WorldRemit Lauds CBN’s USD Bank Account Opening Policy

Image

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.

Share
Related Stories
Image
12-September-2023

Yellow Card, MoonPay to Expand Crypto Access in Nigeria

By Adedapo Adesanya Yellow Card has joined forces with MoonPay, a global leader in the cryptocurrency ecosystem, towards expanding cryptocurrency accessibility in Nigeria by leveraging local bank transfers. Despite a ban on trading via official channels, Nigeria has emerged as a powerhouse in the African cryptocurrency landscape, with increasing numbers of individuals turning to digital assets to hedge against inflation and economic uncertainty. The volatility in the local crypto market, marked by the recent challenges faced by various crypto companies in Nigeria, has underscored the critical need for a stable and reliable means of accessing cryptocurrencies. This partnership between both

Image
07-September-2023

Awe Tasks Nigerian Banks on Early Adoption of ESG Principles

By Aduragbemi Omiyale If Nigerian banks intend to have a competitive advantage in the global market, then they must quickly integrate environmental, social, and governance (ESG) principles into their business strategies. This was the submission of the chief executive of the NGX Regulation Limited (NGX RegCo), Ms Tinuade Awe, at the 16th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers in Nigeria (CIBN) in Abuja. Recall that Nigeria has made a commitment to adopt the International Sustainability Standards Board (ISSB) standards. At a panel session titled ESG in the Financial Services Industry: Challenges, Opportunities, and the

Image
21-September-2023

Houston Texas Mayor Endorses Fidelity Bank’s Trade Expo

By Aduragbemi Omiyale The forthcoming trade expo organised by Fidelity Bank Plc has received the endorsement of the Mayor of Houston Texas, Mr Sylvester Turner. Mr Turner, in a short video, highlighted the several side attractions scheduled for FITCC Houston and encouraged businesses to take advantage of the expo to expand their businesses beyond borders. He described the event as “A catalyst to support bilateral trade between Nigeria and Houston; and an opportunity for the Houston community and the diaspora to explore emerging trends, forge new partnerships and unlock new possibilities.” The Nigerian lender will, on Tuesday, October 24 and

Image
21-September-2023

CBN Unveils LARP to Ease Microfinance Bank Licence Application

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has unveiled a digital platform for the submission of Microfinance Bank (MFB) licence applications with effect from Monday, September 25. The apex bank made this known in a statement signed by its Director of Corporate Communications, Mr Isa AbdulMumin. “The Central Bank of Nigeria (CBN) is pleased to announce the unveiling of a new online platform for submission of microfinance bank (MFB) licence applications,” the statement released on Wednesday said. According to the statement, the new online platform is called the CBN Licensing, Approval and Other Requests Portal (CBN LARP) and

More Stories
Image
29-July-2019

MTN Nigeria to Pay Shareholders N60bn August 16

By Dipo Olowookere The sum of N60 billion would be shared to holders of MTN Nigeria Communications Plc stocks, the leading telco in the country has announced. In a disclosure last week, the firm said the amount was a cash reward for the half year ended June 30, 2019 and it represents N2.95k per share. According to the notice, the payment would be made on Friday, August 16, 2019 only to shareholders whose name appear on names appear in the register of members as at the close of business on Monday, August 8, 2019. Last week, MTN Nigeria released its

Image
04-February-2020

US to Return $308m Confiscated Funds to Nigeria

By Adedapo Adesanya The Governments of Jersey, Nigeria and the United States of America on Monday, February 3, entered into an Asset Recovery Agreement to repatriate over $308 million of forfeited assets to Nigeria. The disclosure was made in a joint press release posted on the US embassy website on Tuesday and sighted by Business Post. In the statement, it was disclosed that the funds were laundered through the US banking system and then held in bank accounts in Jersey under the name of Doraville Properties Corporation, a BVI company, and in the name of the son of the former

Image
20-October-2021

23,000 Nigerians Benefit from Chevron Scholarship

By Adedapo Adesanya Chevron Nigeria has disclosed that 23,000 Nigerians have benefitted from its scholarship programmes since its inception, including postgraduate scholarship in Nigeria and foreign universities. The Chairman and Managing Director of Chevron Nigeria and Mid-Africa Business Unit, Mr Rick Kennedy, said over 16,500 students from all the 36 states in Nigeria have benefitted from the Medical and Engineering Professional Scholarship programme, put together by Chevron and her JV partners in Agbami field, since 2009. The Chevron boss explained that from the 16,500 Medical and Engineering Professional Scholarship, 715 students have graduated with first-class degrees. CNL’s General Manager, Policy,

Image
06-December-2017

Oando Crisis: Reps Probe Gwarzo’s Suspension by Minister

By Dipo Olowookere An investigation has been launched into the circumstances surrounding the suspension of the Director-General of the Securities and Exchange Commission, Mr Mounir Gwarzo, by the Minister of Finance, Mrs Kemi Adeosun. The regulatory chief was suspended last week for allegedly failing to stop a forensic audit of Oando Plc, accused of gross financial misconduct. At the plenary on Tuesday, a lawmaker in the House of Representatives, Mr Diri Douye, called the attention of his colleagues to an alleged interference by the Ministry of Finance in the activities of the capital market regulator. In his motion of urgent

Image
04-October-2022

Oil Jumps $4 as OPEC+ Mulls One Million Barrels Per Day Cut

By Adedapo Adesanya Oil increased its value on Monday on considerations of reducing output by more than 1 million barrels per day to buttress prices with what would be the biggest output cut since the start of the COVID-19 pandemic. Brent crude futures for December delivery rose by $3.72 or 4.4 per cent to $88.86 a barrel as the US West Texas Intermediate (WTI) crude futures improved by $4.14 or 5.2 per cent to $83.63 a barrel. The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, is considering an output cut of more than

Image
28-June-2023

Winnie Ngaji Wins Zoho Creator-Powered Ladies Can Tech Contest

By Aduragbemi Omiyale Ms Winnie Ngaji has emerged as the winner of the Ladies Can Tech event, an app-building competition put together by Harvoxx Tech Hub in partnership with Web Work Tools Limited. The first and second runners-up of the contest were Ms Princess Ganobi and Ms Sharon Uzu, respectively, and they have been awarded N100,000 Zoho Wallet credits that can be utilized for Zoho Creator Plus subscription that includes Zoho Creator, Zoho Flow, and Zoho Analytics. The winners will also receive dedicated support from the Zoho team. The competition, designed to promote the participation of women in the tech

Image
11-August-2021

Naira Exchange Rate Remains N510/$1 at Parallel Market

By Adedapo Adesanya The exchange rate of the Naira to the United States Dollar remained unchanged at both the parallel market and the Investors and Exporters (I&E) segments of the foreign exchange (FX) market on Tuesday, August 10. This is as the demand pressure witnessed two weeks ago after a sudden policy of the Central Bank of Nigeria (CBN) concerning forex sales has waned in the past few days. Yesterday, at the black market, the value of the local currency against its American counterpart remained flat at N510/$1. However, the indigenous currency appreciated by N2 against the Pound Sterling at

Image
01-October-2018

Ambode Desecrated Office of Governor Attacking Me—Sanwo-Olu

By Dipo Olowookere The main challenger for the Lagos State governorship ticket of the All Progressives Congress (APC) primary today, Mr Babajide Sanwo-Olu, has described the attack on his person by Governor Akinwunmi Ambode yesterday at a world press conference in Ikeja, the state capital, as unfortunate. The Governor had alleged that Mr Sanwo-Olu, who has the support of various party stakeholders in the state, was not fit to govern Lagos State. According to Mr Ambode, his challenger was once arrested in the United States for spending fake American Dollars at a night club and had allegedly been admitted at

Ad
Ad
Recent Stories
Image
28-September-2023

NUPRC’s Gbenga Komolafe Cancels 60th Birthday Celebration Amid Calls for Sack

By Adedapo Adesanya The chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, has cancelled all activities lined up for his 60th birthday amid increased calls for his sack. Mr Komolafe, a Fellow of the Nigerian Society of Engineers (NSE), turned the milestone age on Tuesday, September 26 and there was a planned thanksgiving service to mark the day slated for this Saturday, September 30. However, he said that amid the current economic state in the country, he has decided to cancel all the planned celebrations, according to a report by Premium Times. This development comes

Image
28-September-2023

Independence: FG Declares Monday October 2 Public Holiday

By Adedapo Adesanya The federal government has declared Monday, October 2, 2023, a public holiday to celebrate Nigeria’s 63rd Independence Day, which falls on Sunday, October 1. The Minister of Interior, Mr Olubunmi Tunji-Ojo, made this known in a statement signed by the ministry’s Permanent Secretary, Mrs Oluwatoyin Akinlade, in Abuja on Thursday. Mr Olubunmi acknowledged the global socio-economic hardship, noting that Nigeria is not excluded. He, however, reasserted the government’s commitment to tackling the issues facing the country to reassure Nigerians. “It is today a known fact that difficult Socio-Economic and Security challenges are global, and Nigeria is not

Image
28-September-2023

NIMASA Becomes Best MDA in Digital Transformation

By Adedapo Adesanya The Nigerian Maritime Administration and Safety Agency (NIMASA) has been chosen as the best federal government agency in Digital Transformation. This recognition came from the Presidency through the Bureau of Public Service Reforms (BPSR). In a statement, it was disclosed that the Director-General of the maritime regulator, Mr Bashir Jamoh, has been nominated to receive the distinguished GovTech Trailblazers Award for his exemplary leadership. The BPSR explained that the nominees were picked from a nationwide nomination and online voting process initiated by the bureau, as well as a detailed analysis of the performance of all government MDAs

Image
28-September-2023

NLC Insists October Strike Sacrosanct

By Adedapo Adesanya The Nigeria Labour Congress (NLC) is set to embark on its planned strike as it said it does not have any agreement with the federal government to shelve the action. This came from its Head of Information and Public Affairs, Mr Benson Upah, who countered a statement by the Ministry of Labour and Employment. Mr Upah also said the NLC did not have any date for a meeting with the government that may lead to the suspension of the proposed strike. “We do not have any agreement with the government to suspend the planned strike action. Neither

Image
28-September-2023

We Need Foreign Direct Investment Now Than Ever Before—Shettima

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

Image
28-September-2023

Stanbic IBTC Insurance Unveils Funeral Expenses Cover Sunset Benefit Plan

By Aduragbemi Omiyale A new insurance product has been introduced into the underwriting sector in Nigeria by Stanbic IBTC Insurance Limited, a subsidiary of Stanbic IBTC Holdings Plc. The product is called Sunset Benefit Plan, a comprehensive funeral expenses coverage designed to provide financial security during the bereavement or loss of loved ones. A statement from the insurer explained that the Sunset Benefit Plan will help customers celebrate a life well spent, expressing optimism that it would transform the industry and bring peace of mind to policyholders and their families. “Having a comprehensive funeral expenses cover is a crucial part

Image
28-September-2023

Erisco Foods Threatens N5bn Suit Against Tomato Paste Reviewer

By Dipo Olowookere The chief executive of Erisco Foods Limited, Mr Eric Umeofia, has threatened to take legal action against one of the company’s customers, Mrs Chioma Egodi, who reviewed one of its products on Facebook. Mrs Egodi had in a social media post on September 17, 2023, claimed she bought Nagiko Tomato Mix, a product of Erisco Foods, a day earlier, and that it tasted too much sugar. “When I opened it (Nagiko Tomato Mix), I decided to taste it, Omo! Sugar is just too much!” she wrote in the now-deleted post. The woman said she went to the

Image
28-September-2023

Nigeria: An Economic Misnomer for Sixty-Three Years

By Enajite Enajero PhD His Excellency, Bola Ahmed Tinubu, President Federal Republic of Nigeria Dear Mr President, I must first congratulate you for becoming the President of Nigeria. Nigeria is faced with so many challenges. The problem facing Nigeria is not only that of reducing poverty but also that of saving a chunk of humanity by creating the capacity to coalesce the most populous Black Country into the comity of developed nations. Some might think Nigeria becoming a developed nation will not occur in the foreseeable future. The purpose of this letter is to assure the president that Nigeria could

Image
28-September-2023

Bitcoin, Ethereum, Others Rise as Dollar Index Jumps

By Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

Image
28-September-2023

More Schools to Join Airtel, UNICEF Re-imagine Education Program in Nigeria

By Aduragbemi Omiyale There are plans to add more schools to the Re-imagine Education program of Airtel Nigeria and the United Nations Children’s Fund (UNICEF) in Nigeria. In December 2022, both organisations launched the initiative to transform education, leveraging the power of technology to enhance teaching and learning experiences for children across the country. With a shared vision of empowering children through education, Airtel and UNICEF have been working together to provide innovative solutions that bridge the digital divide and create equal opportunities for all children. The two parties have promised to continue to work hand in hand to expand