New USD cash pickup service now available
As a global digital money transfer company operating out of 50 countries and sending to over 150, it’s crucial that we’re always able to respond without delay to fast changing circumstances around the world.
And so, following a new directive from the Central Bank of Nigeria (CBN) about the way in which money can be received in the country, we worked hard to quickly adapt our services to the changes. Thanks to our agility, we were the first digital service to enable customers in Nigeria to pick up their cash in USD when receiving transfers from abroad.
With the new service, our customers can continue sending money to Nigeria without interruption during the coming holiday season. And recipients in Nigeria can enjoy the convenience of collecting their cash from a wide choice of location.
“We’re very happy to announce that customers can continue to send money to Nigeria seamlessly using WorldRemit. We’ve added a new option to send USD for cash pickup 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, Country Manager, Nigeria and Ghana,
We are pleased to confirm that the cash pickup service in USD is working well and fast, with the majority of our transactions taking less than 10 minutes to reach their cash pickup point. Customers can also continue to send airtime to Nigeria from 50 countries around the world.
More about the Central Bank of Nigeria’s changes
The Central Bank of Nigeria (CBN) decided to allow international money transfers to be paid in foreign currency, in order to provide increased liquidity in the foreign exchange market. The bank explained that the new regulation is part of its efforts to liberalise, simplify and improve the receipt and administration of diaspora remittances into Nigeria.
The CBN issued a circular on 30 November, 2020 instructing that International Money Transfers should be paid out in United State Dollars. Two days after the new regulation had come into force, our teams had already adapted to the change. We made it possible for our customers to continue sending money to Nigeria from nearly 50 countries, this time in USD, without any disruption.
The Nigerian diaspora
Records show 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 of money transfer in Africa.
With this in mind, it was important that WorldRemit responded quickly to the Central Bank of Nigeria’s changes. Many of our customers send money regularly to Nigeria, even more so during this time of the year. We needed to work quickly with our partners to offer customers a service that met the CBN’s new requirements. We’re delighted that we can now offer a new cash pickup service in USD - alongside our airtime top up services.