Very recently, Payoneer has become a bit more complicated for Nigerians to handle. While they already made things difficult for Nigerians to open and operate basic accounts, they also up till recently allowed withdrawals from payoneer account at rates that are, frankly put, horrible. These rates were way below CBN rates and further profit just the company.

Now however, a few Nigerian banks are making it even more difficult to withdraw your payoneer funds into their accounts, I am referring to Access and Zenith banks. If you try to withdraw to their accounts, they either freeze the transaction, reverse it or in worse cases block your account (these banks unilaterally reserve that right) By every indication this list will increase soon. Don't let your money get trapped on Payoneer.

Now, the way I see it, Nigerians have two choices. They can either abandon Payoneer and seek another platform or they modify their approach and find a solution.

Now, this solution can be in two ways, one you sell to a money exchange, and get your money sent to you. The disadvantage of this first solution is that you first of all need to find a money exchange who is trustworthy and consistently reliable. This means he has funds when you need it an provides customer support as you need it. This is not easy to find and might take a while. And when you do, if you will be running dozens of transactions, you might stand the chance of losing hundreds of dollars over time to charges and different rates.

The second solution, you create an avenue for you to do the withdrawals and exchange yourself with very minimal loss in fees. I see people who do this and end up with just $10 less than their original amount. This is huge if you are worried about protecting your margins. If you understand this, you can even set up a sort of exchange yourself.

So, I'm interested in discussing the two solutions, but have no idea the interest level in these solutions, so I'll leave it here. If you are interested, let me get about 15 likes and about 6-7 replies on this and I'll go further, if not, I guess this is where I stop.

So, who wants me to continue?

Go on.