The cost of caring
If you're a Nigerian-American sending money home, you already know the numbers. The average remittance to Nigeria costs $35+ per transfer through traditional banks. Send $800/month and you'll lose over $420/year just to fees — before the exchange rate markup.
But fees are only half the story. The Nigerian naira has lost over 75% of its value against the dollar in the last five years. If your family saves the money you send in naira, its purchasing power evaporates month after month.
You're running on a treadmill: sending more, but your family receiving less in real terms.
Traditional options
Bank wire transfers — $25-50 per transaction plus 2-4% hidden in the exchange rate. Settlement takes 3-5 business days. Correspondent bank fees may apply. Total cost: 8-10% per transfer.
Western Union / MoneyGram — $15-25 per transfer with 1.5-3% FX markup. Faster than banks (1-2 days), but still expensive for regular senders. You need a physical location to collect.
Mobile apps (Remitly, Sendwave) — Better rates (1-3% total), but limited to remittance only. No savings features, no community tools, no protection from naira depreciation.
None of these solve the full problem. They move money, but they don't protect it.
The CitizenWealth approach
CitizenWealth combines three things no other platform does:
- Low-cost transfers — Under 2% total fees to Nigeria via mobile money and bank transfer
- Savings protection — Hold family savings in USD (via USDC/USDB stablecoins) instead of depreciating naira
- Community savings — Run an esusu or family savings club with members in both the US and Nigeria
Instead of just sending money and hoping for the best, you can build a complete financial strategy for your family.
Step-by-step guide
Sending money to Nigeria via CitizenWealth
Step 1: Fund your wallet Deposit USD via ACH bank transfer from your US bank account. Settlement: 1-3 business days.
Step 2: Choose your recipient Enter their Nigerian bank account details or mobile money number. The recipient doesn't need a CitizenWealth account.
Step 3: Confirm and send See the exact NGN amount at near mid-market rates. The fee (~2%) and exchange rate are locked at confirmation. No surprises.
Step 4: They receive naira Delivered to their bank account or mobile money within 1-2 business days. You get real-time tracking throughout.
Cost comparison for $800/month
| Method | Monthly cost | Annual cost | |--------|-------------|-------------| | Bank wire | $65+ | $780+ | | Western Union | $22+ | $264+ | | Money transfer app | $12+ | $144+ | | CitizenWealth | ~$16 | ~$192 |
That's a saving of $588/year compared to bank wires — enough to cover months of school fees.
Protecting savings from naira depreciation
The naira has lost over 75% against the dollar since 2021. If your family holds savings in naira, they're watching their purchasing power collapse.
CitizenWealth lets your family hold savings in USDC (pegged 1:1 to USD) or USDB (which earns up to 3% APY from US Treasuries). Convert to naira only when needed for local spending.
This means:
- $10,000 in USDC stays worth $10,000
- The same amount in naira could lose 15-20% of value in a single year
- With USDB, your family's savings actually grow by 2-3% annually
Family savings clubs
If your family runs an esusu or informal savings group, you can bring it onto CitizenWealth:
- Cross-border participation — Members in the US, Canada, UK, and Nigeria all contribute to the same club
- Stable currency — Club saves in USD, protecting against naira depreciation
- Transparent ledger — Every contribution tracked in real-time. No WhatsApp arguments
- Auto-pay — Set up recurring contributions so you never miss a deadline
- Locked wallets — Club funds held in dedicated locked wallets, separate from personal spending
The club pool earns up to 3% APY via USDB while saving. When it's time for a payout, funds move at under 2% fees.
Mobile money
Recipients in Nigeria can receive funds via mobile money in addition to bank transfer. We support the major payment networks across the country, making it easy for family members without traditional bank accounts to access funds quickly.
Ready to start sending more home for less? Download the app and see how much your family could save.