Nigeria is one of the most popular destinations for users of Azimo money transfer service. Customers in 25 countries in Europe can send pounds and euros to any Nigerian bank instantly using the Azimo mobile apps. This Azimo review will answer the most important questions regarding sending money to Nigeria using Azimo.
The Central Bank of Nigeria has suspended international money transfers to mobile wallets in Nigeria. This is because of a new regulation that only allows US dollar payout for remittances in the country. The suspension will improve visibility of US dollar remittance flows.
Five Nigerian retail banks and the Central Bank of Nigeriaissued disclaimers against Azimo money transfer service in December 2020, warning members of the public against using their services or do so at their own risk. The Central Bank of Nigeria noted that Azimo is not a licensed money transfer operator in Nigeria.
What Do I Need to Send Money to Nigeria With Azimo?
To use Azimo to send funds to Nigeria, all you need is:
- Recipient’s details (first name and last name). Recipient’s name must match the name on their bank account/ ID.
- Recipient’s bank name and Account number (NUBAN – 10 digits)
- Recipient’s phone number in case of a mobile top up
How Can I Pay for Azimo Money Transfer to Nigeria?
Azimo has announced on its website that it has stopped money transfer services to naira bank accounts and cash pickup in Nigeria. The company says you can still send money to USD or EUR bank accounts in Nigeria by choosing the SWIFT delivery method on the Azimo website or app.
With Azimo, you can pay for your transfer with the following methods:
- Debit or credit card (maximum amount 12,000 GBP/13,500 EUR)
- Bank transfer by logging into your online banking
- SOFORT payments when sending from Austria, Belgium, Germany, Italy and The Netherlands
- iDEAL when sending from The Netherlands
How to Receive Azimo Money Transfer in Nigeria
The recipient can receive funds through their bank account, cash pick up from a local agent, mobile money or airtime top up to buy talktime minutes or bundles. Documents needed to for cash pick up by the recipients include passport, national ID and driver’s licence.
Azimo Money Transfer Limit
Minimum amount you can transfer is 10 GBP (or the equivalent in your sending currency). There’s no maximum transfer limit. If you need to send higher amounts to Nigeria, Azimo might request additional details from you to process the transfer.
Please note that although there is no maximum sending amount, some recipient’s banks have a limit set on how much they can receive, so double check with your recipient before sending.
How Fast Is Azimo Money Transfer to Nigeria?
Once you payment has been received, Azimo will immediately process your transfer. Transfers to Nigeria are processed 24/7. While most direct bank transfers are delivered within 30 minutes to your recipient’s bank in Nigeria, sometimes it can take a few hours to appear in your recipient’s bank account. For SWIFT, transfer delivery time is 24 hours. Mobile top up is instant
Can Azimo Transfer Money to a Business Account in Nigeria?
Some money transfer services only allow individual consumers to transfer money to other consumers. However, Azimo allows you to send money even to a company account in Nigeria, both with local bank deposit transfers or with a SWIFT payment to accounts in either EUR or USD.
Fees for Azimo Money Transfer to Nigeria
The first two Azimo transfers are fee-free and then after that they can be as low as £1. However, the exact amount depends on factors such as where you are sending money to and from and the payment method (bank transfer or debit/credit card).
Azimo Exchange Rate
Azimo exchange rate is transparent. Before you complete your transaction, the platform will show you Azimo exchange rate to Nigeria. Therefore, you will know the exact amount that the recipient will receive. Its exchange rate depends on the payment method you choose.
Azimo Supported Banks in Nigeria
Five Nigerian retail banks and the Central Bank of Nigeria have issued disclaimers against Azimo money transfer service, warning members of the public against using their services or do so at their own risk. The Central Bank of Nigeria noted that Azimo is not a licensed money transfer operator in Nigeria.
Azimo has listed some of the banks you can send money to in Nigeria:
- Access Bank Nigeria Plc
- Diamond Bank Ltd
- Ecobank Nigeria Plc
- Fidelity Bank Plc
- First Bank Nigeria Plc
- First City Monument Bank
- Guaranty Trust Bank Plc
- Heritage Bank
- Jaiz Bank
- Keystone Bank
- Skye Bank Plc
- Stanbic Ibtc
- Standard Chartered Bank
- Sterling Bank
- Union Bank Plc
- United Bank For Africa Plc
- Unity Bank Plc
- Wema Bank Plc
- Zenith Bank Plc
Final Thoughts on Money Transfer to Nigeria With Azimo
Sending money to Nigeria has become faster, convenient and cheaper. Azimo is one of the options you can use to send money to your loved ones in Nigeria. Remember that your first two transfers are free of charge and after after that the transfers can be as low as £1.