Financial technology company Volopa launched its new mobile money transfer service designed exclusively for the UK based Nigerian community.
The service allows customers in the UK to send money home to Nigeria from their own home, without having to travel unnecessarily to on-the-street money transfer offices.
Jay Wissema, Director at Volopa, commented: “It was important to continue with the planned launch of the Oya App despite these uncertain times. Now, more than ever, when customers are advised to protect themselves and others from Covid-19, we want to make sure that they can still send money to their families and friends in Nigeria securely, quickly, and while staying safe.
“Nigeria has extended its lockdown in key cities as the country continues its fight against the Covid-19 pandemic. The extension of the lockdown is expected to add to the hardship of millions of Nigerians and there is a need for family support in Nigeria. Using the Oya App, people are able to send money 24/7 from their UK bank account directly to any Nigerian bank account, without having to go out to access their money.”
It comes as an increasing amount of money is being remitted from the UK to Nigeria than to any other country, with more than £3.3 billion remitted each year (based on World Bank data). This money is sent by the UK Nigerian community to support family and friends back home, pay bills and more, enabling a vital flow of funds into the Nigerian economy.
Traditional money transmitters and banks have long dominated this market, offering inflated exchange rates, high fees and slow service, with people often having to go out and queue in line to send money home.
Wissema added: “We started on this journey with a simple idea that we wanted to build the best money transfer service for the Nigerian community by working together with the community. Oya is different from other money transfer offerings in that it has been developed exclusively for people of Nigerian heritage in the UK. The Nigerian community has a very strong connection to back home and sending money is an essential part of this connection.
“Oya is the first step in Volopa’s plans to expand its remittance business to other markets targeting the US$ 689 BN global remittance sector.”