Quick answer: GeraCash handles cross-border money movement into Nigeria and domestic payments. We operate through CBN-licensed partner IMTOs (International Money Transfer Operators) and partner NIBSS access for domestic rails. Payouts land in any Nigerian bank account, Opay, Palmpay or Kuda wallet, in minutes. The Nigerian diaspora sent home over $20B in 2024 (World Bank estimates); we focus on that corridor and on domestic business payouts.

The Nigerian remittance opportunity

Nigerian diaspora remittances are one of the largest flows into the country — World Bank estimates $20 billion+ annually. The Central Bank of Nigeria requires remittance inflows from IMTOs to be paid in USD into domiciliary accounts OR at the Nigerian Autonomous Foreign Exchange Market (NAFEM) rate. The unofficial parallel market still exists but regulation has tightened. Meanwhile domestic payments run through NIBSS — which processed over ₦600 trillion in 2024 via NIBSS Instant Payment (NIP).

Regulation

The Central Bank of Nigeria (CBN) is the primary regulator. Cross-border remittance operations require an IMTO licence or an approved partnership with one. Domestic switching and payment services require a PSSP, PSP or Switching licence. The Nigerian Financial Intelligence Unit (NFIU) handles AML; SCUML registration is required for designated businesses. The Nigeria Data Protection Act 2023 applies to customer data. NIBSS owns the instant-payment rail.

Diaspora corridors we prioritise

UK → Nigeria (largest single corridor; historically the most expensive on incumbents). USA → Nigeria. Canada → Nigeria. Italy, Germany, UAE, Saudi Arabia, South Africa. Senders choose GBP/USD/EUR/AED/ZAR, recipients receive naira or hold dollars in a domiciliary account where supported.

Pricing in naira (receipt side)

Send fee varies by corridor (typically 0.8–1.8%). No fee on the receiving side. FX is pegged to NAFEM plus a small spread — we publish the margin openly. Amounts displayed in both currencies via useCountry().

Payment rails

Recipient side: any Nigerian bank via NIBSS Instant Payment, plus Opay, Palmpay and Kuda wallets directly. Sender side: card, bank debit (UK FPS, US ACH, SEPA), Apple Pay, Google Pay. Domestic peer-to-peer payments: Paystack, Flutterwave, Opay, Palmpay, direct transfer.

Cities and reach

Nationwide receipt via NIBSS. Agent network piloting in Lagos (Ikeja, Victoria Island, Lekki), Abuja, Port Harcourt, Ibadan, Kano, Benin City for cash pickup. Anyone with a Nigerian bank account can receive — that is over 100 million accounts.

How we compare

WorldRemit, Remitly, Wise and MoneyGram are the global incumbents. Sendwave has strong diaspora presence. LemFi has been the fastest-growing Nigerian-focused player. Opay, Palmpay and Kuda are the domestic wallet leaders. We partner where partnership makes sense and compete on corridor-specific FX margins.

GeraCash in Nigeria 2026 — CBN-licensed remittance, diaspora corridors and NIBSS-native wallets