In recent years, Nigeria has emerged as one of the world’s top recipients of diaspora remittances, with inflows reaching US$20.93 billion in 2024, up 8.9% year-on-year, underscoring the critical role of international money transfers in the country’s macroeconomic landscape. Global remittance flows to low- and middle-income countries are projected to hit $685 billion in 2024, outpacing FDI and ODA combined, highlighting the resilience of cross-border family support networks. Against this backdrop, fintechs and legacy players alike are racing to offer the best App to send money to Nigeria, balancing cost, speed, and reliability to capture a growing share of the African money transfer market. The Central Bank of Nigeria (CBN) has introduced stringent IMTO guidelines in January 2024 and a June 2024 circular to channel remittances through formal Naira-settlement windows, enhancing transparency in Nigeria’s remittance services.. This high-quality report examines the leading apps, including the newcomer Roze Remit, and regulatory shifts shaping the future of cross-border payments to Nigeria.

The Remittance Boom in Nigeria

Rapid Growth and Economic Significance

Nigeria’s remittance inflows rose from $19.23 billion in 2023 to $20.93 billion in 2024, providing a vital lifeline for households and supporting foreign-exchange reserves that climbed above $40 billion. According to World Bank estimates, remittances to Sub-Saharan Africa grew by 2.4% in 2024, with Nigeria accounting for roughly 38% of the region’s total. Diaspora Nigerians sent around $20 billion home in 2023, about a third of Sub-Saharan Africa’s remittance receipts, underscoring the importance of formal Nigerian remittance services for financial inclusion and exchange-rate stability. CBN Governor Olayemi Cardoso has noted that these inflows are now “a key part of the strategy to improve foreign-exchange liquidity and strengthen the naira.

Projections and Policy Targets

Building on this momentum, the CBN is targeting US$1 billion in monthly remittances by 2025 and is exploring a US-listed diaspora bond to incentivize formal channels further. The World Bank projects remittances to Nigeria could reach $26 billion within two years, assuming continued diaspora engagement and fintech innovation.

Regulatory Landscape: CBN’s IMTO Guidelines

January 2024 Reviewed Guidelines

On 31 January 2024, the CBN issued revised IMTO guidelines mandating that all inbound transfers settle in Naira through authorized dealer banks and prohibiting IMTOs from outbound transfers to curb illicit flows, according to the Central Bank of Nigeria. The rules require International Money Transfer Operators (IMTOs) to renew licenses annually, hold minimum capital, and partner with banks or Bureau de Change outlets for cash-out services.

June 2024 Circular on FX Liquidity

A follow-up circular on 24 June 2024 introduced a special FX window at the Nigerian Autonomous Foreign Exchange Market (NAFEM), allowing eligible IMTOs to buy Naira directly from the CBN for same-day settlement, based on prevailing market rates. These measures aim to widen local-currency liquidity for remittances, reduce parallel-market arbitrage, and boost formal international money transfers to Nigeria.

Spotlight on the Leading Apps

When choosing an app to send money to Nigeria, senders typically weigh four criteria: cost, speed, delivery options, and security. Below, we profile the top contenders.

1. Remitly: Cost Leader

Remitly was the cheapest option for 24.23% of all Monito comparison queries to Nigeria over the past six months, making it the cost leader for transfers from the US, UK, EU, UAE, and Canada. It offers two service tiers, Express (minutes) and Economy (3–5 business days), with transparent fees and promotional rates for first-time users.

2. Transfer Go: European Favorite

Transfer Go ranks second, capturing 19.21% of cheapest-rate searches for European corridors, thanks to low exchange-rate margins and SEPA/Faster Payments integration. Its streamlined app emphasizes speed and simplicity, with transfers typically arriving within one to three days.

3. World Remit: Flexibility and Reach

World Remit supports bank deposits, cash pickups, mobile-money transfers, and airtime top-ups across 130+ countries, serving underbanked recipients in rural Nigeria. While fees vary, its multiple payout options strengthen financial inclusion in money transfers to Africa corridors.

4. Wise: Transparency Advocate

Wise (formerly TransferWise) provides mid-market exchange rates with a fee of US$8.23 + 0.51% for USD→NGN, visible upfront before confirmation (source: enaira.gov.ng). Transfers clear in 1–2 business days, appealing to users who prioritize predictable costs over instant delivery.

5. Roze Remit: New Entrant with High Security

Roze Remit is FCA-authorized for home remittance services, offering real-time transaction updates, enhanced security features, and personalized rate alerts via its mobile app Roze Remit. Although relatively new, Roze Remit leverages competitive exchange rates and 24/7 online transfers to attract diaspora senders seeking secure and stress-free remittances (available on Google Play).

6. Sendwave: Mobile-First Simplicity

Sendwave excels in mobile-money transfers and bank deposits, though it was the cheapest in only 3.24% of Monito searches. It remains popular for its intuitive interface and instant payouts, despite occasional processing delays noted by users.

7. Western Union & MoneyGram: Ubiquitous Cash Pickup

Legacy players Western Union and MoneyGram dominate cash-pickup networks in urban and peri-urban Nigeria, with a broad agent network that reassures recipients. Fees and exchange-rate markups vary by corridor, making pre-transfer comparisons essential.