WorldRemit leads the way offering a USD payout option in Nigeria
4/12/2020 | 3 minute read
New CBN rules allow beneficiaries to withdraw funds in USD to boost formal remittances to Nigeria
London, December 4, 2020 -- WorldRemit, a leading digital cross-border payments business has announced that its customers in Nigeria can now receive remittances in foreign currency (USD) through its cash pick up providers. Following the announcement of the Central Bank of Nigeria (CBN) a day before, WorldRemit quickly adapted to the new requirements making it the first digital service to offer its customers worldwide the option of cash pickup in USD in Nigeria. WorldRemit enables Nigerians in over 50 countries around the world to support their family and friends in Nigeria.
The decision by the Central Bank of Nigeria (CBN) to allow international money transfers to be paid in foreign currency, is aimed at providing increased liquidity in the foreign exchange market. The bank explained that the new regulation is part of its efforts to liberalize, simplify and improve the receipt and administration of diaspora remittances into Nigeria.
Gbenga Okejimi, Country Manager, Nigeria and Ghana, at WorldRemit, said: “ We are very happy to announce that customers can continue to send money to Nigeria seamlessly using WorldRemit. We have added a new option to send USD for cash pick up to approximately 3,500 cash payment points around the country. This will make international payments more convenient for Nigerians during this holiday season, when we typically see an increase in transfers.” Gbenga Okejimi emphasized that WorldRemit customers can continue to send money transfers quickly and securely to Nigeria via multiple payout methods such as bank accounts, cash pick up and airtime top-up.
Records indicate that there are approximately 15 million migrants from Nigeria living abroad in countries such as the United States, the United Kingdom, Canada and Italy. The Economist estimates that in 2018 alone Nigeria received $24 billion in remittances, making it the largest recipient in Africa.
The efforts from the CBN and WorldRemit, show a collaborative approach to supporting remittance flows to Nigeria.
For more information, please visit www.worldremit.com.
About WorldRemit
We are a leading global payments company and, along with Sendwave, part of Zepz, a group powering two global remittance brands.
We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower cost. We currently operate in more than 5,000 money transfer corridors worldwide and as part of Zepz, are part of a 1,400 person global workforce.
Sending money with WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, we offer a wide range of options, including bank transfer, cash pickup, airtime top up and mobile money.
Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom, with regional offices in the United States, Poland, Canada, Australia, Hong Kong, Singapore, Malaysia, the Philippines, South Africa, Somaliland, Uganda, Kenya, Rwanda, Tanzania, Zimbabwe and Belgium.
About Zepz
Zepz Group is the group powering leading global remittance brands: WorldRemit and Sendwave. Since 2021, Zepz Group has been disrupting an industry previously dominated by offline legacy players by reducing the barriers to finance and increasing safety and convenience for users. Every day, Zepz Group and its brands work towards unlocking the prosperity of cross-border communities through finance and technology - driven by the vision of a world that celebrates migrants’ impact on prosperity, at home and abroad.
Zepz Group brands have helped cross-border communities send over $15bn from 50 countries, to recipients in 130 countries in 2022, and operate over 5,000 money transfer corridors worldwide. Zepz Group employs over 1,400 people globally as a remote-first employer, with team members located across six continents.
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