WorldRemit, Fidelity Bank Sign Instant Money Transfers Deal

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By Modupe Gbadeyanka

A partnership has been entered into between WorldRemit and Fidelity Bank Plc to ensure customers of the latter enjoy instant money transfers services rendered by the former.

According to the World Bank Nigeria received over $22 billion in remittances last year, making it the largest recipient in Africa and fifth largest recipient globally.

As part of its strategies to tap into this huge market, WorldRemit, which renders digital money transfer services, felt it was necessary to work together with Fidelity Bank, which is SME and tech friendly, to achieve this goal.

With Fidelity Bank boasting of over 4 million customers, the plan of WorldRemit to connect 10 million customers in emerging markets by 2020 seems to be on course.

This allows the 15 million-strong Nigerian Diaspora living in over 50 countries – including the United States, the United Kingdom, and Germany, to send money directly from their phones to recipients locally.

Commenting on the deal, Regional Director of Africa and the Middle East at WorldRemit, Mr Andrew Stewart, disclosed that, “Nigeria remains our largest and fastest growing market in Africa, and WorldRemit’s second biggest market globally.”

“We are delighted to be partnering with Fidelity, a leading bank in Nigeria, and a major player in the remittance business, to introduce its customers to our best in class online money transfer service, which offers a safer, faster and more cost-effective way to send and receive funds,” he added.

On his part, Managing Director of Fidelity Bank, Mr Nnamdi Okonkwo, stated that, “WorldRemit offers a low-cost way to send and receive money.”

“The opportunity for our customers to receive money from over 50 countries in a quick, affordable and convenient manner with WorldRemit is in line with our promise to deliver a new standard of service in the financial services industry,” he added.

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