Send Money to Nigeria – Blockchain Payments vs Banks
There are so many fascinating things about Nigeria – did you know the country has the largest population in Africa? Nigeria is also home to Lagos, the vibrant city that is often said to represent the face of modern Africa.
Blockchain vs Banks
If someone is looking to send money to Nigeria, or any other country for that matter, the traditional ‘go-to’ for international money transfers used to be high-street banks. This service, however, is somewhat outdated because of the lack of cost-effectiveness. Why? The main issue people may encounter when sending money overseas through banks is the additional and unnecessary fees that can rack up, as well as the currency rate mark-up that is far from competitive.
In recent years, blockchain payment systems have been introduced as a welcoming alternative to sending money overseas. They’re simple, fast, and reliable with no hidden fees. Blockchain payment systems use advanced digital technology to provide a more affordable and flawless global payment solution. Online services, such as Xendpay, allow fast and efficient transfers to over 200 countries worldwide in more than 50 countries, offering a seamless service which can significantly reduce costs and time in comparison to conventional banks.
Introducing the Ripple Effect
Ripple have harnessed the power of blockchain payments, enabling clients to send money anywhere, anytime, connecting people around the globe at a touch of a button. Ripple has developed RippleNet; a global network that connects 200+ banks, payment providers and digital asset exchanges worldwide. This trusted network of financial institutions is perfectly placed to process international payments quickly, reliably, securely and cost-effectively using cutting-edge technology. This helps provide transparency to their networks’ clients by confirming receipt, transfer and payment of their funds.
Xendpay and Ripple
Xendpay is one of the UK’s leading low-cost global money transfer services that already has customers’ financial wellbeing at heart, thanks to their flexible Pay What You Want (PWYW) model. PWYW provides private customers with the opportunity to annually send up to £2000 and business customers up to £4000 (or the equivalent) without paying any transfer fees. Now, thanks to their partnership with Ripple, Xendpay customers can use state of the art blockchain technology to send money overseas more effectively than ever before.
According to Paresh Davdra, Xendpay co-founder, the RippleNet partnership will allow Xendpay to use cutting-edge technology to deliver three main customer-focused objectives:
- Reduce the costs of international payments.
- Provide transparent international payments.
- Provide underserved regions with access to more efficient international money transfer services.
Why use Xendpay?
- No exchange rate mark-ups.
- No fees on the first £2000k.
- 24/7 online secure payments.
- 5000+ 5-star Trustpilot reviews.