Banking
How to Receive Funds to Your Local Bank Account Through Payoneer
If you need to receive money from abroad, Payoneer is one of the best ways to do so. Payoneer is a financial technology company that enables individuals and businesses to work together.
The company provides an online platform for companies and individuals to receive funds from international sources in one’s local bank accounts like Fibo.
This article will go through the steps on how to receive funds from abroad via Payoneer and link your account with a local bank.
What is Payoneer?
Payoneer allows people to pay money abroad in an easy way. With Payoneer, people with no knowledge of local banking systems or currencies can send and receive money internationally with ease; there’s even data analytics that provides businesses insights into their payment trends and figures.
You can also deposit funds into your local bank accounts, making it more convenient for business owners. Payoneer can be used in many different ways, such as paying freelancers, outsourcing projects to contractors, etc.
Benefits of Using Payoneer
There are many benefits to using Payoneer, from saving money to receiving payment faster from anywhere. Payoneer is available to both professionals and non-professionals. For example, if you are a freelancer, it will be easy to receive funds through Payoneer. There are also other benefits listed below.
- It is one of the most convenient ways to receive funds abroad online. Your money can be sent anywhere in the world and deposited into your local bank account for easy access. This saves you the hassle of transferring money through traditional methods, such as calling up a bank and waiting up to a week before the money is transferred, which can be stressful when you need that cash straight away.
- This is a large global network with more than 250 supported countries.
- There are many different currencies to choose from, making it more convenient to find the one you need without worry.
- It has multiple integrated payment methods, such as bank account wire and bank deposit.
- There is no need to have a special account in your bank, simply link your existing Payoneer account with your local bank account and receive funds straight away using this transfer method.
- No setup fees, monthly service fees, or hidden costs. Only low-cost annual and transaction fees.
What’s The Best Bank To Withdraw From Payoneer?
There are a lot of banks to choose from. Your account is linked with your Payoneer account, so you’ll be able to transfer funds across any local bank within the supported countries. Payoneer will only send funds to your local bank account, and then you can withdraw the funds via an ATM card.
Steps To Receive Funds To Your Local Bank Account Through Payoneer
These are the steps to follow to receive funds to your local bank account:
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Log Into The To The Bank Digital App
Go to the Bank Digital app and log into your Payoneer account.
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Give Bank Access To Your Payoneer Account And Link Accounts
Go to the main page of your bank account, then select “Account Settings.” On this screen, you’ll be able to link your Payoneer account. Click on “Connect Bank Account,” and you’ll be able to give the bank access to your Payoneer account.
Specify The Amount Of Foreign Currency You Want To Withdraw From
Withdrawing funds to your Payoneer account is very easy. It will only require a few minutes, and your funds will be transferred directly to your local bank account. After this, it’s important to know how much foreign currency you want to withdraw from Payoneer so the transfer can be made successfully.
Click ‘Withdraw’ To Convert Funds To Naira (NGN) In Your Bank Account
Once you’ve specified the amount of foreign currency you want to withdraw from Payoneer, click on ‘withdraw.’ This will convert your funds in Payoneer to Nigerian Naira (NGN) and will show up in your bank account.
Use Your Bank’s Debit Card At Local Merchants Or ATMs To Spend Naira
Once your funds are converted to Naira, you can now withdraw the funds via your bank debit card. You can also use your bank debit card to withdraw local currency at local merchants or ATMs.
The Bottom Line
Using Payoneer is one of the easiest ways to receive funds from abroad. You can link your local bank account and transfer money directly into your bank account. By doing this, you’ll receive your money quickly and will not have to go through the hassle of another currency exchange service that is available in Nigeria.
Payoneer has a great platform that allows users to monitor their transactions, and receive and transfer funds at any time. If users work in online startups, online freelancing, or business projects, then trying this system would be an excellent decision.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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