Saturday, 22 July 2017
Mobile Money

PayPal’s Xoom launches instant money transfer from US to Nigeria

PayPal owned digital money transfer firm Xoom has expanded its service in Africa by launching in Nigeria, Africa’s most populous country.

Xoom was acquired by PayPal in November 2015. With the expansion Nigerians in the United States can easily and securely send money to Nigeria with their U.S. bank accounts, credit cards, or debit cards.

Xoom users can send money on-the-go through a mobile phone, tablet or computer. Furthermore, senders can also have the money directly deposited into their loved ones’ bank account, and access to daily customer service.

The deal has been made possible by partnerships with local banks such as First Bank Nigeria, Guaranty Trust Bank, Zenith Bank and more. Users in the diaspora can also pay bills and reload airtime of their friends and family back home in Nigeria.

 “At Xoom, our goal is to make sending money around the world easier, more convenient and faster. That’s why we’re excited to extend Xoom’s services into Nigeria,” said Julian King, Xoom’s Senior Vice President of Marketing and Corporate Development.

“With Xoom, users can now send money from their mobile phones in a few clicks and instantly deposit money into their loved ones’ bank accounts in Nigeria. No more waiting in lines at the bank to wire money or at a cash pick-up center,” he added.

To make use of the service, Xoom customers are required to have the recipient’s bank account number, and Xoom will instantly transfer funds to the leading banks in Nigeria.

Customers can send up to $2,999 for just $4.99 when paying with their bank account. Xoom says it provides locked-in exchange rates on Naira (NGN) deposits to Nigeria.

According to the World Bank more than $5.7 billion is sent to Nigeria annually from the US, the Xoom service will probably make things easier. Learn More

A similar service, SimbaPay was launched last year targeting Nigerians living in the UK. It offers its service for free. There’s also a SimbaPay Android app which can be downloaded from Apple or Android app stores.