Sending money from Germany to Nigeria: the payments stack
Sending EUR 140 from Germany to Nigeria cost 2.85% of the amount on average in Q3 2025, across 33 services in the World Bank's Remittance Prices Worldwide survey. Payouts in Nigeria typically run over NIP (NIBSS Instant Payments), CBN RTGS; between now and the end of 2027 there are 0 weekdays when banks in Germany are closed but Nigeria keeps paying out, so the payout balance has to be funded before them.
| Average cost to send | 2.85% of EUR 140 (Q3 2025, World Bank RPW) source |
| Money transfer operators | 2.76% across 32 services |
| Collect in Germany | SEPA Instant Credit Transfer (SCT Inst), TIPS (TARGET Instant Payment Settlement), T2 (RTGS and CLM), SEPA Credit Transfer (SCT), CENTROlink |
| Pay out in Nigeria | NIP (NIBSS Instant Payments), CBN RTGS |
What it costs to send EUR 140
The World Bank surveyed 33 services sending from Germany to Nigeria from 8 August 2025 to 26 August 2025. The average total cost, fees plus the FX margin, was 2.85% of the amount sent; money transfer operators averaged 2.76%. source
Bank and operator averages are worked out from the survey's provider types.
The send side: Germany
- PSD2 sets initial capital for payment institutions at 20,000 euros for money remittance only, 50,000 euros for payment initiation and 125,000 euros for the services in points 1 to 5 of Annex I (Article 7). source
- An e-money institution must hold initial capital of at least 350,000 euros at authorisation (EMD2, Article 4). source
- A payment institution that wants to provide services in another Member State for the first time notifies its home competent authority of the Member States, the services and any agents or branches it will use (PSD2, Article 28); agents are entered in the home register before they start (Article 19). source
Licences, sponsor banks, collections, ramps and KYC providers: sending from the Eurozone.
The payout side: Nigeria
| Payout partner | What it does in Nigeria | Source |
|---|---|---|
| Flutterwave · our guide | Transfers API pays out NGN individually or in bulk from a Flutterwave balance to Nigerian bank accounts, and can verify Nigerian bank account details before sending. | source |
| Thunes · our guide | MoMo PSB wallet holders receive international transfers instantly through Thunes' network from markets including the USA, UK, Canada, France, Australia, Saudi Arabia, Israel and South Africa (November 2025). | source |
| TerraPay · our guide | Its network page lists Nigeria among its African receive markets. | source |
| dLocal · our guide | Payouts V3 sends NGN bank transfers for B2C, B2B and P2P flows through Demerge Nigeria Limited, a CBN-licensed Payment Solution Service Provider. | source |
| Fincra | Payout API sends NGN to Nigerian bank accounts, alongside cross-currency payouts and USDT, USDC and cNGN payouts to crypto wallets. | source |
| Onafriq | Its integration with the Yuno platform is live in Nigeria and six other markets, covering disbursements, collections, card issuance and FX treasury services. | source |
| Nairagram | Payout network and API for money transfer operators and payment companies, paying out by bank deposit, mobile wallet and cash pickup across 30+ African countries. | source |
Licensing, local banks, stablecoin ramps, FX and KYC in Nigeria: launching payments in Nigeria.
Payout rails in Nigeria
| Rail | Operator | What matters for payouts | Source |
|---|---|---|---|
| NIP (NIBSS Instant Payments) | Nigeria Inter-Bank Settlement System (NIBSS) | Account-number based real-time interbank transfers, available 24 hours a day, 365 days a year, with funds usable by the recipient immediately. All commercial banks, microfinance banks and mobile money operators participate. | source |
| CBN RTGS | Central Bank of Nigeria | Large-value settlement in four sessions with cut-offs at 09:00, 12:00, 15:00 and 18:00, and access for external users on RTGS and S4 until 18:30 since the April 2023 upgrade. | source |
Holiday gaps to plan for, to December 2027
Weekdays when one side of the corridor is closed. On the 0 dates when Germany is closed and Nigeria is open, the payout balance has to already hold enough to cover them. On the 7 dates when Nigeria is closed, instant rails may still pay out.
| Date | Germany | Nigeria | What it means |
|---|---|---|---|
| Fri 25 Dec 2026 | Christmas Day | Christmas Day | Both closed |
| Mon 28 Dec 2026 | Open | Boxing Day substitute | Nigeria banks closed: only always-on rails pay out |
| Fri 1 Jan 2027 | New Year's Day | New Year's Day | Both closed |
| Tue 9 Mar 2027 | Open | Id el Fitr | Nigeria banks closed: only always-on rails pay out |
| Fri 26 Mar 2027 | Good Friday | Good Friday | Both closed |
| Mon 29 Mar 2027 | Easter Monday | Easter Monday | Both closed |
| Mon 3 May 2027 | Open | Workers' Day substitute | Nigeria banks closed: only always-on rails pay out |
| Mon 14 Jun 2027 | Open | Democracy Day substitute | Nigeria banks closed: only always-on rails pay out |
| Fri 1 Oct 2027 | Open | National Day (Independence Day) | Nigeria banks closed: only always-on rails pay out |
| Mon 27 Dec 2027 | Open | Christmas substitute | Nigeria banks closed: only always-on rails pay out |
| Tue 28 Dec 2027 | Open | Boxing Day substitute | Nigeria banks closed: only always-on rails pay out |
Full calendars: Euro area (TARGET2/T2 and SEPA) and Nigeria. Size the buffer with the corridor runway calculator.
Funding the corridor
- At the Bundesbank, T2 RTGS accepts customer payments from 02:30 to 17:00 and bank-to-bank payments from 02:30 to 18:00 on business days, so non-instant euro funding must be sent within those windows. source
- T2 has a non-optional maintenance window every week from 02:30 Saturday to 02:30 Monday, extended over TARGET closing days (for example from Good Friday to the Tuesday after Easter); when the optional weekday window (03:00 to 05:00) is activated, settlement of liquidity transfers in TIPS is affected while TIPS keeps processing instant payments. source
- IMTOs are barred from buying foreign exchange in Nigeria's domestic market for settlement, and customer funds meant for remittance must sit in a designated account with the agent Authorised Dealer Bank, separate from the operator's other accounts. source
- A CBN circular of 24 March 2026, effective 1 May 2026, requires every IMTO to open designated naira settlement accounts with Authorised Dealer Banks and run all beneficiary payments and settlements through them. The accounts can be credited only with remittance flows and the proceeds of FX conversions with authorised NFEM participants, and IMTOs can hold several such accounts with different banks. source
- Trades with the CBN window settle the same day only when executed and confirmed before 12 noon on a trading date, and participants file daily returns on the sources of funds. source
Running the corridor
Polynopsis shows every balance on both sides of this corridor in one live position: the collection accounts in Germany, the payout partners and banks in Nigeria and any stablecoin in between. It warns before the Nigeria balance runs dry, holidays included. See how it works.
Frequently asked questions
How much does it cost to send money from Germany to Nigeria?
The World Bank's survey put the average total cost of sending EUR 140 at 2.85% in Q3 2025, across 33 services. Money transfer operators averaged 2.76%.
Which rails pay out in Nigeria?
Local payouts run over NIP (NIBSS Instant Payments), CBN RTGS.
When do I need to prefund Nigeria payouts ahead of holidays?
Between now and December 2027 there are 0 weekdays when Germany is closed and Nigeria is open. The payout balance has to cover those days before they start.
Related corridors
Sources
- World Bank, Remittance Prices Worldwide dataset · World Bank
- T2 (opening hours and closing days) · European Central Bank
- TARGET Systems operating schedule, euro · European Central Bank
- Public Holidays Act (Laws of the Federation) · Policy and Legal Advocacy Centre (PLAC)
- Buhari signs June 12 bill into law · ThisDay
Know where all your money is.
Polynopsis gives cross-border payment teams one live position across every bank, payout partner, exchange and wallet, including money in flight, and warns before a corridor runs dry.