MoneyTO and UBA Join Forces to Revolutionize UK-to-Nigeria Money Transfers

MoneyTO, the London-based remittance operator, is embarking on a strategic partnership with United Bank for Africa (UBA) Plc, one of Africa’s leading financial institutions, to bolster its service offerings and enable customers in Nigeria to receive remittances from the United Kingdom. This collaboration leverages UBA’s extensive branch network, encompassing more than 1,000 payout locations, which will facilitate the seamless flow of funds from the UK to Nigeria.

MoneyTO commenced its remittance services to Nigeria in 2020 and has been consistently enhancing its offerings to provide customers with cost-effective and user-friendly solutions. The partnership with UBA, a financial giant serving over 25 million customers in 23 countries across Africa, represents a significant opportunity for MoneyTO’s customers. It promises to elevate the quality of services available to them.

Galina Selicka, the CEO of MoneyTO, expressed enthusiasm about the collaboration with UBA, saying, “We are excited to combine our efforts with UBA to facilitate remittances to Nigeria. The speed, low fees, favorable exchange rates, and less time-consuming service are the most requested features for migrants. Our new service is yet another step to meet the customers’ needs. MoneyTO helps people manage their funds more efficiently, even if they do not have а bank account.”

This partnership streamlines the process of sending remittances to Nigeria. Senders can initiate transactions online at www.moneyto.co.uk or through the mobile app. The sender needs to provide the recipient’s name, phone number, or bank account number. Once the remittance is processed, recipients in Nigeria receive the funds in Naira, with the commission for these transactions starting at £0.99. To further enhance the customer experience, the first two money transfers are fee-free, allowing customers to familiarize themselves with the simplicity and convenience of MoneyTO’s service.

Prince Ayewoh, UBA’s Group Head of Retail Products and Services, highlighted the bank’s commitment to providing convenience to its customers across the continent through strategic collaborations. He stated, “UBA is delighted to welcome MoneyTO as a new partner. We believe that our collaboration will help provide excellent and convenient service to people looking for easy ways to send money from the UK to Nigeria. Our footprint across Africa and beyond gives us the edge to meet the financial needs of billions of customers, and through this partnership, the recipients can choose to receive money directly to their accounts or collect cash at any UBA branch nationwide.”

Nigerian workers living abroad play a significant role in the country’s economy by remitting substantial amounts of money back home. In 2022, these remittances reached a staggering $19.8 billion, marking a 7% increase from the previous year. This influx of funds constitutes approximately 5% of Nigeria’s GDP and serves as a crucial source of income for many households. The importance of remittances in Nigeria is evident, with the World Bank estimating that the country receives 10% to 15% of all remittances originating from the UK. These funds are instrumental in meeting families’ basic needs, including healthcare, nutrition, and education.

Recognizing the appeal of their new service to migrants seeking efficient channels for transferring funds to their home countries, MoneyTO is poised to expand its remittance service to other African nations. The MoneyTO mobile app, designed for ease of use, can be downloaded free of charge from the AppStore and Google Play, offering even more convenience to customers.

In conclusion, the partnership between MoneyTO and UBA presents a promising opportunity to enhance the remittance landscape between the United Kingdom and Nigeria. This collaboration not only streamlines the remittance process but also provides an economical and user-friendly solution for migrants and their families. With Nigeria being a significant recipient of remittances from the UK, this partnership holds the potential to further contribute to the financial well-being of millions of households across the country. As MoneyTO explores expansion into other African nations, its commitment to serving the diverse needs of its customers remains steadfast, exemplifying its dedication to making financial transactions more accessible and efficient for all.