If you have ever tried to send money home from somewhere outside Nigeria, you know about the challenges with existing digital transfer applications.
In this article, you will discover how to send money to Nigeria online within minutes and without hassle using Cryptofully.
Remittances to Nigeria
Nigeria represents a large chunk of remittance flows to Africa. It represents the biggest migrant remittance flows to Sub-Saharan Africa together with Egypt, according to PWC.
However, Africa remains the most expensive place to send money to, with an average cost of around 9.4% in 2019.
The central bank of Nigeria estimates that the annual remittance inflow is close to $24bn and is expected to continue to grow in the next few years. As this is the case, diaspora Nigerians need a platform that allows them to send money to Nigeria fast and cheaply.
Cryptofully: the Easiest Way to Send Money to Nigeria Online
Cryptofully understands the frictions Nigerians face when sending money to their home country. The blockchain-powered platform helps to solve these issues and makes it easy to send money to friends and families in Nigeria.
The digital platform allows people to send money from anywhere in the world to any Nigerian bank by using the blockchain to enable fast settlement of transfers and enables low fees. It works if you already have bitcoin or don’t want to interact with bitcoin directly. The payment options available include debit card providers like Visa and Mastercard to send money to Nigeria. Alternatively, you can also use Apple Pay or Google Pay as payment options.
Cryptofully leverages a local peer-to-peer network on the backend that enables it to convert dollar and bitcoin transfers into naira and directly settle in a Nigerian bank account. However, this process is absorbed from users, allowing you to have a smooth experience.
All you have to do is sign up, fill in the amount you intend to send, put in the details of the recipient and send money to your recipient.
How to Send Money to Nigeria Using Cryptofully
Download the Cryptofully app or log onto www.cryptofully.com if you want to use the web-based version.
Use the Cryptofully Mobile App to Send Money to Nigeria
Step 1: Create an account on Cryptofully app
- Search for Cryptofully on Google Playstore or Apple iOS store.
- Download the Cryptofully app
- Create your account with an email address. Set a username, password and security code to keep your app safe.
An email is sent to your email address to verify the email address you used to register.
- Add a Nigerian bank account to your account. You would need a BVN for this section. Complete the KYC with your BVN and add a bank account.
Congratulations, your account verification is successful! The whole process doesn’t take more than 3 minutes, including verification.
Now, let’s send some money to a family member living somewhere in Nigeria.
Step 2: Specify the amount you want to send to this family member
- Log into your Cryptofully account on the app, which you should have set up.
- Choose the preferred currency you want to send the money in from your end: either naira, Bitcoin, US dollars, or Dash.
- Put in the amount you want to send.
- Click on ‘Send.’
- A pop-up will appear. Choose Bitcoin as the preferred option.
Step 3: Time to specify the bank account details of the person receiving the money
- Fill in the recipient account number, bank name, and your email address.
- You can save the account details as a beneficiary too.
- On the next page, you are shown a Bitcoin wallet address to send the BTC equivalent of the amount you want to send.
- Send the BTC equivalent and within a few minutes, the money is received by your family member in their Nigerian bank account.
Use the Web App to Send Money to Nigeria Within Minutes
1. Visit https://www.cryptofully.com
2. Choose the currency you prefer to use to send the money. You can use USD, Bitcoin or Dash.
3. Put in the amount you want to send to the person in Nigeria using either the Floating Rate or Fixed Rate method.
- Floating Rate: This means the exchange rate of BTC to USD isn’t fixed for this option and changes based on demand and supply in the market.
- Fixed-Rate: This means the exchange rate of BTC to USD can be locked for your transfer and doesn’t change once you’ve initiated your transfer. But the fixed rate is updated every 30 seconds.
4. The amount of money you are sending to will appear in your recipient’s bank account almost immediately.
5. Click on ‘Send Now.’
6. On the next page, you should see the space to fill in the account number, bank and account name of the person to receive the money. You also have to fill in your email address.
7. Ensure you cross-check the bank account number and name.
8. Scroll down, and you will find a place to Choose Sending Option. If you don’t have bitcoin, you can choose from two payment providers, where you can pay with your bank card or Apple Pay.
9. If you already have bitcoin you intend to send, do a transfer of the bitcoin to the bitcoin wallet address on the page. Once the money is sent, the system matches you to a peer instantly and the money is remitted to your Nigerian family member’s bank account.
11. Also, if you pay with your debit card, allow some time, and the money will settle in the recipient’s Nigerian bank account.
This process takes less than 10 minutes to send money online to a family member or friends in Nigeria.
Extra Tips for Using Cryptofully to Send Money Online to Nigeria
- It’s easy to create your account.
- Making transfers is simple and easy enough for non-crypto users to adopt.
- Fees on transactions are low and settlement is fast.
- You can use it from anywhere in the world to send money to a Nigerian bank account.
- For every transaction for sending money, you get rewarded with 10 points and each point is equivalent to one Naira.
- Even better, you get 1000 points after completing your first transaction as a new user.
Cryptofully uses the blockchain to help reduce the friction in digital remittances to Nigeria and even unlocking more remittances to the country. You can help your friends and family members to pay for hospital bills, school fees, and send money for their upkeep right from your mobile phone or laptop within a few minutes.
