World Bank names Transfast as top listed lowest cost remittances bank in Nigeria

Data released by World Bank lists Transfast as lowest-cost remittance to Nigeria from U.S. in first quarter of 2016.

Transfast, one of the fastest-growing providers of cross-border payments and funds transfer solutions to consumers and businesses worldwide, was recently listed as the lowest-cost remittance from the U.S. to Nigeria, according to data released by World Bank.

For the first quarter of 2016, Transfast was the lowest-cost remittance for sending from the U.S. to Nigeria, the Philippines and Egypt, all of which are in the top ten remittance-receiving countries worldwide.

Transfast also topped the list of lowest-cost remittances for the African nation of Ghana. The data was published by the World Bank in the Remittance Prices Worldwide database, which lists the cost of sending remittances in selected corridors.


“Since the launch of our Value Plus and Fastrack products in 2015, our customers sending money to Nigeria have saved significantly, and we’re pleased that the value we offer is reflected in the latest update to the Remittance Prices Worldwide database,” says Samish Kumar, CEO of Transfast.

“Instead of being used up as fees, more funds are going directly into the economies of our customers’ home countries, to be invested or shared with friends and family.”

According to the World Bank, cutting remittance prices globally by at least five percentage points can save up to $16 billion a year.

Kumar says that Transfast’s commitment to providing a better way to send money contributes to the goal of achieving lower-cost remittances around the globe.

The company not only offers what was listed as the lowest-cost remittance for Nigeria, but also a rapidly growing payout network.

“With more than 1,000 locations and relationships with most major banks in Nigeria, there is no more convenient or economical way to send money,” says Kumar.

Known for providing instant cash transfers and bank deposits worldwide, Transfast owns the world’s leading proprietary direct-to-bank network.

It’s global scale covers 88% of the world’s population (6.3 billion people) across 120+ countries in the Americas, Asia, Middle East, Africa and Europe.

Using Transfast’s mobile app and online platform, customers can send funds to a bank account, or to be picked up in cash at more than 200,000 cash pick-up locations worldwide.

Funds sent to bank accounts generally arrive instantly or within the same day. Senders can access Transfast’s (http://transfast.com) service 24x7x365, including bank holidays.