Long transaction times, high fees, FX rate inconsistencies, and regulatory bottlenecks are just a few of the hurdles people face when trying to transfer funds across borders.

But that’s changing. Thanks to digital innovation, platforms like Mybitstore and Binance now offer faster, more affordable alternatives to traditional remittance systems.

Whether you’re supporting family, paying a vendor, or doing cross-border business, understanding how to send money from Ghana to Nigeria efficiently is more important than ever.

In this article, we explore why bank-based transfers are still problematic, how crypto makes a difference, and the easiest way to move funds between the two countries using modern tools.

Why It’s Still Hard to Send Money Between Ghana and Nigeria

Despite technological advancements, cross-border money transfers in West Africa remain a challenge. According to World Bank data, remittance fees in sub-Saharan Africa are among the highest globally, averaging around 8%. Moreover:

• Banking penetration remains low in some regions, making it harder for recipients to access funds.
• Transaction limits and bureaucratic red tape can delay transfers.
• Volatile FX rates between the Ghanaian cedi and the Nigerian naira often result in significant losses.
• Regulatory differences between countries affect the consistency and reliability of cross-border banking.

For the average person or small business, these challenges make everyday financial transactions unnecessarily complex.

Crypto to the Rescue — How Digital Assets Help

Cryptocurrency, especially stablecoins like USDT, has opened new pathways for sending money internationally without relying on banks. Here’s how:

• Faster transfers: With blockchain, money can move in minutes, not days.
• Bypassing banks: No need for account approvals, clearing times, or middlemen.
• Mobile-friendly: All you need is a smartphone to access a crypto wallet.
• Price predictability: Stablecoins maintain value and reduce the risk of currency depreciation.

Using crypto wallets, a sender in Ghana can transfer USDT, BTC, or another token directly to a recipient in Nigeria, who can then convert it to local currency using peer-to-peer (P2P) platforms. This makes it easier to transact even in areas with limited banking infrastructure.

Step-by-Step: How to Send Money from Ghana to Nigeria Using Mybitstore

If you’re wondering how to send money from Ghana to Nigeria using a secure crypto platform, here’s a simple guide with Mybitstore:

1. Create a free Mybitstore account on the website or mobile app.
2. Verify your account using a valid government-issued ID to enable transactions.
3. Buy Bitcoin or USDT directly into your wallet.
4. Send the crypto to the recipient’s wallet address in Nigeria through Mybitstore’s withdrawal process
5. The recipient can sell the crypto on a local P2P platform to receive naira directly to their bank or mobile wallet.

Buy crypto with mobile money and send funds easily across Africa in just a few minutes.

Costs, Time, and Safety

Compared to traditional banks or money transfer operators, crypto platforms offer:

• Lower transaction fees (often under 1%).
• Faster settlement times (usually within 10–30 minutes).
• No banking hours or delays.
• Transparent exchange rates, especially with stablecoins.

As long as users choose trusted platforms and double-check wallet addresses, these transfers are not only safe but more efficient than legacy systems.

Tips for First-Time Cross-Border Senders

If you’re new to crypto or P2P transfers, here are a few things to keep in mind:

• Use verified platforms with strong user reviews.
• Always confirm the recipient’s wallet address before sending.
• Start with a small test amount to confirm everything works.
• Choose platforms with mobile support, local payment methods, and active customer service.

The world of cross-border payments is changing fast. What used to be a frustrating experience with banks is now being redefined by digital platforms and crypto rails.

Whether you’re looking to send money from Ghana to Nigeria or the other way around, tools like Mybitstore make it faster, safer, and more affordable.

Crypto is not just about speculation, it’s becoming a practical solution for real financial needs in Africa.

And as adoption grows, it’s only going to get easier to move money across borders without the limitations of traditional banking.

Source: Ernest Pappoe

The Central Bank of Nigeria (CBN) has told financial institutions the 0.5% levy intended to raise money to enhance cybersecurity will take effect in two weeks’ time.

Nigeria is experiencing its worst economic crisis in a generation, and many people say the levy will cause further hardship as they struggle to afford basic items.

Dr Abdulrazaq Fagge, who teaches economics at Yusuf Maitama University, tells the BBC this is a wrong move by the government that will have negative effects on Nigeria’s struggling economy.

“It is not only bad timing but a wrong move altogether, as no government should put [an] additional burden on its citizens at a time they are struggling to get by,” he says.

“If you transfer a million naira, five thousand naira gets deducted as cybersecurity levy, which is not fair to ordinary persons.”

The lecturer says the money should be paid by banks as they make huge profits.

Bread seller Abubakar Sheka says he has already made up his mind to avoid electronic banking transactions by the time the levy starts on 20 May.

“There is no way I will agree to be giving 0.5 per cent on my transfers when I earn very little, many people don’t buy bread now and business is fragile.

“Why will this government further make us cry with this, despite what we are already going through with high cost of food and fuel?”

The Nigeria Labour Congress, which represents the country’s workers, has released a statement rejecting the levy, while the Socio-Economic Rights and Accountability Project (Serap) lobby group has threatened to sue the government.

The government has not yet commented on the reaction.

“Government pushed people to be using electronic transfers to reduce printing of cash which takes a toll on government finances and now this will further make people go back to cash to avoid paying the levy.

“I foresee a cash shortage soon if government doesn’t reverse its decision.”

There was a major shortage of cash for much of 2023 after the CBN introduced currency reforms intended to cut fraud in last year’s election. This pushed many people to start using mobile money.

Digital penetration is low in Nigeria due to the lack of mobile signal in many rural areas, while many people cannot afford smartphones.

MORE:

• Otumfuo’s majestic dance moves with wife at his 74th birthday dinner [Watch]
• Taskforce impounds 130 bags of smuggled cocoa at Mpraeso
• Kofi Adams reveals reason behind Bawumia’s delay in naming running mate [Listen]

The deceased is reportedly from Kithiruri village in Kianjakoma Sub-location of Kenya.

His father, Silas Nyaga, said his son’s corpse was discovered after his daughter knocked on his (Lawrence) door and got no response.

Mr Nyaga said after the deceased’s younger sister, identified as Murugi, alerted him after realising that the house was quiet, they broke into the house only to find the body of his son dangling beside the bed.

He said: “My daughter (Ann Murugi) alerted me on what was happening and when I went to try to open the door, I realised it was closed from inside.”

In his suicide note, he bid goodbye to his family and also asked anyone who had issues with him to forgive him. He asked that his goats be given to his nephew who is his sister’s son.

It read in part: “I am so sorry to everyone who I have wronged. Please live a lovely and enjoyable life until we meet again. I will miss you so much.”

His father added that after unlocking his phone they only “found conversations with his friends and nothing much. We are wondering what really prompted him to make such a decision.”

His mother, Cecilia Wanja, described him as a kind and humble son, stressing that the incident has been confusing. She disclosed that her late son always gave a hand whenever there was need to assist.

“My son did not show any form of disturbance or discomfort because he wore a cool face and did not show any signs of depression,” she said.

She said it was very confusing and asked for prayers.

The deceased’s body is now at Gakwegori mortuary.