Nigeria’s leading innovative bank, Wema Bank, has partnered with financial technology company, Volopa, to announce the launch of a new mobile money transfer service designed exclusively for the more than one million people who make up the UK-based Nigerian community.
Exclusively for UK-based customers, this service allows customers in the UK to send money to friends and family in Nigeria from the comfort of their home, without having to face the hassle of commuting to and fro money transfer offices and agencies
Jay Wissema, Director at Volopa, said: “It is 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.
“Due to the restriction in movement and business activities as a result of the lockdown in key cities as the country continues its fight against the COVID-19 pandemic, there has been an increased need for millions of Nigerians in the UK to contribute to family support in Nigeria.
“Using the Oya App, people in the UK are able to send money anytime from their UK bank account directly to a Wema Bank account, without having to go out neither here nor there to access their money.”
Also, speaking about the partnership, Adeola Ajai, Head Global Trade and Correspondent banking of Wema Bank, said: “We are happy to be able to provide this great opportunity for Nigerians in the United Kingdom who can now send money to Nigeria with ease. In partnering with Volopa to launch Oya, we believe this will further entrench the transition from offline remittance to online, where the UK Nigerian community will have access to a safer, faster and low-cost transfer method.”
Based on World Bank data, reports have shown that more money is being remitted from the UK to Nigeria than to any other country, with more than £3.3 billion being remitted each year.
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 join endless queues to send money home.
Developed in collaboration with members of the Nigerian community in the United Kingdom, Oya was founded with a vision to make sending money to Nigeria faster, fairer and safer.
Customers using the Oya App can send money anytime securely to a Wema Bank account in Nigeria with money delivered within one minute and typically in the recipient’s account within 15 minutes.
Offering market leading exchange rates, a low fixed transfer fee and instant notifications to keep customers updated every step of the way, Oya is available for both iPhone and Android devices.
Wissema said: “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 their home country 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 and can be accessed at www.oyamoneytransfer.com.”