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:
-
Log Into The To The Bank Digital App
Go to the Bank Digital app and log into your Payoneer account.
-
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 Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
