Dipo Olowookere
By Dipo Olowookere
A leading international cross-border payments company headquartered in London, WorldRemit, is already making plans to expand its bank payout network for transfers to domiciliary bank accounts in Nigeria.
At the moment, the company has the largest bank payout network in the country with top financial institutions like Access Bank, First Bank, GTBank, UBA, FCMB and Fidelity Bank.
The organisation has also partnered with some lenders in the country for cash pickup in Dollars like Fidelity Bank, First Bank, Access Bank, Polaris Bank, FCMB, Zenith Bank and Union Bank.
But WorldRemit intends to grow these channels so as to offer greater convenience for senders and recipients in line with the directive of the Central Bank of Nigeria (CBN) last year.
In 2020, the apex bank directed banks and International Money Transfer Operators (IMTOs) to pay beneficiaries of diaspora remittances in currencies of the senders’ country.
WorldRemit was the first cross-border payments business to implement this order, allowing beneficiaries to receive their funds in US dollars in Nigeria, both for cash pickup collection and into bank accounts.
To make the transactions more convenient and secure, the firm ensured that both senders and recipients automatically receive transaction and PIN numbers via SMS and email, which must be presented for cash pick up along with their ID.
A customer of WorldRemit, Mr Eniola, a UK-based father of two, shared his experience of sending money to Nigeria through the platform.
“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,” he said.
According to a research by PwC, Nigeria attracts about $24 billion inflows in annual foreign remittances, which is about 6 per cent of the nation’s Gross Domestic Product (GDP).
