Global fintech firm,Wise has announced the suspension of money transfers to Nigeria from November 1.
The firm in an email to users on Thursday said that the decision was taken to enable the firm to finetune some of its services in Nigeria.
“From 1 November, we’re stopping all USD transfers to Nigeria. We’re doing this because sending money to Nigeria hasn’t been as fast and reliable as we’ll like. We want to fix this before your next USD transfer to Nigeria.” the email read.
Wise further said that the transfer route to Nigeria will be closed until the service is upgraded.
This is the second time the firm has halted transactions in Nigeria.
In 2020, Wise stopped sending remittances to Nigeria after new regulations by the Central Bank of Nigeria (CBN) changed the currency of payment to the U.S. dollar from the naira.
Wise was launched in 2011 with the vision of making international money transfers cheap, fair, and simple.