Skrill (formerly known as Moneybookers) are a financial services company based in UK. They are one of the best Paypal alternatives, and it is often regarded as second to PayPal.

This is for a number of reasons. Firstly, their currency conversions fees are cheaper than PayPal, so when converting from USD to Naira you get charged less.

Secondly, Paypal doesn’t allow Nigerians to receive money but to just send making Skrill a popular choice when it comes to Nigerian online transactions.

It is important to note that Skrill is a highly regulated company. As a result of this, they have very strict rules implemented in order to abide by anti-money laundering laws in the UK and throughout Europe.

Skrill is particularly popular among people that use foreign betting platforms like Bet365, Bet Victor, Ladbrokes, William Hill etc., and (Note that you will have to be verified with them to withdraw funds from them to Skrill).

Note that you will need a domiciliary account to process withdrawals, if you do not have and want to open one, read this ;  How to Open a Domiciliary Account with Gtbank, Firstbank and Zenith Bank to create one.

Getting Started (How to Open  Skrill Acount )

Getting started with Skrill is relatively easy. All you need to do is;

1. visit their website www.skrill.com and click the “Sign Up” button. It is important that you fill in your details accurately.

The details you will need to fill in on the form are:

 2. Select your ACCOUNT TYPE – personal or business.

If you are a registered company and want to do business with this account, you should choose business. Likewise if you receive a lot of payments from companies or individuals for services you provide, you should not hesitate to pick “business account”.

If you want to use your Skrill account to deposit to a betting site, to pay for goods or services, or to transfer money to other people, then you should choose personal. If you will be making infrequent, minimal and little transactions, a personal account is all you need.

3. Enter your COUNTRY OF RESIDENCE – Nigeria, except you are currently outside the country.

4. Input your CURRENCY

Your currency should be USD (US Dollars). This is to avoid double currency exchange fees. If you choose USD, you will not be charged anything for making transfers in Dollars. If you receive a lot of payments in Euros or other currencies they may be a better choice. Another reason is for especially for domiciliary account being in USD.

Make sure you are happy with the currency you have chosen. Skrill do not allow users to switch currencies after their account has been created.

5. LANGUAGE – select English.

6. and then Personal Details

Make sure everything here is spelled correctly. Skrill will check all the details and you will need to verify your name and address with scans of your identification and a utility bill.

The fields they ask for here are:

First name

Last name

Address line 1

Address line 2

City

Post code

7. Finally, enter Phone number, tick – I’m not a rebot and agree to skrill terms and conditions; click on open account as shown below.

IMPORTANT NOTE: Skrill only allows one account per person so do not create multiple account under any circumstance as you could end up having it blocked.

THE SECOND AND FINAL PART IS ACCOUNT VERIFICATION

ACCOUNT CREDENTIALS

The final fields to enter are:

• Email address
• Date of Birth
• Account Password – This should be obvious but just in case, make sure you choose a very secure password. Don’t go for something like pass1234 or 123456.

Verifying Your Skrill Account

 Verification is a four part process with your card details the most important, reason being you can use Skrill without necessarily completing all the four steps. The only problem is you will be unable to continue to use Skrill after you have make transactions of up to £2,500. Therefore it is important to make complete verification a priority.

Its four part process includes Email verification, physical address, credit/debit card, and bank account.

The first is step is to verify your email address. As with any email verification system, Skrill will send you an email. You click the link in the email and easily your email address gets verified.

The next stage in verification is to verify your physical address. Skrill will send a letter to the address you entered when registering.

The letter you will receive contains a 6 digit code. You must then login to your Skrill account and enter the code on the account verification page. Once that is done, your limits for sending money to other Skrill users will be raised, as will the amount of money you can withdraw.

VERIFYING YOUR CREDIT OR DEBIT CARD

The third part in getting verified with Skrill is to set up your debit or credit card. The name you used registering must match the name on your debit/credit cards.

Skrill will charge a small amount to your card around $2.00. Once you verify it they will refund this amount back to your card.

VERIFYING YOUR BANK ACCOUNT

You have two ways of confirming your bank details. You can either deposit money to Skrill by bank wire or you can withdraw money.

When you withdraw money via bank wire, you will need to first select the “Add bank account” option. For this you will need to know the SWIFT code of your bank. Contact your bank branch for the swift code at the bank or through one of their online representative or give them a call. Not all bank branches have SWIFT codes, so you may be given a general code to use.

After you have added your bank account correctly, simply click withdraw and choose the amount of money to send to your account. Withdrawals usually take about two working days.

Manual Verification

On very rare occasions, withdrawals from Skrill may not show the code in your bank statement. If this happens, Skrill do provide a third option whereby they will manually verify your bank account. However, in order to do so, you will need to send them on some more details.

You will need to email them a screenshot of your online bank account statement or else a scanned copy of a statement from your bank.

These must clearly show:

• Your name ( the account holder)
• Your account number
• The item on your statement that shows the withdrawal from Skrill in your account.

If you have trouble with this, you will need to go down to your local bank branch and get a physical print out of the actual SWIFT transaction to send to Skrill. Your bank will supply you with a copy of this on request.

VERIFYING YOUR BANK BY UPLOADING FUNDS:

In order to do this, you will most likely need to visit your local bank branch. Simply copy down Skrill’s bank details and fill them in on an international wire form. If you have the ability to send money internationally online, you can do this using your internet banking account.

Sending wires internationally can be expensive and the cost varies from time to time.

Notes for Freelancers and Businesses

If you chose the commercial account option at the beginning of this article, you will also need to send Skrill:

• A copy of an identification document such as a passport or driver’s license.
• A copy of a utility bill showing your home address from the past 3 months.

If you followed all this processes, your account will be completely verified by Skrill.

How to Fund Skrill Account in Nigeria

For uploading cash to you Skrill account depending on the platform will you get charged nothing to as high as 7% .

Using bank transfer via Swift is free and it takes 2 to 5 working days to process.

Using Master and Visa cards cost 1.9% of your deposit and it is instant provided you have verified your card.

Skrill supports many international and local card types such as AMEX, JCB, Diners, Maestro, Paysafecard etc.

PLEASE NOTE: You can verify your skrill account using your GTBANK Naira MasterCard, once you have done that; you can easily fund your SKrill account from your GTBank savings account using your GTBank Naira MasterCard.

Methods like American Express and Paysafecard cost 2.5% and 7% respectively.

How to  withdrawals Money from Skrill account in Nigeria

You will be charged 1.75% of your withdrawals up to a maximum of £10, you will also be charged 2.99% for transfers between USD, GBP, EUR, CAD and PLN currencies and 3.99% for transfers involving any other currency like naira.

Skrill supports withdrawals via bank transfer and credit or debit card (VISA), hence the need for domiciliary account as stated earlier.

Some of this processes and fees can seem a little overwhelming but it’s relatively straightforward. Here is a comparison with PayPal

In conclusion Skrill is decent, secure online merchant for Nigerians and a wonderful alternative for PayPal as a transfer platform and for web payment.

If you run into any issues opening, funding or withdrawing from skrill account; you can  leave a comment below using the comment box.

Payoneer account has been in existence since 2005. Payoneer is a financial business platform that provides online money transfer and payment services. It is also a registered member in Mastercard worldwide. The company is situated in New York City, USA. It gives access to people from different parts of the world to receive payment through their channel and at the same time be able to withdraw those payments.

Payoneer allocates a virtual account number to their subscribers so as to ease access to payment made online as we all know Paypal denied Nigeria access to withdrawing funds from Nigeria. Payoneer serves as an easier means to withdraw payment from services delivered online. With Payoneer, you can activate a US bank account and then you’d be given a US account details that will contain your checking number and routing number. Those would be the detail you need whenever you want to receive payments into a US bank account.

So, if you are interested in knowing how to open a Payoneer account, fund it and withdraw money from the account in Nigeria ; I am here to share that with you.

Read this:

1. How to withdraw from PayPal as PayPal reject Payonneer Mastercard.

2. How to open a GTbank verify PayPal account in Nigeria for Free.

HOW TO APPLY FOR THE PAYONEER MASTERCARD IN NIGERIA

Applying for Payoneer Mastercard in Nigeria is very easy. If you wish to acquire one today, follow the steps below:

1. Log on to www.payoneer.com then click on Sign Up. Application is totally free.
2. Fill in your full name, address and other details carefully, as it is in the ID card you wish to use for verification.
3. Set password, Secret Question and Answer and select your ID type e.g driver’s license, National I.D card, etc.
4. Enter alternate address if it’s different from the address you provided earlier. Beware that the Payoneer Debit Card would be shipped to the same address in Nigeria. So it should be very clear and correct. Make sure you used the correct post code of the address you are using.
5. After that, click on “Order” Button.

It usually takes about few days for the application to be confirmed and approved after which the Payoneer Mastercard would be packaged and dispatched to your location here in Nigeria. Once you have been approved, you will receive notification via the email address you provided during registration.

Delivery of the Payoneer Mastercard to your Nigerian address might take few weeks or months. If the estimated time has elapsed and you fail to receive it, there is need for you to visit the nearest Post Office branch in your locality, give them your name and the shipping address and they will help you to track it.

You will be directed through your email address to confirm that you have received the card by login into your Payoneer account and keying in your card number. After that, you have automatically activated the card for use.

You will be asked to fund it before you can be able to use it to pay or buy goods online. But if you have a fund online you wish to withdraw, you can go right ahead and do that.

If you are looking for a safe, reliable and widely accepted means of payments and carrying out your transactions online, Payoneer MasterCard is solely meant for you.

HOW TO SET UP THE PAYONEER VIRTUAL US BANK ACCOUNT NUMBER

Immediately after you activated your card, there is need for you to log into your Payoneer account with the details you provided when signing up.

After logging into your account, go to “Receive tab” on the top menu to see a drop down menu. From the drop down menu, click on US virtual Bank Account.

Fill in the required information in the boxes provided. After submitting the form, patiently wait for your account creation and confirmation. This usually takes few business days.

YOU CAN USE THE PAYONEER MASTERCARD TO CARRY OUT THE FOLLOWING TRANSACTIONS:

• Withdraw from Nigerian ATM a machine that supports Mastercard options.
• Shopping online in stores such as Amazon, Aliexpress, WalMart, AliBaba, Konga, Jumia, etc.
• To transfer money to another Payoneer Mastercard holder
• To withdraw your online income in platforms such as fiverr, freelancer, etc.

HOW TO FUND YOUR PAYONEER ACCOUNT IN NIGERIA

The methods include;

1. Funding through another Payoneer Mastercard Account

To Fund your Payoneer Mastercard Account via Card Transfer, Payoneer provides a platform that allows Transferring fund from any other Payoneer Card, Visa, Verve or MasterCard from any bank around the world. All that is required is to locate the Payoneer Load Card Option on www.payoneer.com and fill in the required information.

The data usually needed at the Payoneer Load Card Page include email address of Payoneer Card Holder you wish to fund, Card Type, the Amount, reason for transferring to the Payoneer MasterCard.

After filling and submitting the form, a transaction fee of $7.50 is to be deducted from the transferring account as charge for the transfer.

2. Funding Payoneer MasterCard via Online Earnings from Partners.

Another means of sending money to your Payoneer account is by being paid for services you render online on freelancing websites or affiliate sales that you made. This process is not difficult at all. Simply select payoneer as your payment options. Then fill in the card details into the space provided exactly as it is on the card and then save.

HOW TO WITHDRAW FROM PAYONEER ACCOUNT IN NIGERIA

Withdrawing cash from payoneer is quite easy and simple, just use one of the method provided below.

1. You can use the Payoneer Mastercard to withdraw money from any Nigerian ATM pay point that accepts MasterCard using the normal ATM withdrawal method though some charges are incurred on each withdrawal.
2. You can also do Withdrawal of Funds from Payoneer to Your Local Bank and thereafter, withdraw the cash via your local bank account.

Payoneer introduced Local Bank Transfer service which allows you to withdraw your funds straight into your local bank account. This service is open to anyone with a Payoneer account in 210 countries and Nigeria is part of these countries. Now you don’t necessarily have to use your ATM every time and incur some unnecessary charges. You can withdraw your funds straight into your bank account and then withdraw via your bank ATM.

When you transfer to your local bank account, charges are lower.

It can be done through the following steps:

1. Log in to your Payoneer account. From the main menu, select Withdraw and then To Bank Account. If it’s your first trial, there is need for you to add a bank account in order to begin withdrawing funds. To do so, click + Add new beneath the bank account field and fill in the required details.

The required details will include card number, card CVV, date of birth and password. This is a security measure.

You can now submit your bank information to complete the sign up. This sign up will have to be approved manually which means they will check all your details to be sure your account is in indeed correct.

Add your bank name like “ZENITH BANK PLC”. Add your bank account name just like you have it on your account, and then enter your 10 digit account number. For the swift number of your bank, go to Swift Code Nigeria to get your bank’s swift code and put it in the swift code space. For bank address, enter your local bank address.

For bank account descriptions, you can key in “savings account”. Agree to terms by checking the boxes and click “finish” and you are done.

Once submitted, your bank account details will be reviewed and verified. This process generally takes a few business days. Once your bank account has been verified, you will receive an email confirmation and can then begin withdrawing funds.

To continue the Withdrawal, follow the steps below;

• In the drop-down box, select the currency balance or card from which you would like to withdraw funds.

• In the To drop-down box, select the destination bank account – the bank account into which the funds will be deposited.
• In the Withdrawal Amount field, enter the amount which you would like to withdraw.

Before entering the amount, note the minimum and maximum amounts and your available balance.

Also know that you can only withdraw sums not less than $200 and sums not higher than $10,000 at any time.

• In the Description field, enter a short description of the withdrawal. This is a mandatory field. Then Click Next.
• Fill in the details in the Security Confirmation page and click Finish.

That’s it! You will receive an email confirmation after completing the withdrawal and the funds will reach your account within 3-5 business days.

After you Withdraw Funds from Payoneer to Your Local Bank, then you can use your local bank account to withdraw your money.

All thanks to Payoneer Mastercard. Withdrawing money from services rendered oonline has been made much easier instead of going through the hurdles of looking for numerous means of withdrawing online income. With payoneer Mastercard, you can be able to receive money from any part of the world and have it transferred down to your local bank account with barely 1.5% charge of the transaction amount. The payoneer platform has given most Nigerians meaningful means of earning income online.

The Central Bank of Nigeria (CBN) has barred nine banks from all foreign exchange transactions as it’s determined not to tolerate any further breach of extant financial regulations.

The banks were barred for failure of not returning $2.334bn NNPC dollar funds to the federal government’s Treasury Single Account domiciled in the CBN as directed by the presidency last year.The nine banks comprise of three tier-one lenders and another six tier-two deposit money banks.

Read this: CBN floats the Naira – new official exchange rate regime

 Read this also: CBN abandons official exchange rate of N197/dollar

The banks, whose suspension would remain in force until they remit all the funds to the TSA are:

United Bank for Africa (UBA)……..$530m

First Bank of Nigeria (FBN)…………$469m

Diamond Bank Plc………………………$287m

Sterling Bank Plc………………………..$269m

Sky Bank Plc……………………………..$221m

Fidelity Bank……………………………..$209m

Keystone Bank……………………………..$139m

First City Monument Bank (FCMB)…$125m

Heritage Bank……………………………. $85m

Read this: Naira downfall: top 7 People Benefiting from Naira crash

The CBN sources told THISDAY that further disciplinary actions awaited the erring banks after remitting the funds in full to the government’s coffers.

Bitcoin Background: Below is every thing you need to know about Bitcoin in Nigeria

What is Bitcoin? In simple term, Bitcoin is digital money. It is a virtual currency that is created from computer code. Unlike a real-world currency such as the US dollar, the pounds or the euro, it has no central bank and is not backed by any government. Instead, it is controlled and regulated by community of users. Bitcoin cannot be seen in hard currency, touched or felt but it can only be used online. It can be used to purchase things online.

Bitcoin is majorly used in developed countries like Europe, North America, etc. Some popular online platforms accept Bitcoin as a means of payment such as Namecheap.com (the popular Domain and web hosting dealer), WordPress, Reddit, Fiverr.com, Overstock.com, etc. Research has it that bitcoin worth over 1.5 billion US dollars is in circulation worldwide.

Bitcoin is an open source monetary platform. The Bitcoin software can be edited by any software developer (programmer) in the world but the edit must be reviewed and accepted by many other developers before it is accepted. The Bitcoin users in the world have full control on how to use Bitcoin software and everyone in the community obeys the defined protocols. The software is downloaded and installed by users in mobile app or PCs. The software comes with the functionality of the Bitcoin Wallet which allows users to send and receive bitcoins. The bitcoin software can be downloaded at www.bitcoin.org.

Bitcoin runs under a system known as crypto-currency. Crypto-currencies only exist as computer codes; they are not less real than paper money is (fiat currency). And have the advantage that a very large sum can be carried around in your mobile phone, without inviting undue attention. The decentralized nature of bitcoin is another benefit it has over normal currency. Bitcoin is made possible by the blockchain technology created by the inventor, Satoshi Nakamoto. The most important benefit of bitcoin is the peer-to-peer nature without central governing body; it also involves the absence of a third party when sending money. The flow is usually from the sending wallet to the receiving wallet at almost no charge.

How to make Money from Bitcoin

There are majorly two specific systems in making money from Bitcoin and they include:

1. Buying and Selling Bitcoin
2. Mining Bitcoin

Buying and selling: Bitcoin is a digital currency used in the whole world. This means that anybody in the world can who has interest can buy or sell it. Bitcoin is rated with the monetary value BTC. Bitcoin just like any other trade that sells on forex appreciates and depreciates with regards to circumstances or events. The price bitcoin was sold as of 2009 when it was invented is quite different from the current price. In 2009 1 bitcoin was sold at 6 dollars, but its value rose to a peak of about $1100 dollars in 2014 before it went down to less than $300 dollars in 2015. Currently, as of August 25^th 2016, 1 Bitcoin is equivalent to $576 dollars. Acquiring Bitcoin can be a good business as you can acquire them and then sell when the value is high.

2. Mining Bitcoin: This involves a system where you use your computer and special Bitcoin mining hardware and software to compete with other numerous miners to solve some complex mathematical problems which are used to serve as protection for Bitcoin transactions. If you get lucky and your hardware cracks a problem, you will be rewarded with some bitcoins usually about 25 bitcoins per calculation. If you are very good, you can also form your own group or join groups of people to mine in a pool and then share the acquired bounty. It is quite easier to earn by joining a pool because mining block of bitcoins by yourself could be very tedious and time consuming, the payment might be small but it comes on regular basis.

To start up in mining bitcoin, the first requirement is to install bitcoin miner software on your PC. It is far better to practice with demo version before kicking off and at the same time research more on how to mine bitcoins.

After perfecting your practice, you can then acquire an online wallet where you will store your online earnings. The most popular wallet out there is coinbase.com. After setting up the wallet, the next thing to do is to find a good Bitcoin pool to join that will help in advancing your investment. There are a lot of reliable bitcoin pools online such as Slush’s bitcoin pool; they prove to be one of the best. You can check google for other nice bitcoin pools.

Immediately after joining a bitcoin pool of your choice, the next thing to do is to register your wallet address in your bitcoin pool account. The process is easy and you can do it yourself without stress and assistance. After kicking off, you can recruit people to work under you in your pool account; it helps to increase your investment.

After setting up those to work under you and other needed things, you and your team are set to start mining bitcoins. If you gain experience with the demo version, you won’t encounter much problem along the line while mining bitcoins.

How to use Bitcoin in Nigeria

Bitcoin gains its popularity in Nigeria since 2015. Bitcoin is used by Nigerians to do online transactions. Some people are of the opinion that bitcoin might be an easier means of sending and transferring fund abroad; especially now that the exchange rate of dollar to naira is high, and the dollar scarce in Nigeria. As at August 15^th 2016, Bloomberg updated that 1 Bitcoin is equivalent to 181,350.02 naira.

Some of the platforms where you can buy and sell bitcoin in Nigeria include;

1. http://www.onlinecodeonly.com
2. coindesk.com
3. onlinecodeonly.com
4. bitpesa.co
5. tradenaira.com
6. nairaex.com

To Buy Bitcoin in Nigeria, the following steps should be noted:

1. Find a good and favourable Bitcoin exchange platform.
2. Buy bitcoins by exchanging local currency, like the Nigerian naira for bitcoin.
3. Transfer the bitcoins to your wallet.

Before buying bitcoins, understand that there is no official Bitcoin exchange rate. Bitcoin price indexes exist which pull data from the world’s largest Bitcoin exchanges to create an average. This gets close to a universal Bitcoin exchange rate.

Once you find Bitcoin exchangers in Nigeria; you have to compare their exchange rate on Bitcoin price index and see if it favours you.
A SAMPLE ON HOW TO SELL AND BUY BITCOINS FROM ONE OF THE POPULAR OUTLETS IN NIGERIA

Buying Bitcoin at Nairaex

To own bitcoin, you have to be a miner or receive it as payment; another way is to buy bitcoin with your fiat currency. To buy bitcoin is still a challenge to several African Countries, but it is made simple by a company like Nairaex in Nigeria. One thing is, it is better to buy from a tested and trusted organization like Nairaex which has been around for a while than to buy from an unknown an inexperience seller.

Steps

1. The first step to own bitcoin is to create a bitcoin wallet account.

Every wallet has an alphanumeric code called the wallet address, and functions like your Bank Account Number. With your wallet address you can receive bitcoin into your wallet from anywhere in the world. You can Create a free wallet at blockchain.info.

2. Buy Bitcoins

You can exchange your cash for bitcoin and get them transferred directly to your wallet anywhere in the world. Bitcoin is available for sale in Nigeria at www.nairaex.com.

3. Sell Bitcoins at Nairaex
4. Simply create an account at www.nairaex.com, in order to convert your bitcoin to Naira in Nigeria
5. Fill in your account number into your nairaex account in the payment information tab.
6. Go to the dashboard and select ‘sell bitcoin’
7. Input the bitcoin amount you intend to sell.
8. A bitcoin address would be displayed for you to transfer the bitcoins to.
9. Within few hours your naira would be paid into the account you provided.

NairaEx is a leading Nigeria-based e-currency exchange that allows customers to buy and sell Bitcoin with Nigerian Naira at fair and competitive market rates via bank transfer and fast withdrawal into any Nigerian bank. NairaEx started operations in 2015.

HOW USEFUL CAN BITCOIN BE TO NIGERIANS

Bitcoin has lots of benefits as a digital form of currency, it allows faster means of transaction without outrageous charges, some other benefits include;

1. Bitcoin can be used for paying bills, shopping and making remittances on websites that accept it as a form of payment.
2. Recently, due to the increase in the price of dollars and its scarcity, most parents find it hard to remit money to their wards studying abroad but with Bitcoin, student in the diaspora can now receive fees and allowances almost instantly from their parents, Medical bills can easily be paid for aged parents remitted within the shortest period of time. Also People in diaspora can through this means send money easily to their family in Nigeria.
3. Online Investment: Trading bitcoin is just like trading forex, if you are good in it, you can make money due to how volatile the price is in the market.
4. Through use of Bitcoin, Businessmen and women in Nigeria can easily send funds to their business partners in other parts of the world without any delay or waiting for banks to process the payment.
5. For Nigerians who are into freelance service delivery online such as graphics design, data analysis, article writing etc. With Bitcoin it is quite easier for the funds to be easily transferred to their Bitcoin wallet without any delay.
6. Those Nigerians that participate in MMM can use Bitcoin to provide help as well as get help

With these benefit and more, it can be seen that bitcoin can be of great help in terms of fund transfer and business transaction but before trading on Bitcoin, make sure you make a lot of research on how to conveniently run your bitcoin wallet to avoid losing your money. \

How can one compare bitcoin to Web Money and Perfect Money? Maybe this will be a topic of another day.

You have comment or questions regarding the use of bitcoin in Nigeria, you can use the comment box below to ask.

The Central Bank of Nigeria (CBN) has announced that 11 international money transfer operators (IMTOs) have been license to operate in Nigeria.

The eleven IMTOs include;

1. Trans-Fast Remittance LLC,
2. WorldRemit Limited,
3. UAE Exchange Centre LLC,
4. Wari Limited, Homesend S.C.R.L,
5. Small World Financial Services Group Limited,
6. Weblink International Limited, Cashpot Limited,
7. DT&T Corporation Limited,
8. Fiem Group LLC DBA Ping Express,
9. and CP Express Limited

These eleven can now make transfers into the country.

Early this month, CBN banned almost all international money transfer operators from transferring money into the country based on some regulation tagged “draconian rules” as reported by WorldRemit and only 3 IMTOs – Western Union, MoneyGram and Ria money – escape this rule.

CBN reported that the licensing is “in furtherance of CBN’s effort to liberalise the foreign exchange market and ensure liquidity by making foreign exchange more readily available to low end users.”

WorldRemit, who’s been the most vocal IMTO during the whole ordeal, commend CBN for  this development. Founder and CEO, Ismail Ahmed said, “We commend the CBN for reaffirming the country’s commitment to building an enabling environment and level-playing field for international money transfer services to Nigeria. The new environment will help to bring the estimated 50% of remittances to Nigeria that currently goes through unregulated, informal networks into the formal channels.”

WorldRemit in celebration of the relaunch of their services to Nigeria is offering promotional pricing of nominal $0.01, €0.01, £0.01 or its equivalent in fees on all money transfers to Nigeria until September 30, 2016.

So, if you are a Nigeria in Diaspora; seize the opportunity and invest now in Nigeria; you know what I mean?

You can use the comment box below to ask your question or make comment. Your comments are welcomed.

Bank accounts are mediums or financial accounts maintained by financial institutions mostly banks to safeguard a customer’s money. The account here could either be savings account, corporate account, business or current account as the case maybe but for the sake of this article; we will be looking at Corporate, Business and Current Accounts respectively. We will also look at the features and how to run each of these accounts.

Bank accounts in a layman’s definition is the arrangement made with a bank whereby one may deposit and withdraw money and in some cases be paid interest or pay charges as the case maybe. The type of bank account one intends to open depends on the type of transaction he/she wishes to carry out with the account. Banks and financial institutions have different platforms and services that they provide to their customers in order to meet up to their demand. These platforms are packaged in form of different types of account. Some of these accounts include;

1. Corporate Account
2. Business Account
3. Current Account

CORPORATE ACCOUNT

Corporate bank account is a formalized type of bank account. A corporate account can be defines as an account that specializes in offering services for companies and offshore businesses. It is quite different from personal bank accounts.

Corporate banking is a custom-tailored financing and banking services for corporations. Corporate banking is typically offered by commercial banks, and entails all the services that can be extended on a financial level to corporate entities to ease day-to-day operations. Cash management, working capital loans and commercial mortgages are just some of the products available in this form of banking; some banks even offer financial supply chain optimization.

Corporate accounts provide services that respond to business needs and thus have different regulations in regards to the opening process. Corporate accounts are mainly opened to meet business purposes.

There are a number of advantages in opening a corporate account. Many offshore jurisdictions offer positive tax benefits for companies who wish to open a corporate account.  Many companies are opening corporate bank account overseas with the intention of managing their income and growing their assets in a more profitable offshore environment.

When opening a corporate account it is crucial to choose a recognized worldwide financial centre that reflects your business needs, since each jurisdiction provides different services. Each business centre is regulated by a different financial authority and it is thus critical to make sure that the offshore jurisdiction you select to bank with will address your business objectives.

Corporate accounts are created particularly for offshore companies, their minimum capital requirements for opening the account differ from those of a personal or an investment account. This is because the account will be dealing with different sums of money and for a variety of purposes. Minimum capital requirement usually depends on the offshore jurisdiction you open your account with.

FEATURES OF CORPORATE BANK ACCOUNTS

1. Corporate Account gives access to broad range of transactional banking services – from local collections to international payments.
2. It provides support from a dedicated and experienced business platform.
3. It gives access to financial institutions in overseas.
4. Corporate Account has access to internet Banking services for account information and electronic payment requirements.
5. Corporate Account makes cash available in many currencies.
6. It can be linked to a range of single or multi-currency interest off-set arrangements
7. Corporate accounts services can be accessed in parts of the world, be it Africa, Americas, Asia, and Europe.

MAJOR REQUIREMENTS NEEDED TO OPEN A CORPORATE ACCOUNT IN A NIGERIAN BANK.

Requirements needed to open a Corporate Bank Account in Nigeria include;

1. Resolution from the Board of Directors/Proprietor(s) authorizing the opening of the account and approving the account signatories.
2. Affix Company Seal
3. Completely filled-up Corporate Account Opening Form signed by the company’s designated signatories.
4. Certified true copies of Incorporation documents
5. Proof of Residential Address of Signatories, Directors.
6. Passports Photograph of the signatories
7. Bank Verification Number of Directors or Proprietors
8. Valid means of Identification (International Passport, Drivers License, National Identity Card or Voters card) of Directors/Proprietors
9. Tax Identification Number for the Company
10. Utility Bill of Business Address
11. SCUML Registration where applicable
12. For foreign Nationals require other special requirements (Business Permit, Residence permit etc)
13. Duly filled two Reference Forms by Corporate Account Holders

BUSINESS ACCOUNT

A business will always require a bank account in order to manage its finances diligently.

Business bank account is a type of bank account used for business transactions rather than personal ones.

Business bank account is a company’s financial account with a bank that provides business loans, credit, savings and checking accounts specifically for companies and not for individuals.

MAJOR REQUIREMENTS NEEDED TO OPEN A BUSINESS ACCOUNT IN A NIGERIAN BANK.

Opening and operating a business account in Nigerian banks is totally different from running an individual savings account in terms of its requirements and documentations. To be able to own a business account, the business must be registered with Nigeria’s Corporate Affairs Commission (CAC) or by a relevant agency depending on the nature of business.

The following are requirements for opening a business account in Nigeria:

1. A valid primary ID card
2. Means of address verification (utility bill, etc)
3. Two passport photograph
4. A duly filled and signed mandate form
5. Documentary evidence of address
6. 2 references
7. 2 Passport photograph
8. Valid ID of all signatories
9. Residence Permit (For Foreigners)
10. Forms CO7 and CO2
11. Certificate of Incorporation / Business Registration
12. Memorandum and Article of Association
13. Board resolution
14. Search report
15. Duly executed Terms & Conditions

All these documents will be verified by the bank before opening the account.

CURRENT ACCOUNT

A current Account is an account which maintained with any commercial bank, for supporting frequent money transactions. Current Account can also be referred to as a type of deposit account kept with a financial institution that permits the withdrawal of funds and allows checks to be written against the balance.

Services inculcated in the Current account platform include payment on standing instructions, transfers, overdraft facility, direct debits, no limit on the number of withdrawals/deposits, Internet Banking, etc.

This type of account fulfils the very need of an organization that requires frequent money transfers in its day-to-day activity. An Individual, a firm or a company could open this type of account. Account maintenance charges are applicable as per the bank rules. It is also suitable for making payments to creditors by using cheques. Cheques received from customers can also be deposited in this account for collection.

Note that Current account is different from the popular savings account because it involves a fee known as Commission on Turnover (COT), which is charged per withdrawal in current account.

FEATURES OF A CURRENT ACCOUNT

The main features of current account are as follows:

1. Current bank accounts are operated to run a business.
2. It is a non-interest bearing bank account.
3. It needs a higher minimum balance to be maintained as compared to the savings account.
4. Penalty is charged if minimum balance is not maintained in the current account.
5. It charges interest on the short-term funds borrowed from the bank.
6. It is of a continuing nature as there is no fixed period to hold a current account.
7. It does not promote saving habits with its account holders.
8. Banker requires KYC (Know your Customers) norms to be completed before opening a current account.
9. The main objective of current bank account is to enable the businessmen to conduct their business transactions smoothly.
10. There is no restriction on the number and amount of deposits.
11. There is also no restriction on the number and amount of withdrawals made, as long as the current account holder has funds in his bank account.
12. Generally, bank does not pay any interest on current account.

MAJOR REQUIREMENTS NEEDED TO OPEN A CURRENT ACCOUNT IN A NIGERIAN BANK.

The requirement for opening a current account in Nigeria includes;

1.  Passport photograph:  Two recently taken passport photographs that will be scanned   and uploaded in the bank‘s database.
2. Means of identification: These could be National Identity Card, International Passport or Driver‘s license. Voter‘s card has recently been made to suffice as a valid means of identification that a prospective current account holder can present in a bid to open current account.
3. Utility bill: A Recent utility bill receipts such as NEPA bill, water bill and DStv subscription receipts are needed to open a current account. It acts as a proof that your address exists and that you are currently living there.
4. Two references: Anybody that wants to open a current account must provide two referees to ascertain that the person is whom he/she claims to be. These referees must also be current account holders.
5. Execution of account opening form: Current account opening form must be duly filled and relevant information must be provided when filling the form by the customer that wants to open a current account.
6. Opening balance: This is the monetary requirement for opening current account.
7. Board resolution: This requirement applies to corporate bodies. A board resolution which shows that the Directors of the company met and resolved to open and operate a current account is needed in order to open current account in Nigeria.
8. Certificate of Incorporation: The Certificate of Incorporation is a proof that a company is registered with the Corporate Affairs Commission, as such, it is one of the requirements for opening current account in Nigeria.
9. Particulars of Directors and share allotment: Forms CO2 and CO7 which contain information about the Directors, shareholders and share allotment of a corporate organization is a requirement for current account opening in Nigeria.

Corporate, Business and Currents account are all different types of account operated by banks on-behalf of individuals, businesses and corporate entitles, in order to make transaction both locally and internationally easier for the people. These three accounts (Corporate, Business and Currents account) are quite different from each other judging from their features and the sort of transaction being carried out in each platform. Enquiries should be made from specific banks before choosing the form of account that best suits your business as most banks might have a little bit of differences. Further enquiries should also be made when it comes to the requirements in opening any of the accounts as it might differ according to banks.

When most people leave their home country in search of better work opportunities in foreign countries such as the United States, sending money remittances back to their families may be one of the biggest concerns.  If you are located in the US and are looking for the best way to send money transfers back to your loved ones in Nigeria, keep reading.

Thanks to the amazing influence of the internet and a host of other technological advancements, there are lots of ways to send money online from USA to Nigeria. This post is going to review Sharemoney.com, one of the top online money transmitters that has business in more than 20 countries and has a good reputation.

Sharemoney is an online money transmitter launched in 2014. Their parent company, Omnex Group, is an international money transfer company with over 25 years of experience. After its launch, Sharemoney soon attracted lots of loyal customers who appreciate their service, and became one of the highest rated online money transfer services in the US.

What are some benefits of Sharemoney?

Convenience: Sharemoney allows you to send money from US to Nigeria without having to go anywhere. You can send money through Sharemoney using your mobile device, desktop, or any other devices that have an internet connection, at any time. Sharemoney is very easy to use. Customers can finish the money transfer process in minutes with only 5 steps.

Rate: Sharemoney tries their best to help customers make every dollar count. Sharemoney’s exchange rate of USD to Naira is better than other money transfer companies on most days, and the transfer fee itself is very low. They often have discount codes posted on their social media profiles to help customers save on money transfer fees. Check rates

Speed: Usually, customers are able to receive their funds within minutes or up to 24 hours if their transfer is not delayed for security reasons. Sometimes, new users may encounter a delay in their first transfer because Sharemoney needs to verify their identity for their safety (by requesting an ID). However, for most customers the verification process is automatic and you can have your money transfer completed within a few minutes. If you want to know where your money is, their money tracker page is able to help you track your money 24/7. They also offer a 100% money-back guarantee in the event that your money transfers fail to reach your recipient, which is a unique benefit not offered by most transfer companies.

Safety: Sharemoney has partnered with the best banks in Nigeria, including Zenith Bank, Diamond Bank, Union Bank, GT Bank, Ecobank, Access and more, to provide you with a smooth and secure remittance experience. Your recipient in Nigeria will receive their money quickly and conveniently in their bank account.

How to use Sharemoney.com

If you are located in the US and you need to send money to a Nigerian bank account, Sharemoney might be the best option for you. You can avoid the high fees you would get if you transferred through a large bank, and avoid having to go to a special location to send your money. The process to send money to Nigeria online is very straight-forward.

1. Create a free account. Go to Sharemoney.com and click “Sign up” to create an account. All you need to do is enter your email address and choose a password. You will have to confirm your email address and fill out your personal information.

2. Pick your country. Choose “Nigeria” from the top list as your destination country.

3. Enter how much you want to send. There are 5 simple steps to complete. Start by entering the amount of money you want to send to Nigeria, for example, 50 USD, and the screen will automatically show how much money your loved ones will receive in NGN.

Below the promo code, you can see how much money transfer fee it is going to cost you. If you have a coupon code, don’t forget to use one! It can help you save some money.

Please notice, the transfer fees via debit card and credit card are different. I recommend you use a debit card to minimize the fees you have to spend on sending money.

4 . Pick which bank to send money to. In step 2, select “Bank Deposit”, and then select the bank you are going to send money to. See list of supported banks. You can see the total cost of your transfer on the right side of your screen, which includes the transfer fee. The transfer fee is flat $3.99 if you use a debit card. Please make sure all the information is correct, then click “Continue”.

5 . Pick who to send to. In step 3, Enter your recipient’s personal and bank account information to ensure your money transfer has a destination. After you’re done, click “Continue”.

6 . Pick how you will pay. In step 4, select your payment method and enter your payment information. Like we said before, we recommend you use a debit card to minimize the fees you have to spend on sending money. With debit cards, the fee is always $3.99, while credit cards can have higher fees. After all information entered, select “Continue”.

After reviewing your order and making sure all the information is correct, click “Pay and Send”.  You’ve successfully sent your money to your loved ones in Nigeria! Sharemoney team will review your money transfer and make sure your recipient gets your money as soon as possible!

Click here to visit Sharemoney and send money to Nigeria today

For anyone looking for a quick and simple way to transfer money from USA to Nigeria, give Sharemoney a try. It will save you money on fees and provide a fair exchange rate, while allowing you to send funds directly into a Nigerian bank account without a hassle.

If you have any other questions, you can look at the Frequently Asked Questions: https://www.sharemoney.com/nigeria/how-to/

Get in touch with the company:

Sharemoney

(866) 819-0119

customerservice@sharemoney.com

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This code for checking Ecobank account balance is not new anyway. I just want to share it for those Ecobank customers who are not aware of it before.

So, you are an Ecobank customer? you can  comfortable check your account balance without going to the bank or looking for the nearest ATM post terminal to check your balance. With a simple USSD code send through your mobile phone, you will receive your account balance.

Here is the Ecobank code for checking your bank account balance.

Simply dial *326*0# to check account balance

You can also buy airtime using this code
You can also check your GTBank account Balance using this format.

I hope this helps!

Please remember to click on the share button.

What is the banks’ ATM Card withdrawal limits in Nigeria and outside Nigeria?

Many people have asked me this question. For those who might not know, there is an adjustment in the Nigerian bank ATM card withdrawal limits.

In the new adjustment, all ATMs that were enabled for domestic and foreign transactions have been restructured to limit Naira cash withdrawal at ATMs to N60, 000 per day while foreign currency is $300 per day.

The domestic withdrawal limit is N150, 000 per day. The cash can be withdrawn from ATM machine in multiples of 20000, 25000, 30000 or 35000 depending on the bank’s ATM.

The new adjustment has separated traditional ATM from MasterCard credit card where the former has now been deactivated and can no longer be used for transactions abroad.

A single ATM card serves for transactions for both domestic and abroad.

The adjusted cards now have spending limits on POS and eCommerce (online shopping) pegged at $300 (that is about N60, 000) per day. On December 2016, some banks further limits online shopping spending limit to $100 per day. Unlike before, the limit was N2 million per day.

In this new arrangement, a bank customer with multiple debit cards (ATM cards) can only transact abroad with one linked to the primary transactional account. Such customers could also transact with any of the cards that is funded.

However, banks are working hard to ensure that there are alternatives in these adjustments for customers who are now being directed by their banks to reapply for a new card arrangement to suit their purposes.

N.B: This post will be updated if there is change or adjustment in above mention ATM cards withdrawal limits

ATM Card withdrawal limits in Nigeria and outside Nigeria

There is an adjustment in the Nigerian bank ATM card withdrawal limits.

In the new adjustment, all ATMs that were enabled for domestic and foreign transactions have been restructured to limit Naira cash withdrawal at ATMs to N150, 000 per day (i.e. domestic withdrawal limit is N150, 000 per day) while foreign currency is $300 per day. The cash can be withdrawn from ATM machine in multiples of 5000, 10000, 15000, 20000, 25000, 30000 and 35000 depending on the bank’s ATM.

The new adjustment has separated traditional ATM from MasterCard credit card where the former has now been deactivated and can no longer be used for transactions abroad.

A single ATM card serves for transactions for both domestic and abroad.

The adjusted ATM cards now have spending limits on POS and eCommerce (online shopping) pegged at $300 (that is about N60, 000) per day. On December 2016, some banks further limits online shopping spending limit to $100 per day. Unlike before, the limit was N2 million per day.

 Currently, the funding limit of third party account like Skrill account, PayPal, Payoneer etc. is pegged at $100 per month.

In this new arrangement, a bank customer with multiple debit cards (ATM cards) can only transact abroad with one linked to the primary transactional account. Such customers could also transact with any of the cards that is funded.

However, banks are working hard to ensure that there are alternatives in these adjustments for an customers are now being directed by their banks to reapply for a new card arrangement to suit their purposes.

In view of this, GTBank now has Dollar MasterCard which is primarily for limitless online shopping, payment making and other transactions abroad and online from the domiciliary account.

Nigerian Bank USSD transfer limits

Banks like GTbank, Fidelity, Access bank, Diamond bank etc. allows a maximum USSD code transfer limit of up to N200, 000 per transaction and maximum transfer limit of N500, 000 per day while Firstbank of Nigeria claim to allow a maximum transfer limit of up to N1million per day.

Please note: This post will be updated if there is change or adjustment in above mention ATM cards withdrawal and transfer limits, so always visit to check for update.

• Naira appreciates in parallel market today; sell closes at N490 per dollar.
• There is likely tendency that it will appreciate further.
• Speculators are sitting in between the fence.

The Central Bank of Nigeria (CBN) carried out what is  term special wholesale intervention forward sale in the interbank forex market by offering $500 million.

But 23 banks were only able to take up $370,810,810.79 to meet the visible and invisible requests of the customers.

On Monday, the CBN also sold $80 million to banks to meet the demands of their customers who had applied for forex for school fees, medicals, and personal and business travel allowances, out of the $125 million uncleared backlog for invisibles.

A breakdown of the forwards indicated that $216,465,671.02 was for 30 days, while $154,345,139.77 was for 60 days.

The CBN also yesterday did spot sales of $1.5 million to four banks, totaling $6 million.

The Bank also offered $41 million for sales, of which $35 million was taken up for the payment of school fees, medical bills and personal and business travel allowances.

With the interventions on both days, the CBN sold $491.8 million to commercial banks and authorised dealers in the market.

A source at the CBN disclosed that the qualified bids for the greenback ranged from N315 to N360, adding that seven banks received full allotments of their respective bids valued at $37,500,000 each.

Other banks received allotments ranging from $46,512.50 to $15,578,081.51.

A CBN source informed THISDAY that the central bank actually offered $500 million to the banks yesterday through special wholesale intervention forward sales.

But of this amount, the banks were only able to take up $371 million at a marginal exchange rate of N315 to the dollar.

“The reason the banks could not take up the entire $500 million offered by the central bank was because of lack of naira liquidity,” the source explained.

For the $500 million on offer, forex authorised dealers were required to send their request for sums not exceeding 7.5 per cent of the amount on offer.

Confirming the wholesale intervention by the CBN yesterday, central bank spokesman, Mr. Isaac Okorafor, said the Bank’s intermediation in the forex market was the first wholesale intervention aimed at easing the pressure of access to forex by Nigerians who intend to meet obligations that fall under visible and invisible needs categories.

He further confirmed that the CBN offered $500 million for sale to the banks, but not all of them provided enough naira backing to pay fully for their respective bids.

While expressing optimism that the wholesale intervention of the CBN would substantially ease the forex pressure on visible and invisible needs of customers, Okorafor assured that the Bank would continue to make interventions based on qualified bids from the banks on the requests of their customers.

He reiterated that the central bank was more than ever ready to support the interbank market by ensuring liquidity and transparency to guarantee efficiency in the forex market.

Okorafor asked all market participants to contribute their quota and assist in ensuring that the new measures put in place by the CBN can guarantee the steadiness of the financial market, as well as the growth and development of the economy to the benefit of all Nigerians.

The CBN, after a meeting with Deposit Money Banks (DMBs) last Friday, issued new policy actions aimed at easing access to forex for personal and Business travel allowances, as well as educational and medical fees, among others.

As part of its new policy action, the CBN also directed all banks in the country to open forex retail outlets at major airports as soon as logistics permit them to do so.

The impact of the new FX policy had a positive impact on the parallel market yesterday, where the naira appreciated by N10 to close at N515 to the dollar, stronger than the N525 at which it closed on the previous day.

Before the close of business, market watchers said the naira actually appreciated to N510 to the dollar before settling at N515 over concerns that the CBN, in its circular on Monday, had asked authorised dealers to demand for tax clearance from their customers.

In line with the circular, banks were reported to have started demanding for tax clearance from their customers, resulting in added pressure on the parallel market.

However, a CBN official informed THISDAY last night that the demand for tax clearance was erroneous and would be corrected today in a revised circular to be issued on the new actions for the forex market.

He said: “The CBN is not FIRS. The inclusion of the tax clearance was a mistake and will be corrected. Our desire is to meet all genuine demand and not drive bank customers back to the parallel market.”

In addition, CBN yesterday issued operational guidelines for the special wholesale intervention forward sales for forex transactions not exceeding 60 days.

It restated that the policy was aimed at enhancing transparency and confidence in the sector.

The CBN noted that it would not apply all the provisions of Clause 2.4.3 (SMIS-Wholesale) of the revised guidelines for the operation of the Nigerian Interbank Foreign Exchange Market of June 2016 for the new window.

The CBN in a circular signed by its Director, Financial Market Department, Dr. Alvan Ikoku added that banks will not be allowed to allocate funds for customers’ letters of credit (LCs) which had already benefited from past SMIS that are yet to mature.

The circular further restricted any bank from exceeding its Net Trading Position limit at any particular time under the new FX regime.

The central bank also pegged the allowable spread between bid and offer at 50 kobo and banks will be required to open equivalent amounts of fresh LCs (confirmed or unconfirmed) for any of their customers and send evidence of such fresh LCs within a week of release of reaction results.

Among other conditions for participating under the special intervention window, the CBN also forbade multiple bid entries and insisted that all allotments be trade backed.

It warned that any bank, which fails to comply with the rules of the special wholesale window and other extant forex guidelines, will be sanctioned, including executives and other officers of the affected bank.

This came as market analysts threw their weight behind the new FX measures announced by the CBN on Monday.

The CEOs spoke in separate interviews with THISDAY yesterday.

Commenting on the action, the chief executive of Financial Derivatives Company (FDC) Limited, Mr. Bismarck Rewane said the CBN was moving slowly in the right direction. “But a lot more work needs to be done.”

Rewane added: “It is commendable on the fact that they had the courage to finally understand that the naira is overvalued.

“Secondly, we must move away from multiple exchange rates. Multiple exchange rates are a recipe for round-tripping.

“There is a crisis of confidence and crisis of supply. As the crisis of supply is being dealt with, the crisis of confidence also needs to be dealt with as well and we need additional courage to do that.”

The Director General of the West African Institute for Financial and Economic Management, Prof. Akpan Ekpo, held the view that the new measures announced by the CBN would help address the misalignment between the official and parallel market rates.

According to the former university vice chancellor, “They (CBN) figured out that part of the problem was access to forex.

“So, if the banks open retail offices at the airports, it would facilitate access to a lot of people and it may become more transparent.

“The misalignment in the currency is causing a lot of distortions in the economy.

“But I am advising that the CBN should continue to prioritise forex access to manufacturers so that they can import raw materials and equipment.

“But in the long term, we cannot keep importing the things that we can produce here. If you look at the data, imports have reduced due to the removal of those 41 items from accessing forex.”

He stated that the improvement in forex supply in the country would help dampen the effect of rising rate of inflation.

Ekpo, however, added: “But we must all understand that Nigeria has a forex supply problem. It is not really a CBN problem. We get forex majorly by selling crude oil.

“So, we need to change the structure of our economy so that we can have other sources of earning forex. If we have a viable manufacturing sector that exports most of its products, we would have enough forex.”

Also, the chief executive of BIC Consultancy Services, Dr. Boniface Chizea, expressed optimism that the CBN would be able close the wide gap between the parallel and interbank FX markets “if and only if we meet all the demand for foreign exchange at the official window”.

He added: “Once demand is sought outside this window, it must be at a premium, even if it is from the bureau de change.

“The move to make dollars available to the banks to sell to those who demand for PTA, school fees and medicals at a rate lower than the parallel market rate, which was dangerously trending south, is a masterstroke.

“This should reduce the demand pressure at the parallel market, resulting in an appreciation which would catch some economic agents that if they are not careful they would get their fingers burnt.”

• Parallel market traders close sell at N475 per dollar.
• Naira continued to appreciate further today, N20 difference as against yesterday.
• Speculators rush to seller their preserved dollars.
• Sale by parallel traders decreases tremendously.
• Speculators and BDC agents are hard hit at rate of Naira appreciation the parallel these days.

The Nigerian Naira has continued strength following the injection of $500M special wholesale intervention forward sale in the interbank forex market.

Our national currency is now valued at N475 to USD1 on the parallel market, appreciating in value of N20 as against yesterday. While some market operators did sell at N480 per USD1 in the morning, today.

The Central Bank of Nigeria official prices remains N315 per USD1.

The British pounds remain slightly stable at N610 as against yesterday sell.

EUR also is slightly stable as against yesterday parallel market, sell close at N505.

The Central Bank of Nigeria (CBN) on Monday, 20^th February 2017 released a press statement on a new Forex policy which it titled “New Policy Actions in the Foreign Exchange Market.” This action comes a week after the National Economic Council had requested for a review of the current Forex policy due to the wide gap between the parallel and official market exchange rates.

According to CBN, “In continuation of efforts to increase the availability of Foreign Exchange in order to ease the difficulties encountered by Nigerians in obtaining funds for Foreign Exchange transactions, the Central Bank of Nigeria (CBN) is providing direct additional funding to banks to meet the needs of Nigerians for Personal and Business Travel, Medical needs, and School fees, effective immediately,”.

CBN is ready or committed to supplying the necessary Forex needed for transactions such as PTA, BTA, School fees and medical bills. However, the CBN failed to mention the exchange rate at which this Forex would be trade at but said that banks should sell not more than 20 percent above the interbank market rate. In other words, if the interbank is trading at N320, banks will sell for as high as N384.

WHAT DOES THE NEW FOREX POLICY STATE?

1. That CBN would immediately begin to provide forex to all commercial banks to meet needs of both personal travel allowances (PTA) and business travel allowances (BTA)

“The CBN would immediately begin to provide foreign exchange to all commercial banks to meet the needs of both personal travel allowances (PTA) and business travel allowances (BTA) for onward sale to customers. All banks would receive amounts commensurate with their demand per week, which would be sold to customers who meet usual basic documentary requirements.”

What is its implication?

This means that commercial banks will sell to customers who wish to travel for business or personal trips when they present the necessary document, which includes their passport, visa, and tickets. However, the CBN failed to mention how much these travellers are entitled to for their trips.

“In order to further ease the burden of travellers and ensure that transactions are settled at much more competitive exchange rates, the CBN hereby directs all banks to open FX retail outlets at major airports as soon as logistics permit,” CBN said.

With this new policy, all banks that do not have an outlet in the airport may not sell to customers at the airport.

2. That CBN would immediately begin to provide forex to all commercial banks to meet needs for School and Medical fees abroad

“The CBN would meet the needs of parents, guardians and sponsors who are seeking to make payments of school and educational fees for their children and wards. Such payments must be made by commercial banks directly to the institution specified by the customer,”

“The CBN would ensure that this process is as smooth as possible and that as many customers as possible get the foreign exchange they genuinely demand. This would also apply to customers seeking to make payments, or purchase foreign exchange, for medical bills and paid directly to hospitals.”

This means that by just being a sponsor you can have access to Forex to pay for school fees. However, you won’t be given cash to make the payments. The bank will make the payments directly to the bank account of the school or hospital.

3. That CBN would immediately begin to provide forex to all commercial banks to meet needs for Manufacturing sector 

“Given our plan to meet all unfilled orders, and while provision of FX to the manufacturing sector would remain the CBN’s strong priority, we will no longer impose allocation/utilisation rules on commercial bank.”

This means that the CBN will still give the manufacturing sector a strong priority during allocation of Forex but the rule on 60:40 allocation of Forex has been removed.

Who are the gainers in this new forex policy?

1. Travelers

From all indications the gainers of this policy are going to be the commercial banks and travellers, which include those going on both business and personal trips. Travellers will have access to the Forex easily and will not have to queue, lobby or wait for the money needed for their trips.

2. Banks

Commercial banks in Nigeria will likely become royalty. This is because they have been given the power to have access to as much Forex as they want. If all things go well, there will be an increase in the volume of trade and customers may not have to complain about the lack of Forex. The only setback with this decision is that the banks may be tempted to start round tripping or hoarding Forex thereby manipulating the market.

3. Importers

Who are the losers in this new policy

1. Speculators
2. Bureaux de Change

Speculators and Bureau de change could be the biggest losers from this new policy. The only customers for the speculators and Bureaux de Change will be the users of the 41 items banned from getting access to Forex. On the other hand, since the Bureaux de Change was not mentioned in the adjustments to the policy, they will have to continue sourcing for funds in the autonomous market as they have done in the past.

Speculations:

*Naira will continue to appreciate for some time.

*MoneyGram will start working.

*Western Union money transfer will start working.

*Speculator will start buying and hoarding dollars.

The Central Bank of Nigeria, CBN has reintroduced charges on cash deposits and withdrawal in banks.

The new charges would take effect from April 1 2017, in the existing cashless states: Lagos, Ogun, Kano, Abia, Anambra, Rivers and the FCT.

READ THIS NOW: New CBN Forex Market policy, its Implications, losers and  Gainers

The policy shall be implemented with the charges taking effect on May 1, 2017 in the following states: Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau.

The policy shall be implemented with the charges taking effect on August 1, 2017 in the following states: Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa Ibom, Ebonyi, Taraba and Nasarawa.

The policy shall be implemented with the charges taking effect on October 1, 2017 in the following states: Borno, Benue, Ekiti, Cross River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara.Here below are the summary of the charges on cash deposit and withdrawal as reintroduced by CBN

Charges for Cash Deposit

 Charges for cash deposit by individuals are as follows:

• Less than N500, 000 = zero charge.
• From N500, 000 to N1 million = 1.5 per cent charge.
• From N1 million to N5 million = two per cent charge.
• Above N5 million = 3 per cent charge.

Charges for corporate cash deposit are as follow:

• Less than N3 million = zero charge.
• From N3 million to N10 million = two per cent charge.
• From N10 million to N40 million = three per cent charge.
• Above N40 million = five per cent charge.

READ THIS NOW: CBN Inject $500m into FX Market, Banks get only $371m

Charges for Cash Withdrawal

 Charges for cash withdrawal by individuals are as follows:

• Less than N500, 000 = zero charge.
• From N500, 000 to N1 million = two per cent.
• From N1 million to N5 million = 3 per cent charge.
• Above N5 million = 7.5 per cent charge.

Charges for corporate cash withdrawal are as follows:

• Less than N3 million = zero charge.
• From N3 million to N10 million = five per cent.
• From N10 million to N40 million = 7.5 per cent.
• Above N40 million = 10 per cent.

Mr. Dipo Fatokun, announced this in a circular entitled: “Circular on nationwide implementation of the cashless policy.” CBN reintroduces cashless charges on bank deposits.

According to CBN, “The income generated from the processing fees charged above the allowable cash transaction limits shall be shared between the CBN and the banks in the ratio of 40:60.

Existing exemptions remain sustained for: Revenue generating accounts of the federal, state and local governments (lodgements only); embassies, diplomatic missions, multilateral and aid donor agencies in Nigeria are also exempted from all processing fees relating to the cashless policy implementation.

“In view of the above, branches of deposit money banks in the affected states are expected to commence: the enlightenment of their customers on the cashless policy, including the limits; on cash withdrawals and deposits for individuals and corporate bodies, as well as the available e-payment options; “Training of staff on the cashless policy, in order to provide answers to enquiries and handle issues/customers’ complaints, as well as provide advice on the policy; media communication, to complement existing CBN’s and Bankers’ Committee’s media campaign.

All banks are to ensure that their cashless teams in the affected states liaise properly with the cashless office in the CBN for necessary clarifications and further assistance, if required.”

Trade with caution! Bitcoin Miners, Ponzi scheme MMM members, etc

The Central Bank of Nigeria (CBN) has warned deposit money banks and all other financial institutions not to operate its business in any form of virtual currency.

These virtual currencies include;

• Bitcoin,
• Swisscoin,
• ripples,
• onecoin,
• magneto,
• litecoin,
• dogecoin,
• peercoin,
• one-line and others.

According to CBN, Virtual currencies (VCs) such as bitcoin, and others, have not been recognised as legal tender in Nigeria but they are already being traded in exchange platforms that are unregulated all over the world.

European Central Bank in 2012 defined virtual currency or virtual money as “a type of unregulated, digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community.

The CBN in its circular explained that payments and exchanges using virtual currencies are largely untraceable and anonymous, rendering its operation susceptible to abuse by criminals, especially in money laundering and terrorism and therefore the Virtual currencies (VCs) should not be accepted by any bank or financial institutions.

The circular stated in part:

• “The attention of banks and other financial institutions is hereby drawn to the above risks and you are required to take the following actions pending substantive regulation decision by the CBN.

• Ensure that you do not use, hold, trade, and/ or transact in any way in virtual currencies; Ensure that existing customers, that are virtual customers exchangers, have effective AML/CFT controls that enables them to comply with customers’ identification, verification and transaction monitoring requirement

• Where banks or financial institutions are not satisfied with controls put in place by the virtual currency exchangers/customers the relationship should be discontinued immediately, and lastly, Any suspicious transactions by these customers should immediately be reported to the Nigerian Financial Intelligence Unit (NFIU).

GOSSIP! Hmmmmm, it is unfortunate that neither CBN nor government can stop the advancement of cryptocurrencies in Nigeria although they will definitely try . Cryptocurrencies have ‘crypto’ into Nigeria system of payment. In Lagos Nigeria, Bitcoin is already being traded openly. So, what are we talking about here?

What do you think would be the fate of the Crytopcurrency like Bitcoin in near future in Nigeria?  Start saying your mind now using comment box below, feel free.

• Parallel market traders sell at N360 per dollar and buy at N350 per dollar in the afternoon today in Enugu.

• In Lagos parallel market this afternoon, parallel market traders sell at N400 per dollar and buy at N380 per dollar.

• Naira gains heavily further today, N60 difference as against yesterday both in Enugu and in Lagos.

• Speculators are confused as many were taken unaware.

• Sale by parallel market traders decreases tremendously.

• Speculators and BDC agents are hard hit at rate of Naira appreciation at the parallel these days.

The Nigerian Naira has strengthens heavily following the CBN release of additional $180m to settle wholesale request in Forex market.

Our national currency is now valued at N360 to USD1 on the parallel market, appreciating in value of N60 as against yesterday. While some market operators did sell at N400 per USD1 in the morning today.

The Nigerian bank official exchange rate also appreciates slightly to N305 per USD1.

The British pounds and Euro also slightly appreciate further, valuing at N500 and N430 respectively as against yesterday sell.

You can now check for the following exchange rate on our site;

1. Daily Black market exchange rate.
2. Daily Official bank exchange rate.
3. Daily Western Union exchange rate
4. Daily Money Gram exchange rate
5. Daily Bitcoin exchange rate

Updated  March, 2017: Below are Nigeria bank mobile banking and money transfer codes .  Newly added mobile money transfer codes are;

• Ecobank mobile banking code, dial *326# and follow instructions.
  
• Mobile banking code for United Bank of Africa ( UBA), dial *389*033*1*amount#. or dial *919# on your phone number and follow instructions.

• Mobile banking money transfer code for Keystone bank, dial *322*082*Amount# or Dial *322*082# and follow instructions.
• Access Mobile banking code, dial *901# and follow instruction.
• Mobile money transfer code for Zenith Bank, dial *966*amount*Account number# and follow instructions. To buy extra data and extra talk directly from your Zenith bank account, simply dial *904*131#.

• First City Monument Bank (FCMB) mobile banking code, dial *389*214#. Activate your card, account and Mwallet. Visit any FCMB close to you to generate your security PIN for transferring money.
• Unity bank Money transfer code, dial *389*215# and follow instructions.

• Skye Bank Mobile banking or USSD code, simply dial *833#  from your registered phone number and follow instructions.

• Sterling Bank mobile banking and money transfer code, dial *822# and follow instructions; generate your security PIN. Please note: N5 will be deducted from your Airtime when a transaction with this code.

Continue below for other bank mobile banking codes…..

Mobile banking has taken a new dimension in Nigeria. One aspect of it is the transfer of money from bank to bank and to other bank through mobile phone using a short USSD Code.  The innovation first started with USSD recharge code for mobile airtime top-up; now, many banks have improved the service to include money transfers, account balance inquiry, short statement of account and bill payments all by just dialing USSD code from your mobile phone. From the comfort of your home, office or any corner, you can now transfer money to your bank account or to any bank account. These days, I don’t often visit my bank to make payment or to deposit money; I simply use my bank money transfer code or internet banking to do all those transactions.

These  save me the stress of queuing up at the banking hall just to deposit small amount of money. Apart from stress, it saves time. It is fast, convenient and highly secure.

So if you have been searching your bank mobile money transfer codes, below are list of bank available USSD codes for money transfer for all Nigerian banks that offer the service as of today.

• Guaranty Trust Bank (GTB) Money Transfer Code

All GTBank customers can initiate transfers to another GTBank account, by dialling *737*1*Amount*NUBAN Account No# e.g. *737*1*1000*2456567890# from the mobile phone number registered with the Bank.

For transfer to a beneficiaries account that is not GTBank or in other Bank’s, GTbank customers should simply dial *737*2*Amount*NUBAN Account No# e.g. *737*2*1000*2456567890#. Customers will be required to enter their last four digits of their GTBank Naira MasterCard to authenticate each transaction.

*737* Transfer service is only available to GTBank customers via their mobile phone numbers registered with the Bank

Minimum transfer limit is N1, 000 while maximum daily transfer limit of N20, 000.

For more information, you visit GTBank mobile banking website page

• Fidelity Bank Money Transfer Code

To transfer money from Fidelity bank account to another bank account, simply dial this *770*NUBAN Account number*Amount#; NUBAN Account number is your 10 digit account number. Example; if you want to transfer N5000 to someone’s Access bank account, dial *770*2456567890*5000# from the mobile number registered/linked with your Fidelity Bank account.

Then select the beneficiary bank Name (Access bank) from displayed bank options.
Access bank
First bank
Diamond bank etc
Enter your transfer PIN to confirm transfer. The recipient account number will be shown to you before you enter your ATM card PIN. This lets you verify that you’re not sending money to a wrong account number.

If this is your first time of using the service, you will be requested to register for the mobile service. To register,  dial *770#, Enter your NUBAN Account number (Fidelity bank account number), Select a 4-digit PIN for your account.

If you have two accounts with Fidelity bank, let say current and saving account and you’re using the same phone number for both account, your current account will be debited first before your savings account.

Maximum Transfer per transaction is N200, 000 while Maximum transfer per day is N500, 000

Transfer charge per transaction is 100 Naira

To use Fidelity bank money transfer code;

1. You must have a minimum balance of 10 Naira airtime on your phone. The N10 will Not be deducted
2. You must register for the service by dialling *770#

For further information, you can visit fidelity bank instant banking service website page

• First Bank Money Transfer Code

First bank USSD code allows customers to transfer money, pay bills, make purchase etc. To transfer money, simply dial *894# and select 1;

dial *894# and select 2 to withdraw money,

dial *894# and select 3 to make purchase;

dial *894# and select 4 to pay bills;

dial *894# and select 5 to buy airtime;

and dial *894# and select 7 to manage account.

• Wema Bank Money Transfer Code

For Wema Bank customers, to do a quick FUNDS TRANSFER, dial *322*035*NUBAN Account number*AMOUNT#.  E.g *322*035*3548667724*10000#

You can now do a lot with Wema bank USSD Banking codes:

• For instant recharge, dial *322*035*AMOUNT#
• For 3rd party recharge, dial *322*035*PHONENUMBER*AMOUNT#
• For Balance Enquiry, dial *322*035*0#
• To change your PIN, dial *322*035*00#

Visit Wema Mobile banking web page

• Diamond Bank USSD Money Transfer Code

Diamond Bank holders should first register Diamond Y’ello account.

Transfer money to any bank, dial *710*777*ACCOUNT NO*AMOUNT*PIN#.
For Diamond Y’ello to Diamond Y’ello Transfers, dial *710*710*PHONE NO*AMOUNT*PIN#.

I have updated this post, if your  bank money transfer code is not on list; please do let me know. it will be added. You can also use your ATM machine to transfer money from one account number to the other.  With you ATM card, you can get this done. Well, this is an alternative to online banking.

This post is a simple guide on how to fund your Payoneer account in Nigeria. I have once shown you how to open Payoneer account in Nigeria and also how to withdraw money from the account to your local bank account. Today, I’ll show you the easiest and safest means to fund your Payoneer account in Nigeria. In other words, this post will be very helpful to Nigerians who are worried over how they will fund their Payoneer account as well as those who have not yet received their Payoneer Mastercard card.

Payoneer is a great alternative for PayPal. It was founded in 2005 and based in New York. Payoneer is venture-backed, profitable and ranked in the top 100 of Inc. 5000’s Financial Services companies. Currently Payooner has over 150 currencies, over 200 countries, over 2000 partners and over 3million online users

Basically, Payoneer account is used to receive payments such as Adsense, freelance, affiliate payment and other online payment from US and European companies. Sometimes however, you may need to fund your Payoneer account to pay someone or for an online transaction. In such condition, you’re likely going to get stuck.  So, if your intention is to fund your Payoneer account right here in Nigeria, follow the steps below to get it done.

First, if you don’t have Payoneer account yet, just signup here now.

Next you need a Payoneer MasterCard.

After signing up and getting approval, it is expected that Payoneer will send your MasterCard debit card to the address you provided during registration. The card is like any other ATM card and you can use it to withdraw your Payoneer funds at any MasterCard supported ATM/POS worldwide. In case, you didn’t receive your Payoneer MasterCard after like few weeks or months you’ve signup and get approval; please, apply for Expedite Delivery (DHL) of the MasterCard. However, for this to work, you need to have at least $50 on your Payoneer account. Charge for delivery of the masterCard is $40 only. It’s better if you already have this amount on your Payoneer account but if don’t have it, you can contact a fellow Payoneer user that will help you fund the account for this first and last time. Once you have up to $40 in your account, login to your Payoneer account and click the support section and then contact. Select your funding source, pick card delivery and then tell them that you’ll need you card to be delivered to you through DHL. Within some fee minutes the Payoneer customer support will contact you for the information you need to send to them. These include your mailing address and phone number. Once you have answered accordingly, your Payoneer MasterCard will be shipped to your location in Nigeria. Just wait for few days and you’ll receive a phone call from DHL office telling you that they have your parcel with them. Once, you receive your Payoneer MasterCard debit card, you’re good to go!

How to fund your Payoneer account in Nigeria

Method 1. Funding via your Mastercard Debit card account

1. Login to your Payoneer account
2. Scroll to receive payment and then click on my US payment service profile
3. Your US payment service profile contain your Bank name, Account number, Routing number and Account type
4. Copy out your bank details from there and take it your bank for funding of your Payoneer account. Tell the casher that you want to fund your Payoneer account right here in Nigeria. You can deposit any amount you want.
5. Once the deposit has been made, wait for about 15 -25 minutes; the money will reflect in your Payoneer MasterCard. NB: Your Card must be activated for this to be possible

You can follow the above process any time you want to fund your Payoneer account in Nigeria.

Method 2. Funding through another Payoneer Mastercard Account holder

To Fund your Payoneer Account via card transfer, Payoneer provides a platform that allows transferring fund from any other Payoneer Card, Visa, Verve or MasterCard from any bank around the world. All that is required is to locate the Payoneer Load Card Option on www.payoneer.com and fill in the required information.

The data usually needed at the Payoneer Load Card Page include email address of Payoneer Card Holder you wish to fund, Card Type, the Amount, and reason for transferring to the Payoneer MasterCard.

After filling and submitting the form, a transaction fee of $7.50 is to be deducted from the transferring account as charge for the transfer.

Method 3. Funding via Private load online

This is a direct Payoneer online payment gateway. Let someone start loading fund now on your Payoneer MasterCard account, click on this link. Enter your email and the recipient’s email and click next. Properly fill account details and the amount you are transferring, after about 2 – 5 minutes of the completion the form, the money will reflect in your Payoneer MasterCard.

If you’ve not register for your Payoneer account, you can register or signup now.

The above methods are 3 safest means to fund you Payoneer account in Nigeria.

Exchange Payoneer fund for Skrill through us, coming up………………………

Payoneer account has been in existence since 2005. Payoneer is a financial business platform that provides online money transfer and payment services. It is also a registered member in Mastercard worldwide. The company is situated in New York City, USA. It gives access to people from different parts of the world to receive payment through their channel and at the same time be able to withdraw those payments.

Payoneer allocates a virtual account number to their subscribers so as to ease access to payment made online as we all know Paypal denied Nigeria access to withdrawing funds from Nigeria. Payoneer serves as an easier means to withdraw payment from services delivered online. With Payoneer, you can activate a US bank account and then you’d be given a US account details that will contain your checking number and routing number. Those would be the detail you need whenever you want to receive payments into a US bank account.

So, if you are interested in knowing how to open a Payoneer account, fund it and withdraw money from the account in Nigeria ; I am here to share that with you. Sign up for a Payoneer account Here and then continue  reading.

Read this:

1. How to withdraw from PayPal as PayPal reject Payonneer Mastercard.

2. How to open a GTbank verify PayPal account in Nigeria for Free.

HOW TO APPLY FOR THE PAYONEER MASTERCARD IN NIGERIA

Applying for Payoneer Mastercard in Nigeria is very easy. If you wish to acquire one today, follow the steps below:

1. Log on to www.payoneer.com then click on Sign Up. Application is totally free.
2. Fill in your full name, address and other details carefully, as it is in the ID card you wish to use for verification.
3. Set password, Secret Question and Answer and select your ID type e.g driver’s license, National I.D card, etc.
4. Enter alternate address if it’s different from the address you provided earlier. Beware that the Payoneer Debit Card would be shipped to the same address in Nigeria. So it should be very clear and correct. Make sure you used the correct post code of the address you are using.
5. After that, click on “Order” Button.

It usually takes about few days for the application to be confirmed and approved after which the Payoneer Mastercard would be packaged and dispatched to your location here in Nigeria. Once you have been approved, you will receive notification via the email address you provided during registration.

Delivery of the Payoneer Mastercard to your Nigerian address might take few weeks or months. If the estimated time has elapsed and you fail to receive it, there is need for you to visit the nearest Post Office branch in your locality, give them your name and the shipping address and they will help you to track it.

You will be directed through your email address to confirm that you have received the card by login into your Payoneer account and keying in your card number. After that, you have automatically activated the card for use.

You will be asked to fund it before you can be able to use it to pay or buy goods online. But if you have a fund online you wish to withdraw, you can go right ahead and do that.

If you are looking for a safe, reliable and widely accepted means of payments and carrying out your transactions online, Payoneer MasterCard is solely meant for you.

HOW TO SET UP THE PAYONEER VIRTUAL US BANK ACCOUNT NUMBER

Immediately after you activated your card, there is need for you to log into your Payoneer account with the details you provided when signing up.

After logging into your account, go to “Receive tab” on the top menu to see a drop down menu. From the drop down menu, click on US virtual Bank Account.

Fill in the required information in the boxes provided. After submitting the form, patiently wait for your account creation and confirmation. This usually takes few business days.

YOU CAN USE THE PAYONEER MASTERCARD TO CARRY OUT THE FOLLOWING TRANSACTIONS:

• Withdraw money from Nigerian ATM a machine that supports Mastercard options.
• Shopping online in stores such as Amazon, Aliexpress, WalMart, AliBaba, Konga, Jumia, etc.
• To transfer money to another Payoneer Mastercard holder
• To withdraw your online income in platforms such as fiverr, freelancer, etc.

HOW TO FUND YOUR PAYONEER ACCOUNT IN NIGERIA

UPDATED; September, 2017: 3 safest Ways to Fund Payoneer Account in Nigeria

The methods include;

1. Funding through another Payoneer Mastercard Account

To Fund your Payoneer Mastercard Account via Card Transfer, Payoneer provides a platform that allows Transferring fund from any other Payoneer Card, Visa, Verve or MasterCard from any bank around the world. All that is required is to locate the Payoneer Load Card Option on www.payoneer.com and fill in the required information.

The data usually needed at the Payoneer Load Card Page include email address of Payoneer Card Holder you wish to fund, Card Type, the Amount, reason for transferring to the Payoneer MasterCard.

After filling and submitting the form, a transaction fee of $7.50 is to be deducted from the transferring account as charge for the transfer.

2. Funding Payoneer MasterCard via Online Earnings from Partners.

Another means of sending money to your Payoneer account is by being paid for services you render online on freelancing websites or affiliate sales that you made. This process is not difficult at all. Simply select payoneer as your payment options. Then fill in the card details into the space provided exactly as it is on the card and then save.

HOW TO WITHDRAW FROM PAYONEER ACCOUNT IN NIGERIA

Withdrawing cash from payoneer is quite easy and simple, just use one of the method provided below.

1. You can use the Payoneer Mastercard to withdraw money from any Nigerian ATM pay point that accepts MasterCard using the normal ATM withdrawal method though some charges are incurred on each withdrawal.
2. You can also do Withdrawal of Funds from Payoneer to Your Local Bank and thereafter, withdraw the cash via your local bank account.

Payoneer introduced Local Bank Transfer service which allows you to withdraw your funds straight into your local bank account. This service is open to anyone with a Payoneer account in 210 countries and Nigeria is part of these countries. Now you don’t necessarily have to use your ATM every time and incur some unnecessary charges. You can withdraw your funds straight into your bank account and then withdraw via your bank ATM.

When you transfer to your local bank account, charges are lower.

It can be done through the following steps:

1. Log in to your Payoneer account. From the main menu, select Withdraw and then To Bank Account. If it’s your first trial, there is need for you to add a bank account in order to begin withdrawing funds. To do so, click + Add new beneath the bank account field and fill in the required details.

The required details will include card number, card CVV, date of birth and password. This is a security measure.

You can now submit your bank information to complete the sign up. This sign up will have to be approved manually which means they will check all your details to be sure your account is in indeed correct.

Add your bank name like “ZENITH BANK PLC”. Add your bank account name just like you have it on your account, and then enter your 10 digit account number. For the swift number of your bank, go to Swift Code Nigeria to get your bank’s swift code and put it in the swift code space. For bank address, enter your local bank address.

For bank account descriptions, you can key in “savings account”. Agree to terms by checking the boxes and click “finish” and you are done.

Once submitted, your bank account details will be reviewed and verified. This process generally takes a few business days. Once your bank account has been verified, you will receive an email confirmation and can then begin withdrawing funds.

To continue the Withdrawal, follow the steps below;

• In the drop-down box, select the currency balance or card from which you would like to withdraw funds.

• In the To drop-down box, select the destination bank account – the bank account into which the funds will be deposited.
• In the Withdrawal Amount field, enter the amount which you would like to withdraw.

Before entering the amount, note the minimum and maximum amounts and your available balance.

Also know that you can only withdraw sums not less than $200 and sums not higher than $10,000 at any time.

• In the Description field, enter a short description of the withdrawal. This is a mandatory field. Then Click Next.
• Fill in the details in the Security Confirmation page and click Finish.

That’s it! You will receive an email confirmation after completing the withdrawal and the funds will reach your account within 3-5 business days.

After you Withdraw Funds from Payoneer to Your Local Bank, then you can use your local bank account to withdraw your money.

All thanks to Payoneer Mastercard. Withdrawing money from services rendered online has been made much easier instead of going through the hurdles of looking for numerous means of withdrawing online income. With payoneer Mastercard, you can be able to receive money from any part of the world and have it transferred down to your local bank account with barely 1.5% charge of the transaction amount. The payoneer platform has given most Nigerians meaningful means of earning income online.

If you have not register for  a new Payoneer account, you can Sign Up now.

If you have any challenge with your Nigeria Payoneer account, use the comment box below to your drop question(s) or comments.

I wish to informed all Wema bank customers that the USSD code of Wema Bank has been changed from *322# to *945#.

All the quick codes for *945# are:

To buy airtime from your bank;
for self: Airtime Recharge:  dial *945*Amount#. Example; to recharge N400 airtime on your phone, dial *945*400#

For others (families, relatives and friends) Airtime Recharge *945*Beneficiaryphonenumber*Amount#.  

To transfer Funds (All Nigerian Banks):  dial *945*BeneficiaryAccountNumber*Amount#. Example, to send N20000 to somebody; dial *945*0123123435*20000#

To check your account Balance Enquiry: dial *945*0#.

To open or new register an Account: dial *945*1#.

For Cardless Withdrawal: dial *945*8*Amount#.

For DSTV subscription from your wema bank account: dial *945*16*SmartCardNumber#.

For GOTV subscription through your wema bank account: dial *945*17*SmartCardNumber#.

For Startimes subscription via account: dial *945*18*SmartCardNumber*Amount#

For electricity (PHCN) bill payment or recharge (Prepaid and Postpaid): dial *945*19*MeterNumber*Amount#

See: all Nigeria banks recharge code

Also see: all Nigeria bank money transfer code

For more information visit Wema bank official website

The update Wema Bank USSD Code was sent to me by Ayodeji.