Another extension for Nema compliance

Transferbee, a UK based company, has launched a campaign, running until 1 May 2014, which enables Nigerians living in the UK to transfer money home to friends and family free of charge via their mobile phones.

A Transferbee transfer is claimed to be cheaper than through banks or other systems. The company usually charges 4.5 pounds for the transaction.

“After our initial launch we continued to build the product and offered the best conditions in the market to send money from UK to Nigeria. In order to invite even more people to try out our service, we are offering free transfers during April,” Titas Bledis, CEO of Transferbee says.

The company also signed a partnership with Stanbic IBTC in Nigeria and from now on all Stanbic IBTC mobile money wallet owners can receive money using Transferbee. Even if the receiver does not have a mobile money wallet, the wallet will be automatically created.

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