Volopa launches mobile remittance service for the Nigerian community in the UK

By Megha Bhattacharya

FinTech Volopa has announced its new mobile money transfer service aimed at the UK-based Nigerian community. The development will allow customers in the UK to send money home to Nigeria without traveling or going through the money transfer offices.

The service, Oya, was developed in collaboration with members of the Nigerian community. Customers using the Oya app can send money 24/7 to any bank in Nigeria with money delivered in under one minute and typically in the recipient’s account within 15 minutes. The new service aims to offer a low and fixed transfer fee along with instant notifications. Oya is currently available for both iPhone and Android devices.

Jay Wissema, Director at Volopa, said, “It was important to continue with the planned launch of the Oya App despite these uncertain times. Now, more than ever, when customers are advised to protect themselves and others from Covid-19, we want to make sure that they can still send money to their families and friends in Nigeria securely, quickly, and while staying safe.”

Wissema stated that Oya is the first step in Volopa’s plans for expanding its remittance business to other markets, targetting the $ 689 billion global remittance sector. According to the World Bank’s data, more money is being remitted from the UK to Nigeria than to any other country. The market has been dominated by the traditional money transmitters and banks, offering inflated exchange rates, high fees, and slow service, with people often having to go out and queue in line to send money home.

Wissema added, “Nigeria has extended its lockdown in key cities as the country continues its fight against the Covid-19 pandemic. The extension of the lockdown is expected to add to the hardship of millions of Nigerians, and there is a need for family support in Nigeria. Using the Oya App, people are able to send money 24/7 from their UK bank account directly to any Nigerian bank account, without having to go out to access their money.”