BDC vs bank vs fintech.
Last reviewed: October 2026.
| Bank | Licensed BDC | Fintech apps | |
|---|---|---|---|
| Rate | Official NFEM for approved needs | Street rate | Near street rate |
| Best for | School fees, PTA/BTA, medical | Cash, quickly | Freelancers, remote pay, transfers |
| Documents | Full documentation | ID, light paperwork | ID verification in-app |
| Speed | Hours to days | Minutes | Minutes to hours |
| Watch out for | Eligibility rules, queues | Unlicensed dealers, no receipts | Fees and margins in the rate |
Banks
The only channel that sells at the official rate, but only for documented needs (PTA, BTA, school fees, medical). Expect paperwork and waiting.
Licensed BDCs
Fast cash at street rates. Confirm the licence, agree the rate upfront, count your cash, and keep the receipt. Never deal in bulk with unlicensed operators.
Fintech apps (Grey, Geegpay, LemFi)
Built for earners and senders: receive FX like a local, convert near street rates, and transfer home. The rate includes their margin, so compare the final naira figure, not the headline.
Questions, answered
Which is cheapest?
For eligible needs, the bank's official rate wins. For everything else, compare the final naira you receive across BDCs and apps; the cheapest headline rate often hides a margin.
Are fintech apps safe?
The established ones are licensed in their operating countries and widely used by Nigerian freelancers. Keep balances modest and enable every security feature.
Can I use crypto to move money?
Crypto moves value, but it is not a recognised channel for official FX transactions like tuition, and street crypto deals carry their own fraud risk.
For information only, not financial advice. FX rules change often; confirm current requirements with your bank or a licensed BDC before acting.