By Ahmed Rahma
A leading cross-border digital payments service, WorldRemit, has strictly adhered to the directive of the Central Bank of Nigeria (CBN) that all banks should facilitate money transfers by automatically opening US dollar accounts.
The apex bank also stated that a $2,000 withdrawal limit will apply to these accounts, explaining that it was to ensure that transactions do not fail due to a recipient not having a US dollar bank account.
According to the central bank, this development will also promote transparency by guaranteeing that all recipients receive an exchange rate that reflects the market rate.
Reacting to this policy, the Country Manager of Nigeria and Ghana at WorldRemit, Mr Gbenga Okejimi, said they were very pleased by the CBN’s decision to mandate Nigerian banks to help citizens who do not have a USD account by automatically providing this facility on their behalf.
“This development will make all the difference to those who receive support from family and friends abroad.
“For our part, 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,” Okejimi said.
“When our founder came up with the idea to create WorldRemit, 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,” he said.
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 Organizations (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.
