Frequently Asked Questions (FAQs).
1. Maximum Payout amount per transaction (Western Union)
- Maximum payout amount is $10,000.00 (naira equivalent). If transaction to be redeemed is more than $10,000, contact Money Transfer Services team.
2. Maximum Payout amount for MoneyGram
- Maximum payout amount is $8,000 (Naira equivalent) within a period of 30 days.
3. Can transactions be paid by proxy?
- Beneficiaries of Money transfers shall be physically present for the collection of proceeds. Payments by proxy is not allowed.
4. Currency of settlement
- Currency of settlement for all receive transactions is in USD.
5. Who Are Our Target Market
- Students who receive funds from their Parents/Guardian abroad.
- Family members who receive/send upkeep from/to relatives abroad.
- People who travel frequently and need access to cash (Tourists).
6. Can a Corporate entity use this service?
- No. Per Central Bank of Nigeria (CBN) regulation, money transfer services are restricted to individuals alone. This is a “Person –to – Person” service, hence businesses cannot use this service.