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First published on the NIDO Russia Telegram channel.
Sustainable money transfer (SMaT) is about providing sustainable discounts or cashbacks for members who send money back home (Nigeria). We know that many people send money back home especially in this difficult/tense global geopolitical situation and we think it is an opportunity to step in and provide support.
We'll be offering 1% cashback to money sent home by members in May 2022. If successful, we'll consider extending it. The maximum amount of cashback will be 1000 rubles per member used once per month, and the money must be sent to Nigeria.
This is how it works.
1. A member indicates interest in sending money and contacts us.
2. We create an order for our numerous traders who give us a quote of price.
3. We accept one of the quotes and encourage the member to directly pay the trader who offered the quote chosen by NIDO Russia.
4. The member pays the trader directly and provides us with a receipt. The trader does the transfer to Nigeria and provides us with a receipt.
5. NIDO Russia then pays the sending member 1% of the money sent capped at 1000 rubles per member per month, thereby promoting both the trader's business as well as reducing the expenses of our member who invests in Nigeria.
For example, if Emeka who is a NIDO Russia member wants to send 100,000 rubles to Nigeria.
We send this request as an order to all traders. If Trader 1 (Tony Xchange) gives us an acceptable quote of 100,000 rubles and we accept it, we then encourage Emeka to transfer 100000 to Trader 1 account and send us a receipt.
Trader 1 then sends the money to Nigeria and sends us a receipt.
We then pay Emeka 1% of the money sent capped at 1000 rubles. In this case, it is 1000 rubles that the Emeka gets back to his account.
What are the benefits.
1. The member gets a discount/cashback of 1% capped at 1000 rubles per month.
2. NIDO Russia representative stands as a trusted middle man for money transactions.
3. Competitive prices for the members as prices are expected to be closer to FOREX market price.
4. Promotion of exchange amongst members.
Take advantage of the pilot project while it lasts. Your feedback will be valuable to the life and extension of the project. Thank you.
Yours in service,
Dr. Godwin Ibe
Legal Disclaimer: As a legally registered organisation, NIDO Russia encourages all members to pay taxes and operate under the wings of the law. NIDO Russia also does not receive money from neither the sender(s) nor the trader(s), does not provide authentication or legal status or representation for either party. NIDO Russia simply encourages informal exchange between members by providing a platform to facilitate communication for the stated purpose.
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