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

Gbenga Onalaja | Author