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, IgbereTV reports
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.
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
