Nigerian fintech company Pesa has officially entered the UAE market with the launch of its AED wallet service. This targets thousands of Nigerians living and working in Dubai who regularly send money back home.
The expansion comes at a time when Nigerian expatriates face significant challenges sending money from the UAE. Traditional remittance services often charge high fees and offer poor exchange rates, while transfers can take several days to complete.
Pesa Addresses Key Pain Points for Nigerian Diaspora
Nigerians in Dubai have long struggled with expensive and slow money transfer options. Many existing services charge fees between 5-12% of the transfer amount, according to World Bank data on global remittance costs.
Tolu Osho, Co-Founder and CEO of Pesa, explained the company’s motivation: “Our expansion into the UAE is about more than just features; it’s about building bridges with heart for the Nigerian diaspora. We’re committed to providing a remittance service that truly respects their hard work, offering unparalleled transparency, security, and peace of mind.”
The new service allows users to send money from their AED wallet directly to Nigerian bank accounts in minutes. Recipients receive funds in Nigerian Naira without needing to visit physical locations or complete lengthy paperwork.
Real-Time Transfers Transform Money Movement Experience
The Pesa Dubai wallet enables near real-time transfers from AED to Nigerian Naira. Users can complete transactions through the mobile app without visiting physical branches or dealing with traditional banking hours.
The service promises competitive exchange rates that exceed those offered by conventional banks and money transfer operators. Pesa eliminates hidden fees, ensuring users know exactly how much their recipients will receive before confirming transactions.
This transparency addresses a major frustration among Nigerian expatriates who often discover unexpected deductions only after completing transfers through other providers.
Growing User Base Demonstrates Market Demand
Since launch, Pesa has grown its user base to over 150,000 people across six countries. The platform supports multiple currencies including USD, GBP, EUR, CAD, and now AED.
The Nigerian diaspora represents a significant remittance market globally. According to International Organization for Migration data, approximately 17 million Nigerians live abroad as of 2024, with substantial communities in the Middle East.
The UAE hosts one of the largest Nigerian expatriate populations in the region, with estimates ranging from 50,000 to 100,000 residents primarily concentrated in Dubai and Abu Dhabi.
Simple Account Setup Process Encourages Adoption
Creating a Pesa AED wallet requires minimal documentation and can be completed entirely through the mobile app. Users need valid identification and must complete know-your-customer verification to access full features.
The process includes:
- Downloading the iOS or Android app
- Providing personal information and valid ID
- Completing identity verification
- Creating the AED wallet
- Funding the account through local UAE payment methods
- Sending money to Nigerian bank accounts
Transfers typically complete within minutes, even during weekends when traditional banks may not process international wires.
Future Growth Plans Target Regional Expansion
The UAE launch represents Pesa’s first Middle Eastern market entry. The company previously expanded to Canada, the United States, United Kingdom, and Australia before targeting the Gulf region.
Success in Dubai could lead to expansion across other GCC countries where significant Nigerian expatriate communities work in oil, technology, and financial services sectors.
Nigerian expatriates interested in the service can download the Pesa app and create AED wallets immediately through the company’s website.
