Azimo, an online money transfer service, has announced that the number of money transfers sent to Nigeria has grown faster than any other African country, with transactions up 207% year-on-year (YoY).
Three million Nigerians receive money from overseas every year, with total payments for 2017 predicted to reach $22 billion according to the World Bank.
97% of Nigerians who receive money transfers with Azimo choose to have the funds deposited into their bank accounts. Remittances like these now contribute 5% of the nation’s GDP, making them an important source of income for Nigerians. Azimo’s Nigerian customers overwhelmingly cite family support as the main reason why they send money (64%), with gifts (14%) and funding education (7%) coming second and third.
The announcement comes as Azimo celebrates its fifth anniversary amidst explosive growth in transfers sent to countries around the world. Azimo customers can now send money to 190 countries globally, and save an average of £216 each year compared to the cost of using traditional banks and money transfer services.
Azimo’s founder, Michael Kent, puts the company’s strong growth down to its low prices, and the speed and convenience of its service.
“Online money transfers have grown astronomically over the past few years,” said Kent. “Nigeria has always been a key market for us. What was once cumbersome and expensive is now cheap, fast and convenient. Nigerian customers clearly prefer to send money straight to bank accounts, so we work with many different banks across Nigeria to ensure the funds can get where they’re needed, whether that’s Lagos or Maiduguri.”
Azimo’s brand ambassador, the former Arsenal and Nigeria striker Kanu Nwankwo, who sends money regularly with Azimo, said: “The Nigerian community in Europe has very strong ties to their home country. The large majority of transfers are sent for family support, so it’s hugely unfair that Nigeria and other countries in Africa are paying some of the highest charges for money transfer anywhere in the world. Azimo is supporting them by offering market-beating rates and a lightning-fast service, so money can get where it will make the most difference.”
Launched in 2012, Azimo is the better way to transfer money around the world, touching millions of people’s lives. Fast, simple and safe, Azimo has the largest digital network in the world, enabling customers to send money to over 190 countries from any internet-connected device.
Born in Owerri, Nigeria, Kanu is a retired Nigerian footballer who captained the Nigerian national team the Super Eagles and played over 190 games for Arsenal. During his career, Kanu was one of only a handful of players to win the Premier League, FA Cup, Champions League, UEFA Cup and an Olympic Gold Medal. He is also a UNICEF ambassador and founder of the Kanu Heart Foundation, a charity set up to help underprivileged African children and young people with heart defects requiring open heart surgery.