Nairagram unveils initiative to curb FX liquidity in Nigeria

In a bid to address the foreign exchange liquidity challenges plaguing the Nigeria economy, Nairagram, a licensed International Money Transfer Operator, has unveiled its payment service platform to enhance financial connectivity.

The company, in a statement issue to Businessday said, it is working in collaboration with the Central Bank of Nigeria and in partnership with Sebastian BDC and Keystone Bank, to promote a simplified and enhanced process of sending money from Nigeria to other countries, while fostering financial empowerment for Nigerians.

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Idris Ibrahim, president and co-founder of Nairagram, said, “this new international payment service symbolizes Our unwavering commitment to innovation that enables bonds of kinship, foster community and drive wealth creation through hassle-free remittance overseas.

“It stands for more than just a money transfer service. It represents the brand’s commitment to the African success stories empowering African economies, transcending borders, and creating opportunities for financial inclusion,” he said.

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According to the company, plans were ongoing to achieve an expanded reach; enabling money transfers from Nigeria to Ghana, Senegal, Gambia, Kenya, Cameroon, Ivory Coast, Mozambique, Tanzania, Uganda, Zambia, Zimbabwe, Guinea Conakry, Rwanda, Congo DRC, Burkina Faso, Mali, Benin, Togo, Gabon, and Ethiopia.

“With such an extensive network, customers can be assured that their financial support reaches loved ones or business partners through Nairagram’s bank deposits and mobile wallets services.

“By offering a direct and reliable link between senders and recipients, Nairagram is empowering people to make positive impacts across borders. Thus, this expansion in partnership with the CBN, represents a significant step forward in Nairagram’s mission to provide innovative and seamless financial solutions tailored to the unique needs of Nigerians.

“The new international payment service for the Nigerian market promises to revolutionize the money transfer industry, both within and outside Africa. In the coming months, the service will be extended to the USA, UK, UAE, and Turkey,” he said.