Annual remittances to Nigeria are estimated to be approximately $24bn, accounting for 6% of GDP, according to research by PwC .
The importance of these overseas transfers has been amplified by the global pandemic and economic downturn. In response to the Central Bank of Nigeria’s Directive on international money transfers, WorldRemit was the first cross-border payments business to make it possible to send money from countries including the United Kingdom and the United States so that it can be received in US dollars in Nigeria, both for cash pickup collection and into bank accounts.
As a leading international cross-border payments company which is headquartered in London, WorldRemit continues to offer greater convenience for senders and recipients. Here’s what Eniola, a UK-based father of two had to say about his experience of sending money to Nigeria:
“It’s obviously a really tough time for everyone. I’m glad that WorldRemit is still great value for money transfers to Nigeria which allows me to keep supporting my family and friends. The CBN rules took me by surprise but luckily WorldRemit was already prepared! As most of us are trying to keep in touch with people back home through WhatsApp and Facetime, the networks are often jammed but my family and friends still receive notifications once the money has been sent. Many of them have also downloaded the WorldRemit Transfer Tracker app so they know exactly when to expect their money. Even though the coronavirus has meant other plans are on hold, I’m happy that I can still support family and friends in Nigeria. I’m grateful to this platform for providing a fantastic service even during these tough times.”
WorldRemit has the largest bank payout network for transfers to USD bank accounts in Nigeria, which includes Access Bank, FirstBank, Fidelity, GT Bank, UBA and FCMB, with ongoing plans for further expansion. Cash pickup in USD is also available from the following banks: Fidelity Bank, First Bank, Access Bank, Polaris Bank, FCMB, Zenith Bank and Union Bank. For added security and convenience, both senders and recipients automatically receive transaction and PIN numbers via SMS and email, for cash pick up. Recipients must present both numbers along with their ID at cash collection points.
Last year, Nigerian singer Patoranking became the Global Brand Ambassador for WordlRemit’s Africa-focused Entrepreneurs Programme which provides mentorship and investment opportunities to entrepreneurs in Nigeria, Ghana, Kenya and Zimbabwe.
Through its ongoing community engagement, swift action on USD payout and innovative products, this company has demonstrated it’s lasting commitment to Nigeria.