Polaris Bank Starts Paying Dollars to Recipients of Foreign Inflows

Polaris Bank has commenced the payment of dollars to recipients of remittance inflows across all its branches.

In a statement forwarded to all customers, the bank said beneficiaries of foreign inflows can now receive their funds in United States dollars or directly to their domicilary bank account in the bank.

It said the service is also available to non-account holders looking to receive foreign remittance via any of the International Money Transfer Operators (IMTOs).

Mrs. Adebimpe Ihekuna, the Group Head, Product and Market Development, Polaris Bank, said beneficiaries of foreign inflows have started receiving their funds in United States dollars. According to her, the whole transaction is done within minutes once they provide proper identification, including Bank Verification Number (BVN).

She, therefore, urged both Nigerians in the diaspora and their beneficiaries of foreign remittance to take advantage of the bank’s dollar cash option service.

The move is in line with the new Central Bank of Nigeria’s diaspora remittance policy aimed at stimulating economic productivity and reduce the prevalent dollar scarcity hurting economic recovery process.