DOM transfers and Cash pickups No Longer Available on Wirepay
In a significant development affecting international money transfers, the Central Bank of Nigeria (CBN) has announced revised policies for International Money Transfer Operators (IMTOs), which directly impact services provided by Wirepay. Not just Wirepay though, all other IMTOs are affected.
What’s Changing with International Money Transfers on Wirepay?
- Domiciliary Bank Transfers and Cash Pickups Unavailable: Effective immediately, domiciliary bank transfers and cash pickups are no longer available on the Wirepay app. The CBN’s revised policy mandates changes in the handling of inbound money transfers to Nigeria.
- Payment to Beneficiaries in Naira: As per section 4.2.1 of the policy, all inbound money transfers to Nigeria must be paid to beneficiaries in naira, either through a bank account or in cash.
What Does This Mean for You as a Wirepay User?
- Gradual Transition: While these changes are significant, Wirepay assures users that the transition will be gradual. You will have ample time to adjust and make necessary arrangements regarding your funds on the Wirepay platform.
- Exchange Feature: Wirepay encourages users to utilize the exchange feature available on the app to convert funds back to naira and transfer them to any bank account in Nigeria seamlessly.
- Virtual USD Card Remains Active: Despite the changes, Wirepay’s virtual USD card remains active. You can continue to fund it for international payments on various platforms worldwide, ensuring convenience and flexibility for your financial transactions.
SEE ALSO Our detailed review of the Wirepay Fintech App
Your Next Steps: Frequently Asked Questions about Wirepay Money Transfers
You can use the exchange feature on the Wirepay app to convert your funds to naira and transfer them to any bank account in Nigeria.
Feel free to reach out to Wirepay’s support team at support@sendwirepay.com for assistance with any questions or concerns you may have.
Conclusion
DOM transfers and Cash pickups are No Longer Available on Wirepay App due to the new CBN IMTO Policy. Dollars you receive via the Wirepay App will now be converted to Naira via the Exchange feature on Wirepay app. Wirepay virtual USD cards remain fully active.
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