Extending delivery of new CBN diaspora remittance rules whilst offering customers another convenient and flexible payout option
WorldRemit, a cross-border digital payments service, 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.
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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.”
