How to Send Money from Nigeria to Kenya With Yellow Pay

Cross-border payments are an important part of Kenya's economy, contributing about 3% to the country's GDP and being a leading source of foreign exchange in Kenya. 

In Kenya, the USA and the UK are the main sending markets; other countries are just a minority. Data provided by the central bank of Kenya in 2021 shows that 28% of those who send money to Kenya are based in Europe, 27% in North America, 22% in Asia, and 12% in Africa. 

Some factors make international payments much easier to process in the country. Kenya has a well-developed payment system to ensure that payments are simpler and better. However, the problem is intra-regional payments, as exchange within Africa is a huge challenge.

That is what Yellow Pay has come to make possible as we learn how to send money from Nigeria to Kenya and across Africa.

The State of Cross-border Payments in Kenya

According to Remitscope, Kenya's cross-border payments have increased as of 2020. In 2020, they received about $3 billion in cross-border payments, compared to 2018's $710 million, which was tremendous progress. 

However, the Central Bank of Kenya seeks to review its national payment strategy from 2021 to 2025 to ensure it develops a well-defined intra-regional payment system. This is what makes Yellow Pay timing perfect for Kenya.

Regarding identification process, Kenya's national identification system is decent, as about 88 per cent of people in Kenya have a primary ID. A basic ID is necessary for payment because it is needed to send and receive money from financial institutions. 

Challenges with Sending Money From Nigeria to Kenya

Despite having a decent financial distribution system, Kenya still has issues receiving money from other countries like Nigeria. 

Difficulty Sending Money to Rural Areas

In Kenya, most financial distribution systems are concentrated in urban areas, leaving out the rural areas. This often makes it hard for people in other countries like Nigeria to send money to Kenya. 

Slower Transfer Time 

It usually takes a long time for a money transfer made in another country like Nigeria to reflect in Kenya, which causes inconveniences for both the sender and the recipient. 

Multiple Hidden Charges

Sometimes there are several hidden charges deducted from the amount of money sent from a foreign country to Kenya, unlike what Yellow Pay offers.

High Conversion Costs

The exchange rate it takes to send money from Nigeria to Kenya is very high, making it hard for people to send money to Kenya. 

Read More: Where to Spend Bitcoin in Kenya

How to Send Money From Nigeria To Kenya With Yellow Pay

To send money from Nigeria to Kenya on Yellow Pay, follow these simple steps:

• Login to your Yellow Card account.
• On the homepage, select “Pay” then “Send.”
• Select the country code, enter the recipient's phone number, and tap “Check phone number”.
  If the person isn’t a Yellow Card verified user, you can invite them to open a Yellow Card account. However, you can send them the money with their phone number. 
• Enter the amount you would like to send. You will also see the amount they will receive in their local currency. Select the reason for sending, then tap “Next” to continue.
• Review the transaction details, then “confirm” if everything is in order. 
• Money sent! Your recipient will receive a text message with the amount sent. As you successfully send money from Nigeria to your recipient in Kenya, the amount is instantly reflected in their Yellow Pay account in Kenyan Shillings.

If the person you send the money to isn't a Yellow Card customer, they receive a notification to signup and receive the money. The amount will be refunded to your account if they don’t sign up within 7 days.

Read More: How To Buy Bitcoin In Kenya Easily with Mobile Money

How to Receive and Withdraw Money in Kenya With Yellow Pay

You can request money from loved ones or customers and also withdraw your money on Yellow Card directly into your account through a standard bank transfer or Mobile Money. You can receive money in Kenya and withdraw easily in your local currency.

Here’s how to receive money with Yellow Pay:

1. Log in on Yellow Card. Sign up on the platform if you received money but are not a Yellow Card customer.  

NB: Sign up only with the registered number the sender used when setting up your account. Once you sign up and verify your account, you’ll see the amount reflected in your account in your local currency.

2. Withdraw your money with ease:

To withdraw with bank transfer, follow these steps:

From your dashboard, go to your KSH balance wallet and choose the amount to withdraw.

To withdraw with a bank transfer, simply put in your bank account details and send it. 

To withdraw with mobile money, follow these steps:

• From your dashboard, select withdraw.
• Select Bank Account
• Enter the amount you wish to withdraw.
• Enter your MOMO mobile phone number as the Account Number 
• Confirm the withdrawal details and input your 4-digit PIN.
• Your money will be sent to your mobile number within 12 hours.

Remember, the money in your account is yours, and you can choose to hold it in the account or withdraw it instantly at any time of your choice. 

Read Also: How to Make Money Online in Kenya

Yellow Pay In Kenya

Sending money from Nigeria to Kenya doesn’t have to be stressful anymore. Enjoy the best rates and the fastest way to send money with Yellow Pay.

Our overall goal remains to bring financial inclusion to Africa, and initiating Yellow Pay is a further step in that direction. We are making sending and receiving money across Africa very easy and cheap, not just how to send money from Nigeria to Kenya and vice versa. 

Send Money With Yellow Pay Today

Disclaimer: Yellow Pay uses Yellow Card’s crypto exchange platform to complete customer transactions in USDT. Yellow Pay is not a money remittance or foreign currency exchange service