UK-based payment firm, Wise, suspends USD transfer to Nigeria

Reactions have trailed the decision of UK money transfer company, Wise, to remove Nigeria from its payment routes due to reliability issue on foreign exchange.

In an email sent to some Nigerian users, Wise, formerly known as TransferWise, said Nigeria hasn’t been reliable when it comes to sending money.

Wise is mostly used by freelancers, companies, amongst others receiving payment from business partners or clients in foreign countries.

Recall that Ripples Nigeria had previously reported that Nigeria is struggling with scarcity of foreign exchange due to low revenue from the oil sector, which provides 90 per cent of the country’s forex.

Read also:Fintech startup, Lazerpay, launches upgraded payment platform

In the email seen by Ripples Nigeria, Wise told its users that from November 1, 2022, dollar transfer to Nigeria would be suspended.

The suspension is until further notice, “From 1 November, we’re stopping all USD transfers to Nigeria.” Wise wrote in the statement.

The London-based payment company added, “We are doing this because sending money to Nigeria hasn’t been as fast or reliable as we did like.

“We want to fix this before your next USD transfer to Nigeria.

“The route will be closed until we’re sure we can provide the service you deserve. We’ll let you know as soon as USD transfers to Nigeria are available again.” The email reads.

Nigerians unhappy with Wise dollar suspension

Meanwhile, Nigerians have been lamenting over the decision on social media platform, Twitter.

Electrical Engineer, who goes by Twitter user name, @CapturedWarrior wrote, “When are they closing our borders? I think that’s the only thing still opened”

Another Twitter user, Williams Falodun, posted, “Just discovered my PayStack was already disabled for USD… Now that bridge for foreign clients is in the water… God which way”

“@__Adeboye. This is just horrible. Just imagine how people will be sending unnecessary emergencies to their offices.” A user named @obiokeke_ wrote.

For @BarryWOnline, he stated, “If one knows how to move USD from #WISE to crypto exchange this won’t be a problem,but unfortunately many Nigerians don’t know the workaround which gives sweet rate.”

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