World Remit, a cross-border digital payments service, has supported the Central Bank of Nigeria's recent mandate to Nigerian banks. The CBN announced recently that all Nigerian banks will be mandated to facilitate money transfers by automatically opening US Dollar bank accounts for those who do not currently have them - US Dollar bank accounts.
According to World Remit, this move by the CBN is timely and apt.
Gbenga Okejimi, the Country Manager of World Remit, Nigeria and Ghana, said the move would enhance remittance payments for those who receive support from family and friends abroad.
The CBN also stated that there would be a $2000 withdrawal limit on these accounts. According to the apex bank, this development would ensure successful process of international money transfer even if senders enter naira account details for transactions.
Okejimi, commenting further, said, “We are excited by the fact that we can continue to enable the transfer of remittances to more people across Nigeria, whilst also supporting the Nigerian government in its efforts to strengthen the economy. When our founder came up with the idea to create World Remit, it was with the ultimate goal of ensuring that the diaspora community could send money back home easily and through a safe platform. I am proud to say that we are constantly evolving, innovating and adapting to ensure that our customers’ needs are met efficiently.”
WorldRemit recently announced the expansion of its US Dollar payout option with nine of its existing bank partners. This development makes it an International Money Transfer Organization (IMTO) with one of the broadest and largest USD payout networks in Nigeria.
Customers of FCMB, First Bank, Access Bank, Fidelity Bank, GT Bank and UBA can now also access USD payout through the bank transfer and cash pickup options. Those receiving transfers into Union Bank, Polaris Bank and Zenith Bank accounts can access USD payout only through the cash pickup option.
About World Remit:
World Remit is an online money transfer business enabling customers to send money to family and friends using various payment options.
Nigeria in focus:
Population: 200.9 million (2019)
GDP: $448.12 billion (2019)
GDP Per Capita: $2,229 (2019)