The UK-based financial services startup, TransferWise has extended its services to five more countries including Nigeria.

The other countries are Brazil, the Philippines, Canada and Malaysia.

In an announcement on its website, TransferWise said the inclusion of these new countries’ currencies is its next step in taking TransferWise globally.

“January’s $58 million investment helped us get here,” TransferWise says.

The January investment was led by Andreessen Horowitz, the  Carlifornia-based $4 billion venture capital firm.

Transferwise is a peer-to-peer money transfer service which the developers  – Taavet Hinrikus and Kristo Kaarmann – say is out to cut banks’ huge hidden fees on international money transfer. The platform charges about 0.5% in transfer charges with money at the interbank rate, in contrast to the company setting a premium rate.

TransferWise currently serves 292 currency routes with customers in more than 50 countries.

Nigerian Naira is the first and as of now only African currency supported by TransferWise.  At present however, TransferWise can only deliver NGN to bank accounts based in Nigeria.

“Currently we can only send out NGN and not receive it, but this is something we are working on and will announce when it’s ready”, the site says.

Image via: venturethree

Read this next
More From TC
TechCabal Daily, 842 - Bosun Tijani leads 80 industry stakeholders on a two-day summit over the AfCFTA
AfCFTA, Business, ecosystem, Entrepreneurship, Events, Government
15th August 2019

And so to Kigali. On Thursday, August 15, more than 80 people from 30 African countries gathered in the sleepy and well-manicured Rwandan capital to discuss how to create a framework to ensure the success of the African Continental Free Trade Agreement (AfCFTA). Industry leaders in the technology and creative ecosystems were in attendance on […]

Gokada shuts down for two weeks in bid to reboot operations
Blog, Business, Internet, News, Ridesharing, Technology
14th August 2019

Gokada, the popular bike hailing startup, has stopped all mobility operations for the next two weeks. In a Medium post, CEO Fahim Saleh, announced that the Gokada app will be temporarily disabled and all bikers will be off the road during this period.


TechCabal is a Big Cabal Media brand



Copyright © 2019
All rights reserved

Privacy & Terms