Money transfer booms in Nigeria.
The introduction of electronic money transfer is revolutionising the way people can send and receive money abroad.
From a small-scale level in 1993, money transfer has become big business in Nigeria. Companies like Western Union Money Transfer, MoneyGram Payment Systems, CashData and United Parcel Services United Parcel Service, Inc. (NYSE: UPS), commonly referred to as UPS, is the world's largest package delivery company, delivering more than 15 million packages a day to 6.1 million customers in over 200 countries and territories around the world. are competing furiously for their slice of the market.
While some companies, like CashData, concentrate on business within the country, the current thriving money transfer industry has gone international, using a global computer network to move money all over the world.
Money transfer services became necessary due to changes in Nigeria's social and economic environment. Globalization globalization
Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation and the emigration emigration: see immigration; migration. of young Nigerians to more developed countries in search of employment and self-development have created an increasing need to provide a way to send money home safely and easily.
Before the introduction of electronic money transfer, mail and courier services were the only real option. But high levels of theft and corruption by unscrupulous employees of courier companies and the Nigeria Postal Services postal service, arrangements made by a government for the transmission of letters, packages, and periodicals, and for related services. Early courier systems for government use were organized in the Persian Empire under Cyrus, in the Roman Empire, and in medieval (POST) meant there was no guarantee parcels would reach their destination.
The introduction of electronic transfer services were a huge relief for Nigerians living abroad wishing to send money to support their families, invest in business and execute projects in Nigeria. It is widely believed that these services are the safest means of transferring money from country to country.
At the forefront of the industry are Western Union Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page. International (WUFSI), working with First Bank Nigeria Plc. to render money transfer services in Nigeria. First Bank's Chief Executive Officer, Chris Adimoran, said the partnership between his bank and WUFSI had eased the pressure on the Autonomous Foreign Exchange Market (AFEM AFEM Armed Forces Expeditionary Medal
AFEM Air Force Emergency Management (US Air Force) ). The bank has been able to satisfy most of its foreign exchange needs through the alternative provided by Western Union.
"Indeed, some other banks that used to be top AFEM bidders are now taking a cue from First Bank. Millions of dollars that might not have been remitted to Nigeria, in view of the uncertain nature of international business, is now being invested in Nigeria to develop the country's economy," he said.
Western Union money transfer is a consumer service that allows individuals to electronically transfer funds through a global network of more than 48,000 locations in over 150 countries world-wide.
One can send money from one country to another an have it ready for collection within minutes. The sender simply takes the remittance Money sent from one individual to another in the form of cash, check, or some other manner.
Financial statements sent by a creditor to a debtor frequently refer to the process of submitting a monthly remittance.
REMITTANCE, comm. law. to any Western Union agent, fills a form providing details about the beneficiary and pays a small service charge. The transfer is entered into the Western Union Global Computer system and the funds become immediately available for collection at the receiving end.
Recipients complete a simple form, which gives details about themselves and the sender. This will enable the bank, Western Union's agent, to locate the transfer in the Global Computer system. With proper identification, the money sent will be paid in the local currency at a competitive market related rate for the US dollar.
The American company, MoneyGram Payment Systems Inc, is one of Western Union's main competitors. In 1997, MoneyGram entered into a partnership with United Bank of Africa Bank of Africa is a multinational bank in Africa. Its first office was founded in Bamako, Mali in 1982. Branches and subsidiaries
Bank of Africa:
UBA Umweltbundesamt (German: Federal Environment Agency)
UBA Urstadt Biddle Properties Inc
UBA Urstadt Biddle Properties Inc. ) Plc to bring the international money transfer service to Nigeria.
According to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. an official at UBA, MoneyGram offers one of the most reasonable exchange rates and there is a conscious effort to make the exchange rate of the Naira attractive. She pointed out that paying a higher rate than the competition gives the beneficiary or the receiver higher value for his or her money at home.
The law currently only allows the transfer of inward funds but there are hopes that outward international transfers may come later. According to the UBA official, inflow in·flow
1. The act or process of flowing in or into: an inflow of water; an inflow of information.
2. volume through MoneyGram grew by 65% in 1998.
MoneyGram's slogan, SAFER, an acronym acronym: see abbreviation.
A word typically made up of the first letters of two or more words; for example, BASIC stands for "Beginners All purpose Symbolic Instruction Code. for Secure, Accessible, Fast, Easy and Rates, applies to almost all electronic money transfer services. It is simple: when money is electronically transmitted through the global computer network, delivery is faster and more secure.