Monzo now lets UK users send money to Nigeria in naira using Wise rails. The promo waives first-transfer fees, then charges £0.59 plus 0.93%.
Monzo is rolling out Nigeria remittance transfers for some customers, letting them send money to Nigeria in naira without leaving the Monzo app. The feature uses Wise in the background.
Wise handles parts of the transfer flow that most banks outsource, including FX (foreign exchange, the currency conversion step) and last-mile payout (the final delivery into a local bank account). Wise has an approval-in-principle from the Central Bank of Nigeria to operate as an IMTO, which is a regulated category for companies that move money across borders.
Monzo told eligible users that only the first NGN transfer will be fee-free during the promotional period. After that, Monzo plans to charge a fixed fee of £0.59 per transfer, plus a variable fee of 0.93%. Under this model, a £500 transfer would cost £5.24 in explicit fees.
For UK-based Nigerians, the key change is convenience. Instead of moving money from a UK bank into a separate remittance app, users can initiate the transfer from the banking app they already use.
This is another sign that remittances are becoming a built-in bank feature, not only a standalone fintech product. When a neobank like Monzo adds Nigeria payouts, it can reduce “app switching” and put pricing pressure on specialist money transfer apps.
It also strengthens the role of B2B payment infrastructure providers like Wise. In a B2B2X model, one regulated platform powers many consumer brands, which can scale faster than building local corridors one app at a time.
For African remittance operators, the competitive risk is not just other apps. It is the customer’s primary bank adding international transfers, then using a partner network to reach markets like Nigeria.
Primary Source: Condia
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