Nigeria is the seventh highest user of telecommunications service in the world, with approximately 165 million active telephone connections as at December 2024. With a population of about 230 million, most Nigerians rely on telephone conversations and internet connection to carry out their day to day activities, businesses, and to stay in touch with friends and family.
Airtime has almost become a currency on its own. According to a report , Nigerians spent N2.6 trillion on airtime and data in nine months in 2023. On an average, Nigerians buy airtime worth up to a whopping N14 billion on a daily basis. But as essential as this asset is, there is need to know why people sell airtime in Nigeria. So let’s dive deep into why converting airtime to cash is gaining traction.
What is Airtime to Cash?
Airtime to cash is a financial transaction that allows people to trade or convert their phone credit to real money. This service is usually offered at a discount rate of between 20-30% depending on the platform. For example, if you have airtime of N20,000 on your line, and you want to convert it to cash, you would get around N14,000-N16,000 depending on the rate of the platform you’re using.
In the early days of telecommunications in Nigeria, the only way of recharging your line was to purchase a physical card containing several digits that will be entered along with your network’s recharge code on your line. However, things have significantly changed with the advent of technology and banking infrastructure.
Nowadays, people can simply top-up airtime of any amount on their line from the comfort of their homes, offices, or elsewhere through banking apps or other online platforms like Prestmit.
Although, buying airtime this way offers a lot more convenience, it also comes with its own downside such as recharging the wrong number or the wrong amount. For instance, someone who wants to recharge N500 worth of airtime might mistakenly enter N5,000. There are several document cases of people mistakenly recharging amounts ranging from a few thousands to hundreds of thousands.
This becomes a problem because people have no idea what to do with the excess airtime? Network providers are usually unhelpful in majority of these instances and the people are left to rue their mistakes as finding people who are willing to buy the airtime- especially at reasonable prices-is a herculean task.
Reasons For Airtime Trading In Nigeria
1. Over Recharge
Several years ago, I was preparing for a trip to Abuja when I decided to quickly recharge N200 that morning to make some calls before I set out. In my haste, I mistakenly recharged N2,000.
This wasn’t the period of airtime-cash so my only option was to look for friends who could buy the airtime. But this was a tough task and I eventually had to resort to making calls with my excess airtime over the next few weeks.
Over recharge is the primary reason why people trade their phone credit to cash is because they’ve mistakenly recharged more than they intended to. This can be so frustrating especially when the excess a mouth was meant for a different expense. As a result, people resort to selling the airtime to recoup their money.
2. Gifts From Friends And Family
Family and friends usually shower us with different types of gifts on their birthday and other special occasions. What will you do with N10,000 airtime sent by your big brother or friend on your birthday? You’d probably want to sell it, right? People also sell airtime they receive as gifts to generate cash.
Why would anyone want to keep many airtime birthday gifts on their SIM card when they need money to foot other bills after their birthday? The best thing to do is to sell off the airtime to get back the cash needed for other expenses.
3. Financial Policies
Additionally, due to strict financial policies, many people use airtime top-ups to receive money from friends and families abroad. When they receive this money as airtime, they sell it for cash.
4. To Offset Bills In Emergency Situations
I’m sure at one point or another you’ve either asked someone for urgent 2k or you’ve been asked for it. Selling your airtime is a great way to earn an urgent 2k. For instance, someone who recharged a certain amount might need to quickly sell it for real cash if an emergency situation, such as a pressing need arises out of the blues.
Best Platform To Sell Airtime For Cash In Nigeria – Prestmit
There are many online platforms that offer mobile credit conversation in Nigeria. Many of these platforms charge as high as 40-50% for airtime to cash transactions, further leaving subscribers frustrated. Some of these platforms take several hours to process the transaction and credit your bank account with the funds. This can defeat the purpose of selling the airtime in emergency situations.
This is why the importance of choosing the best platform for your airtime trading cannot be overstated. When it comes to easily converting your airtime to cash, Prestmit is your best plug. Presmit offers exciting rates for airtime trading, and your bank account will be credited in a matter of minutes. They also have 24/7 customer support to attend to all your complaints and inquiries. The platform uses a SSL certificate to protect your funds and personal information and ensure they are inaccessible to third parties.
Prestmit app is available for both iOS and Android devices. All you need to do to get started is to download the app and register. Prestmit is legitimate and a no-scam zone. Their app has a friendly and easy to navigate user interface that gives you a seamless experience when you use it. In addition, you can also pay bills like cable TV subscription, electricity, fund your betting account, and buy airtime and data using the Prestmit app.
What’s more? Presmit offers one of the best charges for airtime to cash in Nigeria, with as low as 20% and maximum of 30% on each transaction. You can trade up to N5,000 airtime at a time as many times as possible in a day.
Step-By-Step Guide on Selling Airtime on Prestmit
Step One:
Download the Prestmit app on Google Play Store or Apple Store. Open the app and enter your username, email address, and password. A verification code will be sent to your email address. Enter the code in the required space and click sign up.
Step Two:
Click the “Bills” section on the homepage. Select “Buy or sell airtime” and then select “Sell airtime.” You will be required to complete your KYC (know your customer) procedure at this point. Enter your name, phone number, date of birth, and ID verification. You can choose between NIN, BVN, Drivers License, and others for your ID verification.
Step Three:
After updating your KYC details, choose your network provider, enter your phone number, and the amount of airtime you want to sell and click continue.
Step Four:
Transfer the amount you wish to sell to the phone number displayed. Upload the proof of transaction and click on submit. Your transaction will be confirmed within minutes and you will be asked to enter your account details for your cash to be credited instantly.
Risks of Selling Airtime For Cash
You must have seen advertisements from many individuals and platforms who claim to buy airtime for cash at reasonable rates. While they may be genuine people and media, it is also important to remember that there are many fake platforms and scammers out there who are looking for who to dupe.
If you’re not careful, you could fall into the hands of fake platforms who would swindle you of your airtime and leave you with nothing. With more and more platforms sprouting, there will always be fraudsters looking to take advantage of unsuspecting people who innocently want to trade their airtime.
Aside from the risk of being scammed, there’s also the risk of having your personal information stolen. Dubious platforms can steal your personal information such as name, phone numbers, BVN, and others and sell them to organizations in need of data.
Tips For Converting Your Airtime To Cash Safely
To keep yourself protected from scam and personal information breach, the following are some of the strategies you can use.
1. Make Due Research Beore Using Any Platform
Read their reviews on Apple store or Play Store. Google them and read about them from reliable sources. You can also ask friends and family if they’ve used the platform in the past and what they think of it.
2. Never reveal personal information
information like your card pin and card numbers should be kept securely. Never reveal your passwords or pin to anyone even if they claim they are representatives of your bank or the airtime to cash platform you use. Do not click on any suspicious link.
3. Use only trusted platforms
Use trusted platforms with a solid reputation. Trusted platforms are usually heavily recommended by friends and family, have no history of scams, and have good online ratings and reviews.
Frequently Asked Questions (FAQs) About Reasons To Sell Airtime In Nigeria
What Are The Current Conversion Rates?
Current conversion rate for VTU business is between 20% and 50% depending on the platform. Prestmit offer one of the best conversion rates available in Nigeria charges between 20-30%
Which Networks Offer The Best Rates?
All network’s have similar rates. Most, of the time rate is determined by the platform
How Long Does Conversion Typically Take?
Conversion time usually varies based on platform. For instance, Prestmit conversion time only takes a few minutes while other platforms can take several hours.
Conclusion
If you ever find yourself in a situation where you need to sell airtime – whether you received it as a gift or you mistakenly entered more zeros than you intended, Presmit has you covered. Presmit offers the best rates and instant payouts for all your phone credit to real cash transactions. Download the app on Apple store or Play store to get started with Nigeria’s number one airtime to cash app!
