We know you've all been waiting for this product update, so we're happy to announce that we've launched the highly requested US Dollar (USD) cashout function for our Nigerian users. That's right, customers can now transfer cash between Nigeria and the UK + Uganda in seconds!
Late last year, the Central Bank of Nigeria made changes to the regulations governing how payouts could be made in Nigeria. As a result, payouts could no longer be made in Naira, only US dollars. Like many other remittance companies that service the Nigerian market, we had to put non-domestic money transfers on hold for a period of time as we worked on upgrades to allow our new cashout feature.
We're happy to announce, you can now receive cross-border payments in USD, have your dollar wallet credited, and cash out to a Nigerian domiciliary bank account in a flash!
Okay... How Exactly Does This Work?
When we say we're making money move freely, we're serious about ensuring that our customers have the best experience possible across every market we serve. So we've made the process of receiving money in Nigeria effortless.
It's a quick process - when a customer receives a payment from Uganda or the UK, with the help of some behind the scenes magic, we convert the amount to USD in-app and vice versa. The user's Chipper USD wallet is credited. To cash out, our Nigerian customers head over to one of our four partner domiciliary banks. More specifically, the recipient will need to have a USD domiciliary account with either First City Monument Bank (FCMB), United Bank of Africa (UBA), Zenith Bank, or Wema Bank to cash out the USD in their Chipper wallet.
We are currentlyin the process of growing this list and will send updates soon.
How to Cash Out
Follow these quick and simple steps to cash out your Chipper USD wallet to a Nigerian domiciliary bank account.
- Tap the "Cash Out" button (besides your USD wallet balance or on the "Profile" tab)
- Link/Connect a USD Domiciliary bank account in Nigeria
- Enter the amount in dollars you want to cash out
- Select "Cash Out"
- Hop, walk, or drive over to the bank!
- Success! Cash out complete.
Also, note that the cash out will arrive in your USD Domiciliary account within 48 hours.
Other Countries? Future Plans?
We are working on expanding the function to all the countries where we are operational. To keep up to date with the latest Chipper news, subscribe to our email list, and we'll let you know when we have something new to announce!