WorldRemit, leading digital money transfer service has collaborated with First Bank of Nigeria for instant money transfers to all First Bank accounts in Nigeria.
The deal supports WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020. The new strategic partnership considerably expands WorldRemit’s footprint in the country and allows its customers in over 50 countries to send money to First Bank accounts directly from their phones.
First Bank is collaborating with WorldRemit to drive convenience and ease of banking for its customers as well as provide the much-needed push for financial inclusion initiatives. Established since 1894 and with footprint in 6 African countries and a full-fledged branch in London.
With a diaspora of over 15 million people living in countries such as the United States, the United Kingdom and Germany, remittances play an increasingly important role in Nigeria’s economy. The World Bank estimates that in 2017 alone Nigeria received over $22 billion in remittances, making it the largest recipient in Africa. Sub-saharan Africa still remains the most expensive region to send remittances to, with an average cost of 9.4 percent for sending $200, according to the World Bank.
The Regional Head of Middle East & Africa at WorldRemit, Andrew Stewart, said: “We are delighted to be partnering with First Bank, one of Nigeria’s leading banks, to give its 14 million customers access to our best in class money transfer experience. Nigeria remains our largest and fastest growing market in Africa, and WorldRemit’s second biggest market globally.’’
This is a key partnership in the country that will further support Nigeria’s transition from offline remittances to online, safer, faster and lower-cost money transfer methods.
