money before the money will be released to us.

Now, let’s talk about another way you can save in Dollars in Nigeria;

2.      Get a Domiciliary Bank Account

Getting a Domiciliary account in Nigeria is another way to save money in US Dollars.

And also, a double win for you if you will like to receive US Dollars from your family members or clients outside Nigeria.

Getting a domiciliary account in Nigeria is easy but the requirement might be a problem. For instance, some banks require minimum deposit of $100 (N52,000).

That might not be a problem tho, but you MUST bring two current account users of that bank (e.g. GT Bank, Zenith etc.) as referees.

Because of these two current account users, many of us were left with no choice than to give it up.

But oh oh, there’s a solution 😉

The solution requires no minimum deposit, and you don’t need to bring any current account user.

Will you like to know?

Well, we rise by lifting others 😊

How to Get Free Domiciliary Account in Nigeria

  • Open a new account at WEMA Bank;
  • Get the ALAT by WEMA app on Google Playstore;
  • Login to the ALAT app using your WEMA Bank details;
  • On the homepage, click on “Accounts”;
  • Then click on “Create Account”;
  • Finally, click on “Domiciliary Account”;
  • Click on “Proceed” and,
  • Your Domiciliary account will be created in less than a minute!

You can maintain maximum of $2,000 on the ALAT’s domiciliary account. If you think you may need more, go to WEMA Bank to lift the limit.

But isn’t that amazing? You can create a DOM account without leaving your house and it’s FREE. People sell this kind of information but to me, sharing is caring. Enjoy!

3.      Cryptocurrency (Save in USDT)

Cryptocurrency is a life saver for many of us. Although we may not be trading, but saving in cryptocurrency has been one of the passive ways to make money in Nigeria.

I’m not saying you should that saving in all other type of cryptocurrencies but if you’re looking for another good option to save in US Dollars in Nigeria, then buying and keeping USDT is the best.

What is USDT?

USDT are coins issued by Tether, currently the third largest digital coin.

USDT is just like the US Dollar, but the difference is that;

US Dollars are held by banks and can be transfer between banks to banks, use physically as means of exchange.

But USDT is a stable digital coin tied to US Dollar which can be used as means of exchange between crypto wallets ($1 = 1 USDT).

How to Save in US Dollar in Nigeria (USDT)

If you buy 100 USDT, it also means you have $100.

Currently, you can’t buy USDT from any bank (it’s a digital coin like Bitcoin). But you can buy as much as possible of USDT on almost all cryptocurrency exchange platforms.

How to Save in US Dollar in Nigeria with “USDT”

  • Use or Get a crypto exchange platform;

I recommend Buycoins, it will be very easy to add funds from your Naira bank account to Buycoins and then buy USDT.

You can use Binance too (the easier one for you).

  • On your crypto account, create USDT wallet if it hasn’t been created for you;
  • If you are using a Nigerian crypto exchange like Buycoins or Bundle, you can easily buy USDT with your bank account (Kuda, GT, Zenith, FCMB, Access are mostly accepted)
  • If you’re using an exchange platform like Binance, you will have to buy the USDT using P2P method (risky) or convert your coins like Bitcoin to USDT (if you have).
  • That’s all.

Buying and storing USDT is same as keeping the US Dollars, but can only be done on cryptocurrency wallets.

4.      Buy and Sell Foreign Currencies

This is my second-best choice when it comes to saving US Dollars in Nigeria.

All you have to do is to buy foreign currencies from those who want to sell and you keep or sell later. The reason why this is a good option is because you’ll be saving money and at the same time earn money.

Let’s say you bought $100 at the rate of N450 per dollar, that means you spent N45,000 to buy that dollars.

But later, you might sell the $100 at the rate of N470 or even N510 per dollar, that is N47,000 or N51,000… You used a stone to kill two birds; saving in US Dollar and making small profits.

Note that the earning potential here is unlimited, the more you buy, the more the profit.

I’ve once earned over N70k in a day by just buying and selling US Dollars.

This sound like what you like to do, right?

But there’s a problem.

You will need all or any of the following payment accounts;

  • PayPal
  • Skrill
  • Payoneer
  • Zelle
  • CashApp
  • Greendot

PayPal is the most famous and widely-used payment gateway in the world, then followed by Payoneer.

You can get Payoneer and Skrill in Nigeria without any issue, you need to verify with your real ID and you’re done.

RELATED: How to Get Payoneer Account in Nigeria

You can also register a PayPal account in Nigeria, but you’re only limited to receiving money. You can’t send or withdraw… such a bad thing!

But what if I show you how to create a PayPal account that can send and receive funds in Nigeria, will that be great? I have a YouTube video where I show people how to do that.

So click here to got to my YouTube channels, (and subscribe please) the video is waiting for you there.

Forget others, you can’t create an account as someone residing in Nigeria (except you do it the criminal ways).

If you have PayPal, Payoneer and Skrill accounts, you can start buying and saving US Dollars in Nigeria (and other foreign currencies like EUROS) and make money in the process.

JUST IN CASE: I buy Payoneer, PayPal and Skrill funds. CONTACT ME if you want to sell $50 minimum.

Conclusion: How to Save in US Dollar in Nigeria

The four different ways explained above are working for me perfectly, and I know it will work for you too.

If you know any other way, we can save in US Dollars, kindly put it in the comment box below and I will check it and maybe update this blog post after testing it.

I know you might skip the paragraph I mentioned that I can teach you how to create a working PayPal account that can send and receive funds in Nigeria. It’s on my YouTube channels, click here to check it out.

If you have any question, please let me know through the comment box below and I will reply as soon as possible.

But this article might be helpful to someone else, don’t you think so?

If you think so, kindly share with your friends by clicking on the floating social media icons below. AND, don’t forget to subscribe in other to receive helpful blog posts like this.

Thanks for reading.

This post “How to Save in US Dollar in Nigeria” first appeared on https://gbolamedia.com

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Banking

Cardless Withdrawal in Nigeria: How to Withdraw Money from ATM Without Card

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Cardless Withdrawal in Nigeria

(Learn how to use Cardless Withdrawal in Nigeria to withdraw money from your bank on any ATM gallery without your ATM card or making a bank transfer to anybody. This tutorial applies to all Banks in Nigeria)

You urgently need to withdraw some money but you’re not with your ATM card (MasterCard, Verve or VISA), does that mean there’s no possible way except you make a bank transfer or get your card?

Definitely No!

The Cardless Withdrawal in Nigeria got you!

Right in this blog post, I will show you how you can withdraw money from any ATM stand in Nigeria without your ATM card.

I’m not going to bore you with long text, but straight to the point. 

But before I start the easy tutorial, kindly note that Cardless Withdrawal is 100% legal and safe as long as someone who knows your banking details didn’t steals your phone to perform the transaction.

So, that’s a warning for you; don’t ever let anybody have access to your phone without your consent or lock your banking apps and ensure you don’t reveal your banking PIN to anybody.

Now, let’s talk about how you can withdraw cash from an ATM without using your MasterCard, VISA or Verve.

How to Use Cardless Withdrawal in Nigeria

I’m going to split this tutorial into two methods and you can choose (or use) any of them.

  1. Using Your Banking Mobile App
  2. Using Your Bank USSD Code

Basically, if you want to use cardless withdrawal, you need to generate a token or what is called Paycode. This paycode is what you will punch on the ATM with the selected 4-digits PIN and amount.

How much is the cardless withdrawal fee in Nigeria?

Kindly note that N100 will be deducted for using the Cardless withdrawal service in Nigeria. If you want to withdraw N5000, have it in mind that N5100 will be debited from your account.

How to perform Cardless Withdrawal Withdrawal via Banking Mobile App

Note that this cardless withdrawal procedure is the same for all banks (GTBank, First Bank, UBA, Diamond, VFD Bank etc.), although, it might be slightly different due to how the banking mobile apps are designed. 

And we are going to do this in two easy steps;

STEP 1: On your Mobile App

  • Open your banking mobile app (if you don’t have, go to Playstore or Appstore to download your bank’s mobile app e.g GTWorld)
  • Sign in with your preferred method
  • Go to your mobile app menu and click on Cardless withdrawal (on GTworld app, click on Cashout in the home screen)
  • Select the account to debit (simply select your savings account or account with money)
  • If your app ask for the cashout terminal (such as GTBank), choose ATM
  • Select or write the amount you want to withdraw
  • Choose any 4-digits PIN to authenticate the cardless withdrawal at any ATM stand
  • Click on continue or submit

That’s all you need to do on your mobile app.

Now an automated 11-digits number known as PAYCODE or TOKEN will be sent to your phone number attached to that account number. Now, the next and final step!

STEP 2: On the ATM Gallery

Please make sure you have received SMS that have your Cardless withdrawal Paycode or token. Open your message system app on your phone.

  • After getting your 11-digits PAYCODE or TOKEN for cardless withdrawal, click on any button on the ATM
  • Now, select Cardless Withdrawal or Paycode feature >> Click on PROCEED
  • Now, you will be asked to enter your paycode or token: Enter the long number sent to you from your bank correctly
  • Type amount (you don’t need to include the N100 fee, it’s automatic)
  • Finally click on PROCEED

The ATM will process your transaction and if the details you entered are correct, the money will be dispensed within one minute or less.

ALSO READ: How to Start a POS Business in Nigeria

That’s how you use cardless withdrawal in Nigeria via the mobile bank app.

But what if you want to withdraw money and the internet connection is poor or you’re not with your browsing phone? You can use the banking USSD, here is how;

How to Do Cardless Withdrawal Withdrawal in Nigeria via the Bank USSD Code

  • Dial the bank USSD code: In case you don’t know your Bank’s USSD CODE, check below
  • Choose Cardless or Cardless withdrawal (if you don’t see this option on first page, go to NEXT till you find it)
  • Select or write amount
  • Choose a PIN (4-digits)
  • Submit

An SMS will be sent to you within 3 seconds. The SMS contains your Paycode or Token.

If you have seen that, go to the nearest ATM gallery and follow the STEP 2 under Mobile app method above.

NOTE: If you have account with VERVE, you can as well use it to generate the cardless withdrawal token by logging onto the Verve mobile app or generate Paycode using *322*8*Amount#

Just in case you don’t know your bank USSD code, check them here:

Full List of Nigerian Banks USSD Code for Banking Transactions

  • Access (Diamond) Bank — *901#
  • EcoBank — *326#
  • Fidelity Bank — *770#
  • First Bank — *894#
  • First City Monument Bank (FCMB) — *389*214#
  • Guaranty Trust Bank (GTB) — *737#
  • Heritage Bank — *322*00#
  • JAIZ Bank — *389*301#
  • Keystone Bank *7111# 
  • Polaris Bank *833#
  • Stanbic IBTC Bank *909#
  • Sterling Bank — *822#
  • United Bank for Africa (UBA) — *919#
  • Union Bank — *826#
  • Unity Bank — *7799#
  • VFD Bank  — *5037#
  • Wema Bank — *945#
  • Zenith Bank — *966#

Conclusion: How to Withdraw Money with Cardless Withdrawal in Nigeria

kindly be aware that I’m not a banker, an affiliate, partner or representative of any Bank in Nigeria. I’m just sharing the useful information you need, this may help you one day when you’re stranded.

If you have any questions, kindly contact the bank customer care and please don’t share your banking or confidential details here. I will not be responsible for anything that puts you into risk simply by putting your details here.

So, that’s all about withdrawing money from an ATM without your card.

If you have done this before, can you please share your experience on Cardless withdrawal in Nigeria with us? Mine has been so smooth and fast.

Help share this content with your friend also, so that they can learn how to withdraw money with an ATM card, you don’t know who this might help….

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Banking

PayPal to Allow Buying, Holding and Selling of Cryptos By 2021

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Open PayPal Account in Nigeria

This is nothing but good news as the digital payment giant, PayPal set to allow the buying, holding, and selling of cryptocurrencies by early 2021. Although Skrill and CashApp have this feature in their product it’s not as popular enough as PayPal.

PayPal boasts of 26 million customers across the world, where most of these customers are cryptocurrency enthusiasts but they had no choice but to stick to their cryptocurrency wallet apps.

PayPal Holdings, Inc. gladden the hearts of its users when they announced on the 20th of October, 2020 that we can be able to buy, sell, or HODL cryptocurrencies on our PayPal accounts without connecting or linking to an external crypto exchange service.

Just in case you don’t know;

PayPal is an American company offering online payment systems for its users since 1998. The company allows its users to send, receive money, and also buy or pay for something online.

Since the company has been actively operating, they deal with currencies like USD, EUR, GBP, and other popular currencies spend in different countries of the world, but since cryptos are not used popularly as means of exchange of goods and services, PayPal hasn’t added cryptos to its platform.

You might be thinking…

Will this Cryptos Features Be Available on Nigeria PayPal Accounts?

Well, I’m not sure until when PayPal finally offers the Cryptos services by early 2021 as they’ve announced. But the chance that we will have this Cryptos feature in our Nigeria PayPal accounts is very lean.

Recall that PayPal itself is not 100% available in countries like Nigeria, Pakistan, etc… Nigeria’s PayPal can only be used to purchase something online, it cannot send out funds not to talk of withdrawing money to your local bank account.

RELATED: How to Create and Verify PayPal Account in Nigeria

But if this PayPal cryptos service really works in our PayPal, then, that will be the best thing that has ever happened in Nigeria’s global payment sector after the acquisition of Nigeria’s fintech startup, Paystack by Stripe.

But let’s just hope for the best, as PayPal said they plan to make sure its crypto service is available as a source of funds to its 26 million users across the world (They haven’t made any exemption yet).

But why is PayPal venturing into Cryptos all of sudden?

That’s one of the questions people may need to find answers to.

Of course, PayPal has been existing since two decades ago, and Crypto is neither a new thing as well. But according to a press statement quoted by Nairametrics, the president and CEO of PayPal, Dan Schulman said the reason why Paypal is going into cryptocurrency is that:

“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of speed, the ability for governments to disburse funds quickly, resilience, efficiency, financial inclusion, and access.”

The PayPal CEO further said they’re working with central banks and financial regulators around the world to offer their support in shaping the impact of digital currencies globally.

The digital payment company has been granted conditional Bitlicense by the NYPDFS, the New York State Department of Financial Services in other to encourage or support New York consumers through a partnership with the city authorized virtual currency companies.

How PayPal is going to achieve this Cryptos’ Feast?

A licensed and regulated crypto services provider company known as PAXOS Trust Company made it possible for PayPal to achieve their dream of offering crypto services to its 26 million (and new users) across the world.

CONCLUSION:

This is a great development and we are expecting to see this amazing feature soon! Even if PayPal will not allow Nigeria’s PayPal accounts to enjoy this crypto service, I believe it will still be of benefit to those currency exchangers in Nigeria – provided they play along smartly.

Since you’re here;

#EndSARS #PoliceBrutalityinNigeria #BadGovernance

I feel so disturbed seeing unarmed protesters being killed by Nigerian security agencies just for protesting peacefully against the bad omens in the country.

Everywhere is risky and in chaos, war is subtly escalating!

I really wish I can call every and each reader of my blog, pertaining to this our dear country – Nigeria.

A lot has been happening in the country which has negatively affected us democratically. Nigeria is the world poverty capital of the world but yet, we have the richest politicians in the world. Our reputation is not good globally and the whole Nigeria system (Education, infrastructure, employment, government, and everything)  is a SCAM.

….and, it’s time things change for the better.

For example, we need a country where foreign investors and company will be glad to work with. That’s why thousands of patriot Nigerian youths are protesting against Bad governance, Police brutality, and other bad things happening in the country.

But right now, as your brother, friend or son, kindly stay INDOOR for now. This is not the right time to REVENGE, let’s stay SAFE and come back stronger.

World powerful organizations such as the UK parliament etc., are interfering. And hopefully, the ICC and the United Nations won’t ignore us.

Please stay INDOOR, that’s the best precaution to stay SAFE, this is not Corona Virus, this is more brutal than COVID-19.

Stay at HOME, Stay SAFE!!!

 

 

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