Money Transfer From UK to Nigeria with TransferBee

By Mohammed Waseem

Mobile social networking app, Eskimi has over 13 million users worldwide. They have apps for smartphones as well as feature phones, while their focus is on the latter customer base. They have significant position in Nigeria, Ghana, Kenya, Vietnam and Indonesia.

Eskimi partners with significant players in other segments of the industry to provide services to their customers. Other companies piggyback on Eskimi’s existing customer base to launch new services in order to get greater adoption rate and usage. They recently partnered with iROKO to launch Eskimi Music service.

Money transfer from UK to NigeriaSimilarly, they have partnered with UK-based TransferBee for money transfers from UK to Nigeria. With a customer base of over 7 million in Nigeria, this service is expected to be successful. They have reported that each day, over 2000 mobile money customers join their service, which has provided them a huge platform for more deals, more partnerships with money transfer services from other countries. They also use their platform well for marketing purposes.

Money transferred via TransferBee is delivered to mobile wallets in Nigeria. The sender has to enter the amount to be transferred, which cannot exceed 850 GBP, enter the mobile number of the recipient, and then choose the method of payment, which should be ‘bank account’ in this case. After the transfer is initiated, the money is delivered to the recipient within the next 24 hours.

The interesting part of this service is that the recipient need not be preregistered for a mobile wallet in Nigeria; a mobile wallet is automatically created for the recipient, for transfer of the funds. This money can either be used from the wallets for making payments or can be cashed out at any of the thousands of agents across Nigeria.

For using this service, the user must be over 18 years of age and must be a resident of the European Union and all transfers are initiated from UK bank accounts. The user is also expected to provide identification documents before using this service.

The price for each transfer is fixed at 4.5 GBP and TransferBee claims that this is the cheapest price in the market. When I checked Western Union, they charged 12.50 GBP for transferring 850 GBP to Nigeria and the exchange rate was 257.47 NGN per GBP compared to 270 NGN offered by TransferBee. Of course, for amounts lesser than 100 GBP, their transfer fee is 2.90 GBP, which is lesser than what is charged by TransferBee. MoneyGram charges 4.9 GBP for transferring 100 GBP and 25.99 GBP for transferring 850 GBP, with an exchange rate of 258.73 NGN per GBP.

They are already gaining popularity and many people are switching to this service due to the low cost and high exchange rate. Both TransferBee as well as Eskimi have great partnership opportunities for money transfers in different parts of the world.

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