The Central Bank of Nigeria (CBN) has announced that 11 international money transfer operators (IMTOs) have been license to operate in Nigeria.

The eleven IMTOs include;

1. Trans-Fast Remittance LLC,
2. WorldRemit Limited,
3. UAE Exchange Centre LLC,
4. Wari Limited, Homesend S.C.R.L,
5. Small World Financial Services Group Limited,
6. Weblink International Limited, Cashpot Limited,
7. DT&T Corporation Limited,
8. Fiem Group LLC DBA Ping Express,
9. and CP Express Limited

These eleven can now make transfers into the country.

Early this month, CBN banned almost all international money transfer operators from transferring money into the country based on some regulation tagged “draconian rules” as reported by WorldRemit and only 3 IMTOs – Western Union, MoneyGram and Ria money – escape this rule.

CBN reported that the licensing is “in furtherance of CBN’s effort to liberalise the foreign exchange market and ensure liquidity by making foreign exchange more readily available to low end users.”

WorldRemit, who’s been the most vocal IMTO during the whole ordeal, commend CBN for  this development. Founder and CEO, Ismail Ahmed said, “We commend the CBN for reaffirming the country’s commitment to building an enabling environment and level-playing field for international money transfer services to Nigeria. The new environment will help to bring the estimated 50% of remittances to Nigeria that currently goes through unregulated, informal networks into the formal channels.”

WorldRemit in celebration of the relaunch of their services to Nigeria is offering promotional pricing of nominal $0.01, €0.01, £0.01 or its equivalent in fees on all money transfers to Nigeria until September 30, 2016.

So, if you are a Nigeria in Diaspora; seize the opportunity and invest now in Nigeria; you know what I mean?

You can use the comment box below to ask your question or make comment. Your comments are welcomed.

Bank accounts are mediums or financial accounts maintained by financial institutions mostly banks to safeguard a customer’s money. The account here could either be savings account, corporate account, business or current account as the case maybe but for the sake of this article; we will be looking at Corporate, Business and Current Accounts respectively. We will also look at the features and how to run each of these accounts.

Bank accounts in a layman’s definition is the arrangement made with a bank whereby one may deposit and withdraw money and in some cases be paid interest or pay charges as the case maybe. The type of bank account one intends to open depends on the type of transaction he/she wishes to carry out with the account. Banks and financial institutions have different platforms and services that they provide to their customers in order to meet up to their demand. These platforms are packaged in form of different types of account. Some of these accounts include;

1. Corporate Account
2. Business Account
3. Current Account

CORPORATE ACCOUNT

Corporate bank account is a formalized type of bank account. A corporate account can be defines as an account that specializes in offering services for companies and offshore businesses. It is quite different from personal bank accounts.

Corporate banking is a custom-tailored financing and banking services for corporations. Corporate banking is typically offered by commercial banks, and entails all the services that can be extended on a financial level to corporate entities to ease day-to-day operations. Cash management, working capital loans and commercial mortgages are just some of the products available in this form of banking; some banks even offer financial supply chain optimization.

Corporate accounts provide services that respond to business needs and thus have different regulations in regards to the opening process. Corporate accounts are mainly opened to meet business purposes.

There are a number of advantages in opening a corporate account. Many offshore jurisdictions offer positive tax benefits for companies who wish to open a corporate account.  Many companies are opening corporate bank account overseas with the intention of managing their income and growing their assets in a more profitable offshore environment.

When opening a corporate account it is crucial to choose a recognized worldwide financial centre that reflects your business needs, since each jurisdiction provides different services. Each business centre is regulated by a different financial authority and it is thus critical to make sure that the offshore jurisdiction you select to bank with will address your business objectives.

Corporate accounts are created particularly for offshore companies, their minimum capital requirements for opening the account differ from those of a personal or an investment account. This is because the account will be dealing with different sums of money and for a variety of purposes. Minimum capital requirement usually depends on the offshore jurisdiction you open your account with.

FEATURES OF CORPORATE BANK ACCOUNTS

1. Corporate Account gives access to broad range of transactional banking services – from local collections to international payments.
2. It provides support from a dedicated and experienced business platform.
3. It gives access to financial institutions in overseas.
4. Corporate Account has access to internet Banking services for account information and electronic payment requirements.
5. Corporate Account makes cash available in many currencies.
6. It can be linked to a range of single or multi-currency interest off-set arrangements
7. Corporate accounts services can be accessed in parts of the world, be it Africa, Americas, Asia, and Europe.

MAJOR REQUIREMENTS NEEDED TO OPEN A CORPORATE ACCOUNT IN A NIGERIAN BANK.

Requirements needed to open a Corporate Bank Account in Nigeria include;

1. Resolution from the Board of Directors/Proprietor(s) authorizing the opening of the account and approving the account signatories.
2. Affix Company Seal
3. Completely filled-up Corporate Account Opening Form signed by the company’s designated signatories.
4. Certified true copies of Incorporation documents
5. Proof of Residential Address of Signatories, Directors.
6. Passports Photograph of the signatories
7. Bank Verification Number of Directors or Proprietors
8. Valid means of Identification (International Passport, Drivers License, National Identity Card or Voters card) of Directors/Proprietors
9. Tax Identification Number for the Company
10. Utility Bill of Business Address
11. SCUML Registration where applicable
12. For foreign Nationals require other special requirements (Business Permit, Residence permit etc)
13. Duly filled two Reference Forms by Corporate Account Holders

BUSINESS ACCOUNT

A business will always require a bank account in order to manage its finances diligently.

Business bank account is a type of bank account used for business transactions rather than personal ones.

Business bank account is a company’s financial account with a bank that provides business loans, credit, savings and checking accounts specifically for companies and not for individuals.

MAJOR REQUIREMENTS NEEDED TO OPEN A BUSINESS ACCOUNT IN A NIGERIAN BANK.

Opening and operating a business account in Nigerian banks is totally different from running an individual savings account in terms of its requirements and documentations. To be able to own a business account, the business must be registered with Nigeria’s Corporate Affairs Commission (CAC) or by a relevant agency depending on the nature of business.

The following are requirements for opening a business account in Nigeria:

1. A valid primary ID card
2. Means of address verification (utility bill, etc)
3. Two passport photograph
4. A duly filled and signed mandate form
5. Documentary evidence of address
6. 2 references
7. 2 Passport photograph
8. Valid ID of all signatories
9. Residence Permit (For Foreigners)
10. Forms CO7 and CO2
11. Certificate of Incorporation / Business Registration
12. Memorandum and Article of Association
13. Board resolution
14. Search report
15. Duly executed Terms & Conditions

All these documents will be verified by the bank before opening the account.

CURRENT ACCOUNT

A current Account is an account which maintained with any commercial bank, for supporting frequent money transactions. Current Account can also be referred to as a type of deposit account kept with a financial institution that permits the withdrawal of funds and allows checks to be written against the balance.

Services inculcated in the Current account platform include payment on standing instructions, transfers, overdraft facility, direct debits, no limit on the number of withdrawals/deposits, Internet Banking, etc.

This type of account fulfils the very need of an organization that requires frequent money transfers in its day-to-day activity. An Individual, a firm or a company could open this type of account. Account maintenance charges are applicable as per the bank rules. It is also suitable for making payments to creditors by using cheques. Cheques received from customers can also be deposited in this account for collection.

Note that Current account is different from the popular savings account because it involves a fee known as Commission on Turnover (COT), which is charged per withdrawal in current account.

FEATURES OF A CURRENT ACCOUNT

The main features of current account are as follows:

1. Current bank accounts are operated to run a business.
2. It is a non-interest bearing bank account.
3. It needs a higher minimum balance to be maintained as compared to the savings account.
4. Penalty is charged if minimum balance is not maintained in the current account.
5. It charges interest on the short-term funds borrowed from the bank.
6. It is of a continuing nature as there is no fixed period to hold a current account.
7. It does not promote saving habits with its account holders.
8. Banker requires KYC (Know your Customers) norms to be completed before opening a current account.
9. The main objective of current bank account is to enable the businessmen to conduct their business transactions smoothly.
10. There is no restriction on the number and amount of deposits.
11. There is also no restriction on the number and amount of withdrawals made, as long as the current account holder has funds in his bank account.
12. Generally, bank does not pay any interest on current account.

MAJOR REQUIREMENTS NEEDED TO OPEN A CURRENT ACCOUNT IN A NIGERIAN BANK.

The requirement for opening a current account in Nigeria includes;

1.  Passport photograph:  Two recently taken passport photographs that will be scanned   and uploaded in the bank‘s database.
2. Means of identification: These could be National Identity Card, International Passport or Driver‘s license. Voter‘s card has recently been made to suffice as a valid means of identification that a prospective current account holder can present in a bid to open current account.
3. Utility bill: A Recent utility bill receipts such as NEPA bill, water bill and DStv subscription receipts are needed to open a current account. It acts as a proof that your address exists and that you are currently living there.
4. Two references: Anybody that wants to open a current account must provide two referees to ascertain that the person is whom he/she claims to be. These referees must also be current account holders.
5. Execution of account opening form: Current account opening form must be duly filled and relevant information must be provided when filling the form by the customer that wants to open a current account.
6. Opening balance: This is the monetary requirement for opening current account.
7. Board resolution: This requirement applies to corporate bodies. A board resolution which shows that the Directors of the company met and resolved to open and operate a current account is needed in order to open current account in Nigeria.
8. Certificate of Incorporation: The Certificate of Incorporation is a proof that a company is registered with the Corporate Affairs Commission, as such, it is one of the requirements for opening current account in Nigeria.
9. Particulars of Directors and share allotment: Forms CO2 and CO7 which contain information about the Directors, shareholders and share allotment of a corporate organization is a requirement for current account opening in Nigeria.

Corporate, Business and Currents account are all different types of account operated by banks on-behalf of individuals, businesses and corporate entitles, in order to make transaction both locally and internationally easier for the people. These three accounts (Corporate, Business and Currents account) are quite different from each other judging from their features and the sort of transaction being carried out in each platform. Enquiries should be made from specific banks before choosing the form of account that best suits your business as most banks might have a little bit of differences. Further enquiries should also be made when it comes to the requirements in opening any of the accounts as it might differ according to banks.

When most people leave their home country in search of better work opportunities in foreign countries such as the United States, sending money remittances back to their families may be one of the biggest concerns.  If you are located in the US and are looking for the best way to send money transfers back to your loved ones in Nigeria, keep reading.

Thanks to the amazing influence of the internet and a host of other technological advancements, there are lots of ways to send money online from USA to Nigeria. This post is going to review Sharemoney.com, one of the top online money transmitters that has business in more than 20 countries and has a good reputation.

Sharemoney is an online money transmitter launched in 2014. Their parent company, Omnex Group, is an international money transfer company with over 25 years of experience. After its launch, Sharemoney soon attracted lots of loyal customers who appreciate their service, and became one of the highest rated online money transfer services in the US.

What are some benefits of Sharemoney?

Convenience: Sharemoney allows you to send money from US to Nigeria without having to go anywhere. You can send money through Sharemoney using your mobile device, desktop, or any other devices that have an internet connection, at any time. Sharemoney is very easy to use. Customers can finish the money transfer process in minutes with only 5 steps.

Rate: Sharemoney tries their best to help customers make every dollar count. Sharemoney’s exchange rate of USD to Naira is better than other money transfer companies on most days, and the transfer fee itself is very low. They often have discount codes posted on their social media profiles to help customers save on money transfer fees. Check rates

Speed: Usually, customers are able to receive their funds within minutes or up to 24 hours if their transfer is not delayed for security reasons. Sometimes, new users may encounter a delay in their first transfer because Sharemoney needs to verify their identity for their safety (by requesting an ID). However, for most customers the verification process is automatic and you can have your money transfer completed within a few minutes. If you want to know where your money is, their money tracker page is able to help you track your money 24/7. They also offer a 100% money-back guarantee in the event that your money transfers fail to reach your recipient, which is a unique benefit not offered by most transfer companies.

Safety: Sharemoney has partnered with the best banks in Nigeria, including Zenith Bank, Diamond Bank, Union Bank, GT Bank, Ecobank, Access and more, to provide you with a smooth and secure remittance experience. Your recipient in Nigeria will receive their money quickly and conveniently in their bank account.

How to use Sharemoney.com

If you are located in the US and you need to send money to a Nigerian bank account, Sharemoney might be the best option for you. You can avoid the high fees you would get if you transferred through a large bank, and avoid having to go to a special location to send your money. The process to send money to Nigeria online is very straight-forward.

1. Create a free account. Go to Sharemoney.com and click “Sign up” to create an account. All you need to do is enter your email address and choose a password. You will have to confirm your email address and fill out your personal information.

2. Pick your country. Choose “Nigeria” from the top list as your destination country.

3. Enter how much you want to send. There are 5 simple steps to complete. Start by entering the amount of money you want to send to Nigeria, for example, 50 USD, and the screen will automatically show how much money your loved ones will receive in NGN.

Below the promo code, you can see how much money transfer fee it is going to cost you. If you have a coupon code, don’t forget to use one! It can help you save some money.

Please notice, the transfer fees via debit card and credit card are different. I recommend you use a debit card to minimize the fees you have to spend on sending money.

4 . Pick which bank to send money to. In step 2, select “Bank Deposit”, and then select the bank you are going to send money to. See list of supported banks. You can see the total cost of your transfer on the right side of your screen, which includes the transfer fee. The transfer fee is flat $3.99 if you use a debit card. Please make sure all the information is correct, then click “Continue”.

5 . Pick who to send to. In step 3, Enter your recipient’s personal and bank account information to ensure your money transfer has a destination. After you’re done, click “Continue”.

6 . Pick how you will pay. In step 4, select your payment method and enter your payment information. Like we said before, we recommend you use a debit card to minimize the fees you have to spend on sending money. With debit cards, the fee is always $3.99, while credit cards can have higher fees. After all information entered, select “Continue”.

After reviewing your order and making sure all the information is correct, click “Pay and Send”.  You’ve successfully sent your money to your loved ones in Nigeria! Sharemoney team will review your money transfer and make sure your recipient gets your money as soon as possible!

Click here to visit Sharemoney and send money to Nigeria today

For anyone looking for a quick and simple way to transfer money from USA to Nigeria, give Sharemoney a try. It will save you money on fees and provide a fair exchange rate, while allowing you to send funds directly into a Nigerian bank account without a hassle.

If you have any other questions, you can look at the Frequently Asked Questions: https://www.sharemoney.com/nigeria/how-to/

Get in touch with the company:

Sharemoney

(866) 819-0119

customerservice@sharemoney.com

Sponsored Post by Sharemoney

We Accept Sponsored Post Or Review Post On This Site. So, If You Have A Product, Company Or Website You Want The World To Know About, We Will Help You Spread It. Visit Our Sponsor Post Page  for More Information Or Contact Us @ immax2005@gmail.com.

What is the banks’ ATM Card withdrawal limits in Nigeria and outside Nigeria?

Many people have asked me this question. For those who might not know, there is an adjustment in the Nigerian bank ATM card withdrawal limits.

In the new adjustment, all ATMs that were enabled for domestic and foreign transactions have been restructured to limit Naira cash withdrawal at ATMs to N60, 000 per day while foreign currency is $300 per day.

The domestic withdrawal limit is N150, 000 per day. The cash can be withdrawn from ATM machine in multiples of 20000, 25000, 30000 or 35000 depending on the bank’s ATM.

The new adjustment has separated traditional ATM from MasterCard credit card where the former has now been deactivated and can no longer be used for transactions abroad.

A single ATM card serves for transactions for both domestic and abroad.

The adjusted cards now have spending limits on POS and eCommerce (online shopping) pegged at $300 (that is about N60, 000) per day. On December 2016, some banks further limits online shopping spending limit to $100 per day. Unlike before, the limit was N2 million per day.

In this new arrangement, a bank customer with multiple debit cards (ATM cards) can only transact abroad with one linked to the primary transactional account. Such customers could also transact with any of the cards that is funded.

However, banks are working hard to ensure that there are alternatives in these adjustments for customers who are now being directed by their banks to reapply for a new card arrangement to suit their purposes.

N.B: This post will be updated if there is change or adjustment in above mention ATM cards withdrawal limits

ATM Card withdrawal limits in Nigeria and outside Nigeria

There is an adjustment in the Nigerian bank ATM card withdrawal limits.

In the new adjustment, all ATMs that were enabled for domestic and foreign transactions have been restructured to limit Naira cash withdrawal at ATMs to N150, 000 per day (i.e. domestic withdrawal limit is N150, 000 per day) while foreign currency is $300 per day. The cash can be withdrawn from ATM machine in multiples of 5000, 10000, 15000, 20000, 25000, 30000 and 35000 depending on the bank’s ATM.

The new adjustment has separated traditional ATM from MasterCard credit card where the former has now been deactivated and can no longer be used for transactions abroad.

A single ATM card serves for transactions for both domestic and abroad.

The adjusted ATM cards now have spending limits on POS and eCommerce (online shopping) pegged at $300 (that is about N60, 000) per day. On December 2016, some banks further limits online shopping spending limit to $100 per day. Unlike before, the limit was N2 million per day.

 Currently, the funding limit of third party account like Skrill account, PayPal, Payoneer etc. is pegged at $100 per month.

In this new arrangement, a bank customer with multiple debit cards (ATM cards) can only transact abroad with one linked to the primary transactional account. Such customers could also transact with any of the cards that is funded.

However, banks are working hard to ensure that there are alternatives in these adjustments for an customers are now being directed by their banks to reapply for a new card arrangement to suit their purposes.

In view of this, GTBank now has Dollar MasterCard which is primarily for limitless online shopping, payment making and other transactions abroad and online from the domiciliary account.

Nigerian Bank USSD transfer limits

Banks like GTbank, Fidelity, Access bank, Diamond bank etc. allows a maximum USSD code transfer limit of up to N200, 000 per transaction and maximum transfer limit of N500, 000 per day while Firstbank of Nigeria claim to allow a maximum transfer limit of up to N1million per day.

Please note: This post will be updated if there is change or adjustment in above mention ATM cards withdrawal and transfer limits, so always visit to check for update.

The Central Bank of Nigeria (CBN) on Monday, 20^th February 2017 released a press statement on a new Forex policy which it titled “New Policy Actions in the Foreign Exchange Market.” This action comes a week after the National Economic Council had requested for a review of the current Forex policy due to the wide gap between the parallel and official market exchange rates.

According to CBN, “In continuation of efforts to increase the availability of Foreign Exchange in order to ease the difficulties encountered by Nigerians in obtaining funds for Foreign Exchange transactions, the Central Bank of Nigeria (CBN) is providing direct additional funding to banks to meet the needs of Nigerians for Personal and Business Travel, Medical needs, and School fees, effective immediately,”.

CBN is ready or committed to supplying the necessary Forex needed for transactions such as PTA, BTA, School fees and medical bills. However, the CBN failed to mention the exchange rate at which this Forex would be trade at but said that banks should sell not more than 20 percent above the interbank market rate. In other words, if the interbank is trading at N320, banks will sell for as high as N384.

WHAT DOES THE NEW FOREX POLICY STATE?

1. That CBN would immediately begin to provide forex to all commercial banks to meet needs of both personal travel allowances (PTA) and business travel allowances (BTA)

“The CBN would immediately begin to provide foreign exchange to all commercial banks to meet the needs of both personal travel allowances (PTA) and business travel allowances (BTA) for onward sale to customers. All banks would receive amounts commensurate with their demand per week, which would be sold to customers who meet usual basic documentary requirements.”

What is its implication?

This means that commercial banks will sell to customers who wish to travel for business or personal trips when they present the necessary document, which includes their passport, visa, and tickets. However, the CBN failed to mention how much these travellers are entitled to for their trips.

“In order to further ease the burden of travellers and ensure that transactions are settled at much more competitive exchange rates, the CBN hereby directs all banks to open FX retail outlets at major airports as soon as logistics permit,” CBN said.

With this new policy, all banks that do not have an outlet in the airport may not sell to customers at the airport.

2. That CBN would immediately begin to provide forex to all commercial banks to meet needs for School and Medical fees abroad

“The CBN would meet the needs of parents, guardians and sponsors who are seeking to make payments of school and educational fees for their children and wards. Such payments must be made by commercial banks directly to the institution specified by the customer,”

“The CBN would ensure that this process is as smooth as possible and that as many customers as possible get the foreign exchange they genuinely demand. This would also apply to customers seeking to make payments, or purchase foreign exchange, for medical bills and paid directly to hospitals.”

This means that by just being a sponsor you can have access to Forex to pay for school fees. However, you won’t be given cash to make the payments. The bank will make the payments directly to the bank account of the school or hospital.

3. That CBN would immediately begin to provide forex to all commercial banks to meet needs for Manufacturing sector 

“Given our plan to meet all unfilled orders, and while provision of FX to the manufacturing sector would remain the CBN’s strong priority, we will no longer impose allocation/utilisation rules on commercial bank.”

This means that the CBN will still give the manufacturing sector a strong priority during allocation of Forex but the rule on 60:40 allocation of Forex has been removed.

Who are the gainers in this new forex policy?

1. Travelers

From all indications the gainers of this policy are going to be the commercial banks and travellers, which include those going on both business and personal trips. Travellers will have access to the Forex easily and will not have to queue, lobby or wait for the money needed for their trips.

2. Banks

Commercial banks in Nigeria will likely become royalty. This is because they have been given the power to have access to as much Forex as they want. If all things go well, there will be an increase in the volume of trade and customers may not have to complain about the lack of Forex. The only setback with this decision is that the banks may be tempted to start round tripping or hoarding Forex thereby manipulating the market.

3. Importers

Who are the losers in this new policy

1. Speculators
2. Bureaux de Change

Speculators and Bureau de change could be the biggest losers from this new policy. The only customers for the speculators and Bureaux de Change will be the users of the 41 items banned from getting access to Forex. On the other hand, since the Bureaux de Change was not mentioned in the adjustments to the policy, they will have to continue sourcing for funds in the autonomous market as they have done in the past.

Speculations:

*Naira will continue to appreciate for some time.

*MoneyGram will start working.

*Western Union money transfer will start working.

*Speculator will start buying and hoarding dollars.

Updated  March, 2017: Below are Nigeria bank mobile banking and money transfer codes .  Newly added mobile money transfer codes are;

• Ecobank mobile banking code, dial *326# and follow instructions.
  
• Mobile banking code for United Bank of Africa ( UBA), dial *389*033*1*amount#. or dial *919# on your phone number and follow instructions.

• Mobile banking money transfer code for Keystone bank, dial *322*082*Amount# or Dial *322*082# and follow instructions.
• Access Mobile banking code, dial *901# and follow instruction.
• Mobile money transfer code for Zenith Bank, dial *966*amount*Account number# and follow instructions. To buy extra data and extra talk directly from your Zenith bank account, simply dial *904*131#.

• First City Monument Bank (FCMB) mobile banking code, dial *389*214#. Activate your card, account and Mwallet. Visit any FCMB close to you to generate your security PIN for transferring money.
• Unity bank Money transfer code, dial *389*215# and follow instructions.

• Skye Bank Mobile banking or USSD code, simply dial *833#  from your registered phone number and follow instructions.

• Sterling Bank mobile banking and money transfer code, dial *822# and follow instructions; generate your security PIN. Please note: N5 will be deducted from your Airtime when a transaction with this code.

Continue below for other bank mobile banking codes…..

Mobile banking has taken a new dimension in Nigeria. One aspect of it is the transfer of money from bank to bank and to other bank through mobile phone using a short USSD Code.  The innovation first started with USSD recharge code for mobile airtime top-up; now, many banks have improved the service to include money transfers, account balance inquiry, short statement of account and bill payments all by just dialing USSD code from your mobile phone. From the comfort of your home, office or any corner, you can now transfer money to your bank account or to any bank account. These days, I don’t often visit my bank to make payment or to deposit money; I simply use my bank money transfer code or internet banking to do all those transactions.

These  save me the stress of queuing up at the banking hall just to deposit small amount of money. Apart from stress, it saves time. It is fast, convenient and highly secure.

So if you have been searching your bank mobile money transfer codes, below are list of bank available USSD codes for money transfer for all Nigerian banks that offer the service as of today.

• Guaranty Trust Bank (GTB) Money Transfer Code

All GTBank customers can initiate transfers to another GTBank account, by dialling *737*1*Amount*NUBAN Account No# e.g. *737*1*1000*2456567890# from the mobile phone number registered with the Bank.

For transfer to a beneficiaries account that is not GTBank or in other Bank’s, GTbank customers should simply dial *737*2*Amount*NUBAN Account No# e.g. *737*2*1000*2456567890#. Customers will be required to enter their last four digits of their GTBank Naira MasterCard to authenticate each transaction.

*737* Transfer service is only available to GTBank customers via their mobile phone numbers registered with the Bank

Minimum transfer limit is N1, 000 while maximum daily transfer limit of N20, 000.

For more information, you visit GTBank mobile banking website page

• Fidelity Bank Money Transfer Code

To transfer money from Fidelity bank account to another bank account, simply dial this *770*NUBAN Account number*Amount#; NUBAN Account number is your 10 digit account number. Example; if you want to transfer N5000 to someone’s Access bank account, dial *770*2456567890*5000# from the mobile number registered/linked with your Fidelity Bank account.

Then select the beneficiary bank Name (Access bank) from displayed bank options.
Access bank
First bank
Diamond bank etc
Enter your transfer PIN to confirm transfer. The recipient account number will be shown to you before you enter your ATM card PIN. This lets you verify that you’re not sending money to a wrong account number.

If this is your first time of using the service, you will be requested to register for the mobile service. To register,  dial *770#, Enter your NUBAN Account number (Fidelity bank account number), Select a 4-digit PIN for your account.

If you have two accounts with Fidelity bank, let say current and saving account and you’re using the same phone number for both account, your current account will be debited first before your savings account.

Maximum Transfer per transaction is N200, 000 while Maximum transfer per day is N500, 000

Transfer charge per transaction is 100 Naira

To use Fidelity bank money transfer code;

1. You must have a minimum balance of 10 Naira airtime on your phone. The N10 will Not be deducted
2. You must register for the service by dialling *770#

For further information, you can visit fidelity bank instant banking service website page

• First Bank Money Transfer Code

First bank USSD code allows customers to transfer money, pay bills, make purchase etc. To transfer money, simply dial *894# and select 1;

dial *894# and select 2 to withdraw money,

dial *894# and select 3 to make purchase;

dial *894# and select 4 to pay bills;

dial *894# and select 5 to buy airtime;

and dial *894# and select 7 to manage account.

• Wema Bank Money Transfer Code

For Wema Bank customers, to do a quick FUNDS TRANSFER, dial *322*035*NUBAN Account number*AMOUNT#.  E.g *322*035*3548667724*10000#

You can now do a lot with Wema bank USSD Banking codes:

• For instant recharge, dial *322*035*AMOUNT#
• For 3rd party recharge, dial *322*035*PHONENUMBER*AMOUNT#
• For Balance Enquiry, dial *322*035*0#
• To change your PIN, dial *322*035*00#

Visit Wema Mobile banking web page

• Diamond Bank USSD Money Transfer Code

Diamond Bank holders should first register Diamond Y’ello account.

Transfer money to any bank, dial *710*777*ACCOUNT NO*AMOUNT*PIN#.
For Diamond Y’ello to Diamond Y’ello Transfers, dial *710*710*PHONE NO*AMOUNT*PIN#.

I have updated this post, if your  bank money transfer code is not on list; please do let me know. it will be added. You can also use your ATM machine to transfer money from one account number to the other.  With you ATM card, you can get this done. Well, this is an alternative to online banking.

This post is a simple guide on how to fund your Payoneer account in Nigeria. I have once shown you how to open Payoneer account in Nigeria and also how to withdraw money from the account to your local bank account. Today, I’ll show you the easiest and safest means to fund your Payoneer account in Nigeria. In other words, this post will be very helpful to Nigerians who are worried over how they will fund their Payoneer account as well as those who have not yet received their Payoneer Mastercard card.

Payoneer is a great alternative for PayPal. It was founded in 2005 and based in New York. Payoneer is venture-backed, profitable and ranked in the top 100 of Inc. 5000’s Financial Services companies. Currently Payooner has over 150 currencies, over 200 countries, over 2000 partners and over 3million online users

Basically, Payoneer account is used to receive payments such as Adsense, freelance, affiliate payment and other online payment from US and European companies. Sometimes however, you may need to fund your Payoneer account to pay someone or for an online transaction. In such condition, you’re likely going to get stuck.  So, if your intention is to fund your Payoneer account right here in Nigeria, follow the steps below to get it done.

First, if you don’t have Payoneer account yet, just signup here now.

Next you need a Payoneer MasterCard.

After signing up and getting approval, it is expected that Payoneer will send your MasterCard debit card to the address you provided during registration. The card is like any other ATM card and you can use it to withdraw your Payoneer funds at any MasterCard supported ATM/POS worldwide. In case, you didn’t receive your Payoneer MasterCard after like few weeks or months you’ve signup and get approval; please, apply for Expedite Delivery (DHL) of the MasterCard. However, for this to work, you need to have at least $50 on your Payoneer account. Charge for delivery of the masterCard is $40 only. It’s better if you already have this amount on your Payoneer account but if don’t have it, you can contact a fellow Payoneer user that will help you fund the account for this first and last time. Once you have up to $40 in your account, login to your Payoneer account and click the support section and then contact. Select your funding source, pick card delivery and then tell them that you’ll need you card to be delivered to you through DHL. Within some fee minutes the Payoneer customer support will contact you for the information you need to send to them. These include your mailing address and phone number. Once you have answered accordingly, your Payoneer MasterCard will be shipped to your location in Nigeria. Just wait for few days and you’ll receive a phone call from DHL office telling you that they have your parcel with them. Once, you receive your Payoneer MasterCard debit card, you’re good to go!

How to fund your Payoneer account in Nigeria

Method 1. Funding via your Mastercard Debit card account

1. Login to your Payoneer account
2. Scroll to receive payment and then click on my US payment service profile
3. Your US payment service profile contain your Bank name, Account number, Routing number and Account type
4. Copy out your bank details from there and take it your bank for funding of your Payoneer account. Tell the casher that you want to fund your Payoneer account right here in Nigeria. You can deposit any amount you want.
5. Once the deposit has been made, wait for about 15 -25 minutes; the money will reflect in your Payoneer MasterCard. NB: Your Card must be activated for this to be possible

You can follow the above process any time you want to fund your Payoneer account in Nigeria.

Method 2. Funding through another Payoneer Mastercard Account holder

To Fund your Payoneer Account via card transfer, Payoneer provides a platform that allows transferring fund from any other Payoneer Card, Visa, Verve or MasterCard from any bank around the world. All that is required is to locate the Payoneer Load Card Option on www.payoneer.com and fill in the required information.

The data usually needed at the Payoneer Load Card Page include email address of Payoneer Card Holder you wish to fund, Card Type, the Amount, and reason for transferring to the Payoneer MasterCard.

After filling and submitting the form, a transaction fee of $7.50 is to be deducted from the transferring account as charge for the transfer.

Method 3. Funding via Private load online

This is a direct Payoneer online payment gateway. Let someone start loading fund now on your Payoneer MasterCard account, click on this link. Enter your email and the recipient’s email and click next. Properly fill account details and the amount you are transferring, after about 2 – 5 minutes of the completion the form, the money will reflect in your Payoneer MasterCard.

If you’ve not register for your Payoneer account, you can register or signup now.

The above methods are 3 safest means to fund you Payoneer account in Nigeria.

Exchange Payoneer fund for Skrill through us, coming up………………………

I wish to informed all Wema bank customers that the USSD code of Wema Bank has been changed from *322# to *945#.

All the quick codes for *945# are:

To buy airtime from your bank;
for self: Airtime Recharge:  dial *945*Amount#. Example; to recharge N400 airtime on your phone, dial *945*400#

For others (families, relatives and friends) Airtime Recharge *945*Beneficiaryphonenumber*Amount#.  

To transfer Funds (All Nigerian Banks):  dial *945*BeneficiaryAccountNumber*Amount#. Example, to send N20000 to somebody; dial *945*0123123435*20000#

To check your account Balance Enquiry: dial *945*0#.

To open or new register an Account: dial *945*1#.

For Cardless Withdrawal: dial *945*8*Amount#.

For DSTV subscription from your wema bank account: dial *945*16*SmartCardNumber#.

For GOTV subscription through your wema bank account: dial *945*17*SmartCardNumber#.

For Startimes subscription via account: dial *945*18*SmartCardNumber*Amount#

For electricity (PHCN) bill payment or recharge (Prepaid and Postpaid): dial *945*19*MeterNumber*Amount#

See: all Nigeria banks recharge code

Also see: all Nigeria bank money transfer code

For more information visit Wema bank official website

The update Wema Bank USSD Code was sent to me by Ayodeji.

Do you need a code to recharge, buy Airtime or top-up your mobile phone directly from your WEMA bank, Unity Bank or Stanbic IBTC bank account? Do you want to recharge your phone without looking for Airtime vendors or somewhere to buy physical recharge card?

As I promised I will continue to update you on the mobile airtime recharge codes for all banks in Nigeria as the codes are made available.

If you have been following us here, you would notice that in my earlier posts; I listed;

• the airtime recharge code for ECO Bank, Sky Bank & FCMB.
• the airtime recharge code for Access bank.
• the airtime recharge code for GTbank.
• the airtime recharge code for Fidelity bank, Firstbank, UBA and Zenith bank.

As more banks in Nigeria roll out their mobile airtime recharge codes, I will list them here. Today, I will show you;

• How to recharge your phone directly from your WEMA bank account using USSD code 
• How buy airtime from Unity Bank
• Airtime recharge code for Stanbic IBTC bank

Here below is quick mobile airtime recharge code for buying airtime directly from WEMA, Unity and Stanbic IBTC banks.

WEMA Bank, Unity Bank, Stanbic IBTC and their Mobile Recharge Codes

• Stanbic IBTC bank mobile recharge code

The stanbic IBTC Bank Airtime recharge code is *909* Airtime Amount #. With the mobile phone number registered or linked to your IBTC bank account, dial the code; *909*AirtimeAmount# to recharge your phone.

For example; if you want to recharge N200 airtime on your phone, dial *909*200# and your phone will be credited instantly

• Unity Bank mobile recharge code

Unity Bank Airtime recharge code is *322*215*Airtime Amount#
With the mobile phone number registered or linked to your Unity bank account, dial the code; *322*215*Airtime Amount# to recharge your phone.

For example; if you want to recharge N500 airtime on your phone, dial *322*215*200#

• WEMA bank mobile recharge code

Updated: September, 2017: Wema Bank USSD code has been changed from *322# to *945#.

WEMA Bank Airtime recharge code is *322*035*Airtime Amount#; *945*Amount# for self recharge.  With the mobile phone number registered or linked to your WEMA bank account, dial this code; *322*035*Airtime Amount#; 945*Amount#.
For example; if you want to recharge N400 airtime on your phone, dial *322*035*400#; 945*400#. Your phone will be credited instantly.  Recharge for others; dial *945*Beneficiaryphonenumber*Amount#. 

See : All uses of wema bank *945#

NB. These banks may require a sought of activation before you can begin to use the service even if your phone number is tied/linked to your bank account. You may still receive an error message or one like this; YOU HAVE NOT BEEN PROVISIONED FOR THIS SERVICE. PLESAE CONTACT YOUR BANK FOR MORE INFORMATION if your phone number has not been activated to use the service. However, if you have previously receive a message from your bank telling you that you can use the service.

Is there any hidden Charge Attached to this service?
No!

Any Benefit Buying Airtime using bank USSD Code
YES!

i. It is quick and convenient.
ii. You can recharge from the comfort of your home, office and in fact anywhere.

For comments and questions, you can use the comment box below.

Enjoy!

Bitcoin wallet is a secure digital wallet used to store, send, and receive Bitcoin. Most cryptocurrency have an official wallet or a few officially recommended third party wallets. In order to use bitcoin you will need to use a bitcoin wallet. I will suggest you use an official (or officially endorsed) wallet for any given coin.
There are so many bitcoin wallets you can find on the internet but I will recommend to blockchain wallet because it is the most popular and trusted. Blockchain is just a wallet while bitcoin is a digital currency you store in the blockchain wallet.

How to Fund bitcoin wallet

After creating a bitcoin wallet with blockchain, the next is to fund your wallet. How can you fund your bitcoin wallet?

To fund your bitcoin wallet,
The first step is to create a bitcoin wallet with blockchain and buy bitcoin. The best way to buy bitcoin in Nigeria is to buy from someone you know either within your vicinity or anywhere as long as you know the person very well. This has been the best practice for me to avoid internet scammers and service charges which the wallet services are imposing on every transaction. Sequel to this, I created cryptocurrency exchange whatsapp group chats for buyers and sellers for this reason. This has helped me a lot. If you want to join the cryptocurrency exchange whatsapp group, contact us.

You can also buy bitcoin online through online e-currency exchangers. There are a lot of legitimate, reliable and trusted e-currency exchangers online and the best ones I have used and will recommend to you are the following:
• Nairarex
• Etradexchange.net
• Naira4dollar.com
• Localbitcoin
• cryptopia

Before your order for the bitcoins from any online e-currency exchanger make sure you check their minimum purchase. Most of the exchangers online have a minimum purchase of $50 worth of bitcoin.

The second step is to get the bitcoin into your wallet. If you are buying bitcoin from someone you know. All you have to do is to send you wallet address to the person and the person transfer the coin to you. I will show you below how to locate your wallet address.
Warning: You have to wait for the transaction to be completed or confirmed before you send the money equivalent to the person. This is because if the transactions is not completed it can be forged, fake or reversed.

If you are buying from e-currency exchangers, you have to register with them and decide on the amount to want to purchase.
3. Now log in to your blockchain account, and click on Request in the dashboard,

4. Then copy the wallet address. It looks like this in the picture below.
B
That is the address you will have to send to the seller that will fund your account for you. The wallet address is just like your bank account number you use in receiving funds. Send it to e-currency exchanger you registered with. That’s it! You are done.

Cryptocurrency is money, real money just like Naira. So, you can invest in it or work for it. It is digital currency in which encryption technique used to regulate the generation of units of currency and verify the transfer of funds. It operates independently of a central bank. It is secure of political influences. Nigerians are now slowly accepting bitcoin and other cryptocurrencies. However, before you join this cryptocurrency investment train, I will like you to know these 5 things.

5 things you need to know before investing in cryptocurrency

There are quite a number of things you needed to know before jumping into cryptocurrency investment.
1. The most popular cryptocurrency now in Nigeria are Bitcoin, Ethereum, Litecoin and Electroneum. Bitcoin price is fairly stable but surges. Holding value is a key factor when choosing whether to invest or hold bitcoin as when compare it to the naira. Bitcoin is much stable with a solid exchange rate so long term holders are unlikely to see crash in value while naira users are particular susceptible to political movement and commodity problem. However, for short term investors bitcoin is particular beneficial as with a number of exchanges. You can buy cheaply and sell at profit within a matter of minutes.

2. Bitcoin and crypto currency market is highly volatile. It is still growing and there are number of factors that influence it. The price rise and fall back. It is dependent on the market forces of demand and supply. The more people are willing to buy bitcoin, the more the value increases. On the other hand, if more people sell, the value will decline. It is therefore necessary to note that buying crypto currency should not be perceived as an investment but rather as a speculation. This is because you have to be will to lose the money you invest in buying it.

3. Many people have started using cryptocurrency like bitcoin, despite the fact that some Nigerians are yet to accept it. You can pay with it online some online retailers and vendors have started transacting with it. So, that’s good for investors. Companies like web4africa, Expedia, Microsoft, subway, Neways, TigerDirect, PayPal and so on now accepts bitcoins.

4. Some digital currency wallet holders’ sites are often down and sometimes shut down completely due to high traffic on surge hours. According to Reuters, yesterday bitcoin raced to another high price, one of the biggest providers of digital currency wallet , Coinbase went down under the weight of traffic, leaving many of its more than 10 million customers unable to access their fund. At the same time, Bitfinex the world’s biggest bitcoin exchange by trading volume, said it was under a heavy denial of service (Dos) attack, meaning its servers had been intentionally flooded with junk online request s, taking down its website and crippling its service. The latest outages show how the market infrastructure for a immature and volatile instrument that millions of investors have piled into may be ill-equipped to cope with sudden shift in demand which is worrying some investors. During a particular volatile period of trading on December 7, bitcoin surged from below $16,000 to $19,000 in less than an hour on Coinbase exchange GDAX while it was changing hands at less than $16,000 on another Bistamp.

5. Cryptocurrency provide a level of anonymity. Transactions in them cannot be faked or reversed and there tend to be low fees, making it more reliable than conventional currency. Confirmation is critical concept in crypto currency. As long as a transaction is unconfirmed, it is pending and can be forged. Whenever, it is confirm, it cannot be reversed. Blockchain is good at this.

Now, you know all these check out our article how to invest in Bitcoin, Ethereum or any other cryptocurrencies in Nigeria – Complete Guide

Four major banks in Nigeria have barred their customers from using debit and credit cards to withdraw dollars, Euros, pounds and other foreign currencies whenever they travel abroad.

This development may put businesses and leisure travellers, who may need foreign currencies to meet some of their needs abroad in a difficult situation.

Students who are studying abroad often rely on withdrawing hard currencies with their Nigerian Debit and credits cards from Automatic Teller Machines abroad to meet certain needs. This is going to be challenging at this time.

According to Punch Nigeria the naira volatility of the past year made many of the Nigerian banks to get their fingers burnt and the fear of losing heavily to possible future currency volatility was making them to exercise restraint in reactivating overseas ATM withdrawal services for their customers.

According to top bank anonymous worker,“Each bank has various reasons for not yet activating their overseas ATM cash withdrawal service. For some banks, they ran into losses last year when the naira fell and, as such, they are trying to minimize their risks now.

“Some others banks are not ready to reactivate the service because they are trying to check customers who are doing round-tripping. It is for various reasons that the banks are not stopping yet.”

Banks that banned ATM money withdraw abroad

 The four major banks that stop use of ATM abroad are;

• Guaranty Trust Bank Plc,
• Fidelity Bank Plc,
• Stanbic IBTC Bank and
• Standard Chartered Bank Nigeria

Following the crash in global oil prices, the drop in Nigeria’s foreign exchange revenue and the resultant dollar scarcity that hit the economy had made the local banks to suspend the ATM cash withdrawal and the POS services abroad. They also stopped web transactions.

However, following the improvement in forex supply early this year, some banks announced the resumption of the services.

Banks that accept ATM withdrawal abroad

Some of the Nigerian banks that permit the use of ATM abroad include;

• United Bank for Africa Plc,
• First Bank of Nigeria Limited.
• Zenith Bank Plc, Ecobank Nigeria and Skye Bank Plc have announced that their customers can do the ATM cash withdrawal, the POS and web transactions.

Some other Nigerian banks, which are yet to resume full ATM services, claimed that the regulator was not giving them approval to do so.

There is a need for some of these Nigerian banks to see reasons why they have to allow  the use of ATM abroad.

Ecobank Nigeria announces an increase in the maximum daily limit spending on its naira debit cards abroad. The maximum daily limit increase varies according to the type of card held by its customers.

Ecobank customer with naira debit card can now pay up to $4000 and $5000 per on online transaction channel and point of sale (POS) terminals respectively across the world.

The bank also added that their customers with foreign currency debit card can spend up to $5000 daily from their domiciliary accounts

Again, Premier customers with Platinum credit cards can spend up to a limit of $15000 on daily transactions. However, these limits are subject to Central Bank of Nigeria’s annual spending limit on Naira and foreign currency denominated cards.

According to Ecobank Consumer Distribution Head, Mr. Ayotunde Kuponiyi, the changes were in response to customers’ feedback.

He says; “This is positive news for our customers, particularly for those travelling abroad for business and leisure and for our customers in Diaspora. It is very important that Customers of Ecobank access their accounts with relative ease wherever they are, within or outside Nigeria.

Mr. Ayotunde reaffirms that Ecobank customers can walk into any of the bank’s over 400 branches to pick up an instant card under few minutes. According to him, these cards are enable for value added services and online transactions both within Nigeria and abroad. He also added that foreign currency dominated cards can be accessed directly for use in transacting from the domiciliary account.

Moreover, four major Nigerian banks stopped their customers from using Naira debit and credit cards to withdraw dollars, Euros, pounds and other foreign currencies whenever they travel abroad.

I have written a lot of articles on various cheap methods of sending money abroad.

Just yesterday FirstBank of Nigeria announced that sending money abroad through the bank just got more economical with MoneyGram ‘Naija Send,’ with charges now as low as N1,500.

The bank explained that it was committed to ensuring ease, convenience and affordability for its customers, saying the reduced fee would be helpful in bringing loved ones closer, “as they do not need to worry about high cost of sending money to family and friends living abroad.”

The Group Head, Products & Marketing Support, FirstBank, Mr. Abiodun Famuyiwa, added in a statement: “Outbound money transfer through FirstBank is the way to go in sending money to loved ones abroad as the money sent can be picked up within minutes either as cash in the currencies of the destination countries or as a direct transfer to beneficiary’s bank account over there”.

“Also, there are no hidden charges as the beneficiaries get the exact transfer equivalent in the destination country. For instance, when N355,000 is sent abroad, the beneficiary gets exactly $1,000. The money is received in the currency of the destination country. In addition, there is no risk of buying fake currencies.”

MoneyGram services are available at over 750 FirstBank branches nationwide. FirstBank also stated that it has dedicated money transfer branches that open every day of the year including Saturdays, Sundays and public holidays.

Coined from thisdaylive

Thinking of a way to send money abroad; read this: How to send money from Nigeria to abroad

Thinking of a way to receive money in Nigeria; read this:  How to receive money Nigeria from Abroad today

You can open a UBA account right from comfort of your home. It is very simple and easy.  This post contains information about how to open UBA account with phone. *919# ACCOUNT OPENING.

See also: how to check UBA Account Balance on Phone

Benefits of opening UBA account using phone

• No queues
• No forms to fill
• Earn high interest rate on your savings
• Be eligible for our online banking services, that lets you bank on the go
• Maximum deposit per transaction is N20,000
• Maximum account balance is N200,000

• Option to upgrade account to higher transaction limits
•  The service is available to MTN, Airtel, Glo and Etisalat subscribers.

To open UBA Account with your phone, simply dial *919# and then select account opening.  Follow other  instructions to complete account opening.

See also: how to buy airtime from your UBA account via sms

Your account number will be sent to your mobile phone. It’s easy!  If you want to enjoy the full benefits of your new account, visit any UBA business office with your identification so that your BVN can be linked to the account.

Further Information Visit: https://www.ubagroup.com/countries/ng/magic-banking