Around the 2010s, social peer-to-peer apps like Venmo and even M-Pesa became the backbone of financial cash flow and reshaped mobile transfers in Africa as a whole. These apps have earned an indisputable reputation as a strong, trusted platform and for good reason too. And yes, Yolat is steadily catching up.
With Nigeria leading African fintech growth, housing around 28% of the continent’s fintech companies, it’s no surprise that there are options to choose from. With this new influx of money transfer apps swarming the market, Nigerians can’t help but adapt to the newest technologies. And one thing we know how to do is adapt. From finding new ways to make money, especially in this current gig economy where being ‘Nigerian’ is a stigma on its own, resilience is part of our DNA. That same creativity is shaping how we move money today.
Until recently, many Nigerians relied on banks or fintech platforms like Pesa to send and receive money. And while those platforms still work, a quiet shift is happening. A new generation of Nigerians is beginning to prefer Yolat, which is an alternative to Pesa, a platform that’s faster and more in tune with the realities of moving money in and out of Nigeria.
You might be wondering what makes Yolat stand out. Well, no need to hold your breath because we have all the answers right here.
What Nigerians Want, Yolat Offers
To understand why Yolat matters, you have to understand Nigeria’s financial climate and the needs of Nigerians as a whole. From volatile exchange rates that are never stable, to traditional banks taking up to 10% fees on international transfers (we know, outrageous), recent market research offers insights into why people embrace Yolat.
Simplicity Over Complex Solutions
Most Nigerians just want a platform that’s easy to navigate and with way less stress than traditional banking options. Yolat strips transfers from waiting in long queues to the basics. It’s refreshingly straightforward in a market where many platforms overcomplicate the process.
Trust
In a country where even the commonest thing seems sketchy, trust is the highest priority, especially when it comes to finances. This grows when the platform is transparent, easy and can be backed up by referrals, which Yolat has.
Why is Yolat an alternative to Pesa?
In the seemingly plethora of digital banking options, you might be wondering why Yolat stands out as an alternative to Pesa and why you should choose us for your next international transfer. Well, Yolat is:
Built for Nigerians By Nigerians
First of all, Nigeria is the largest remittance market in Africa, pulling in over $20 billion yearly from global transfers according to the World Bank. This money doesn’t flow in one direction. Nigeria also has one of the fastest-growing populations of people sending money overseas. To suppliers abroad, partners in trade, or even to family and friends across Africa.
But the problem is that most digital platforms weren’t built for this kind of two-way movement. They either focus on inbound remittances or outbound transfers, but rarely do both with equal ease.
Yolat comes into play here because the platform handles sending and receiving money from select countries seamlessly, without putting users through the hassle of juggling multiple platforms.
Solving the Transaction Fees Issue
Research from the World Bank shows that the overall cost of sending remittances to Sub-Saharan Africa continues to be way higher than any region in the world, about 7-9% more. That means if you send $200, nearly $19 disappears in fees. For everyday Nigerians, that’s not just an inconvenience because when converted to Naira, it’s a serious loss.
Sending money frequently with that rate can accumulate over time and cause a slight dent in one’s finances. Yolat’s approach is radically simple: no hidden fees, no surprises. The rate doesn’t fluctuate every two business days, which is why we pride ourselves on our transparent pricing.
Making Transfers Lightning Fast
Gone are the days of waiting for a couple of business days before your transfers actually happen. With the Central Bank of Nigeria being vocal about promoting instant payments, Yolat has tapped into the real-time payment infrastructure. Time is money, which is why we’ve made our transfers feel as quick as sending an SMS.
In a Nutshell,
If you’re asking yourself whether Yolat is a good alternative to Pesa, the answer is yes. Nigerians have options, and the days of being locked into one “default” money transfer platform are over.
The next time you need to move money in or out of Nigeria, ask yourself: do you want a platform that works, or a platform that works specifically for you and your needs? For many Nigerians, that answer is already Yolat.
To get started, download our app on the App Store or Play Store now.
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