Extending delivery of new CBN diaspora remittance rules whilst offering customers another convenient and flexible payout option

LAGOS, Nigeria--(BUSINESS WIRE)--WorldRemit, a cross-border digital payments service, today launched a service for customers in Nigeria to receive international transfers in their bank accounts in USD ahead of the Christmas celebrations. This further demonstrates WorldRemit’s ongoing commitment to offering customers easy and convenient ways to send and receive money following the Central Bank of Nigeria’s (CBN) new directive for remittances.

According to consumer research, 30% of those who responded to a WorldRemit survey1 stated that they will not be travelling to visit family and friends due to pandemic-related travel concerns. The ability to transfer money to USD denominated bank accounts in Nigeria offers greater flexibility and payment options for those sending money transfers to support those back home during the festive season instead of visiting in person.

The CBN recently revealed that annual remittance inflows to Nigeria are estimated to be approximately $24bn.2 These funds can be used to finance activities that are important to our customers such as education, medical costs, daily living expenses and investments into new opportunities. In responding to changes in the Central Bank’s remittance policy, WorldRemit was the first company of its kind to make it possible to send money from countries including United Kingdom and the United States to Nigeria for cash pickup in US dollars, and is now facilitating bank transfers to offer greater convenience for senders and recipients.

International money transfers to US dollar bank accounts are already available through two of WorldRemit’s partner banks: Fidelity Bank and GT Bank. WorldRemit is working to add other partners shortly.

Speaking on this announcement Gbenga Okejimi, Country Manager, Nigeria and Ghana, at WorldRemit, said: "Ensuring that our customers are able to transfer money to friends and family back home safely and as quickly as possible is why we exist. We’re constantly looking for ways to improve our services. We hope that by making it possible to send money to USD bank accounts in Nigeria, this gives our customers more flexibility and options to receive the money which we know is a welcome development during this festive season."

WorldRemit also recently launched a Transfer Tracker App which allows recipients of money transfers to track their funds. The app is free to download through the Google Play store in a number of countries including Nigeria. The innovative cross-border payments company continues to create opportunities for customers to support their family and friends across the world.

About WorldRemit

WorldRemit is a leading global payments company. We disrupted an industry previously dominated by offline legacy players by taking international money transfers online - making them safer, faster and lower-cost. We currently send from 50 to 150 countries, operate in more than 5,000 money transfer corridors worldwide and employ over 1,200 people globally.

On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.

Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom with regional offices in the United States, Canada, Australia, New Zealand, Hong Kong, Singapore, Malaysia, the Philippines, South Africa, Somaliland, Uganda, Kenya, Rwanda, Tanzania, Zimbabwe and Belgium.

Visit the WorldRemit website (www.worldremit.com) for more information on how to send money to Nigeria.

1 Consumer research undertaken by Opinium Research between the 27th of October and the 5th November 2020, comprising a panel of 3,167 adults, including 1,010 in the US, 752 in the UK, 753 in Canada, and 652 in Australia. This data set was combined with a separate consumer survey run by Attest between 23rd October and 10th November, asking the same questions to a panel of 2,980 adults, including 1,059 in the UK, 941 in the US, 504 in Canada, and 476 in Australia. 2 https://www.cbn.gov.ng/Out/2020/CCD/Governor's%20Remarks%20Diaspora%20Remittances.pdf

Contacts

WorldRemit Genevieve Dowokpor PR Lead, EMEA gdowokpor@worldremit.com