June 6, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-First Bank of Nigeria Limited and leading online international money transfer services firm, WorldRemit has partnered for instant money transfers directly to FirstBank accounts in Nigeria.
“The new strategic partnership considerably expands WorldRemit’s footprint and allows its customers in over 50 countries to send money to FirstBank accounts directly from their phones,” an emailed statement from FirstBank said.
According to the statement, the deal supports WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020. “FirstBank is collaborating with WorldRemit to drive convenience and ease of banking for its teeming customers as well as provide the much-needed push for financial inclusion initiatives,” the statement added.
The statement says 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.
It affirmed 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.
WorldRemit’s mobile-first, digital model provides migrants abroad with an affordable means of sending money, in a few taps directly from their phones – without the inconvenience of visiting brick and mortar agent locations. WorldRemit customers’ complete over one (1) million transfers every month from 50 send countries to over 145 destinations. More than half of these transfers go to Africa.
“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,” Andrew Stewart, regional head of Middle East & Africa, WorldRemit said.
Abiodun Famuyiwa, group head, Products and Marketing Support at FirstBank said the lender is excited to be working with WorldRemit in delivering swift digital remittances to its customers in Nigeria. “This partnership is one of the numerous ways the bank would continue to put customers first by leading the industry in the use of technology to provide safe, convenient and fast banking solutions,” he added.
To find out how to send money to Nigeria please visit https://www.worldremit.com/en/nigeria
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