Global PayPal service and digital money transfer services provider Xoom has confirmed its expansion into Africa, offering the ability to facilitate money transfers between users in the US and those in Nigeria.
Xoom can be used to send money on-the-go through mobile devices directly into the bank accounts of recipients.
According to the company the expansion into Nigeria includes an instant bank deposit service to any Nigerian Naira account, which includes First Bank Nigeria, Guaranty Trust Bank and Zenith Bank.
"Xoom's service Nigerian immigrants in the US to conveniently and securely send money to bank accounts in Nigeria with their U.S. bank accounts, credit cards, or debit cards," the company states.
Julian King, Senior Vice President of Marketing and Corporate Development at Xoom, said the company's goal is to enhance the process of sending money globally. "According to the World Bank, $5.7 billion is being sent to Nigeria annually from the US. No more waiting in lines at the bank to wire money or at a cash pick-up centre."
Customers can send up to $2,999 for just $4.99 when paying with their bank account and it provides locked-in exchange rates on Naira (NGN) deposits, the company adds.
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