Transferbee Launches Cheaper Money Transfers from UK to Nigeria

Transferbee , UK based company has officially launched a new service transferbee.com to offer cheap and convenient money transfer from UK to Nigeria.

Transferbee enables Nigerians living in UK to send money to their family and friends in Nigeria cheaper than through banks or other systems.

The company will charge only 4.5 pounds for the transaction. Money will be sent directly to the mobile phone in Nigeria using a growing mobile money ecosystem in the country.

The transfers are done in just 24 hours and the receiver can redeem the money in 1000s of cash-out points without the need to visit the bank.

“According to the World bank report, Nigerians receive more than 20 billion US dollars from abroad every year. But the market is still dominated by banks and companies charging high fees for the same service. We want to change that and offer a cheap and convenient way for Nigerian people to send money back home”, Titas Bledis, CEO of Transferbee talked about the service launch.

Transferbee will also be unique because of the convenience of the service. The sender can transfer money to any Nigerian mobile phone number. The money will be sent to the receiver’s mobile money wallet in 24 hours. Mobile wallet will be created automatically, if the receiver is not yet using mobile money.

“The receiving party can then withdraw money in 1000s of cash-out points across the country without a need to visit the bank. Received money can also be used to pay for utility bills, airtime or other transfers”, Titas explained the convenience of mobile money.

Transferbee is working with 2 mobile money operators in Nigeria, Teasy Mobile Money and Cellulant Wallet, and is planning to expand the cooperation with more mobile money companies in the near future.
 
Transferbee LTD is a United Kingdom registered money service provider. The company is supervised by HM Revenue & Customs (HMRC) under the Money Laundering Regulations: 12673403 and regulated by the UK Financial Service Authority (FSA) as a payment institution: 583004.