Send Money From Nigeria
12 destination corridors · World Bank RPW · NG
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Data source: Source: World Bank Remittance Prices Worldwide (RPW) Database, quarterly release. Costs represent percentage of a $200 transfer amount.
Methodology reference: Source: UN Sustainable Development Goal 10.c target — reduce remittance transaction costs to below 3% by 2030. Always verify current rates directly with service providers before sending money.
Sending Money From Nigeria: What the Data Shows
The World Bank Remittance Prices Worldwide database currently tracks 12 outbound corridors from Nigeria, with an average transfer cost of 16.10% across the full panel. That sits 9.7 percentage points above the 6.4% global average, which suggests senders from Nigeria are paying more than the typical diaspora worldwide — a cost differential usually explained by limited digital-provider competition or expensive last-mile payout networks. Altogether, senders in Nigeria push roughly $0.1B abroad each year to recipients tracked in RPW.
Price floors across corridors from Nigeria vary widely; the cheapest providers can be several percentage points below the country-level average. Corridor-level shopping matters here: on any single destination, the gap between the cheapest and the average often equals the cost of groceries or school fees back home, which is why the RPW methodology — standardized at $200 and inclusive of both service fee and FX margin — is designed to make these spreads visible.
High-volume corridors are disproportionately important for SDG 10.c — the UN target of reducing average remittance cost to 3% or below by 2030 — because even a modest percentage-point reduction on a billion-dollar corridor returns tens of millions of dollars to recipient households. Historically, corridors that have fallen fastest toward the 3% target are those where digital-first fintechs compete on price against legacy money-transfer operators and bank wires. For a sender in Nigeria, the practical takeaway is straightforward: compare the cheapest provider on your specific corridor, account for both fees and exchange-rate margin, and use bank-deposit or mobile-wallet payout wherever the recipient supports it.
Frequently Asked Questions
What are the cheapest countries to send money to from Nigeria?
Based on World Bank RPW data, the cheapest remittance destinations from Nigeria are determined by the lowest transfer cost as a percentage of a $200 transfer. Browse the corridor table above to compare costs across all 12 destination countries. Costs reflect both fees and exchange rate margins.
How do I compare money transfer services?
To compare money transfer services from Nigeria, look at three factors: (1) total cost as a percentage of your transfer amount — including both the service fee and exchange rate margin, (2) delivery speed, and (3) payment and payout methods available in your destination country. World Bank RPW data, used here, standardizes costs as a percentage of a $200 transfer, making services comparable across corridors. Always verify current rates directly with providers before sending.
What affects the cost of sending money internationally?
International transfer costs from Nigeria depend on several factors: the destination country (some corridors have more competition and lower fees), the transfer amount (larger amounts often have lower percentage fees), the payment method (bank accounts are typically cheaper than cash), and the payout method at the destination. The average outbound transfer cost from Nigeria is 16.10%, compared to the global average of approximately 6.4%.
How much money does Nigeria send in remittances each year?
Nigeria sends approximately $0.1B in remittances annually to 12 tracked destination countries, according to World Bank data. The average outbound transfer cost is 16.10%. Remittance outflows are driven by diaspora communities sending money to family members and for investments in their home countries.
Are digital money transfer services cheaper than banks?
In most corridors from Nigeria, digital-first providers (fintechs and mobile apps) offer significantly lower fees than traditional bank wire transfers. Banks typically charge 10-15% for small transfers due to fixed fees and wide exchange rate margins, while digital providers often charge 1-4%. The World Bank RPW data used on PlainRemit tracks both traditional and digital providers so you can compare directly.
Source: World Bank, Remittance Prices Worldwide (RPW) Database (2011-2024) World Bank, Remittance Prices Worldwide (RPW) Database (2011-2024)
Read our methodology — how this data is sourced, computed, and verified.