WorldRemit Announces Cash Pick-up for Nigerian Customers

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  • WorldRemit Announces Cash Pick-up for Nigerian Customers

WorldRemit, an international money transfer company operating in Nigeria, has launched a new service that will allow Nigerians to receive remittances in cash across a few local banks.

Nigerians can now pick up money in any branch of FCMB Bank, Fidelity Bank, Access Bank, Zenith Bank, and Polaris Bank across the country.

Andrew Stewart, the Managing Director, Middle East and Africa, WorldRemit, said “WorldRemit is delighted to expand its service offering in Nigeria. We recognise that the future of international payments will increasingly be defined by diversity and choice as more countries across the world strive to achieve universal financial inclusion.”

According to the company, sending and receiving money in Africa has always been tough and costly with limited options despite the volume of remittance transactions to Sub-Saharan Africa estimated at $46 billion in 2018, up from $37.8 billion in 2017.

Stewart said thanks to the company’s technology initiatives as customers living in over 50 countries can now send money home for pick-up in just a few minutes via a few clicks on their phones.

“We also offer notifications to both senders and recipients when the money has been sent and received for complete peace of mind,” Stewart said.

The new cash pick-up option is also available in other African countries like Ethiopia, Zimbabwe, Ghana, and Morocco.

In recent years, remittances have bolstered Nigeria’s economy and deepen growth in sectors like real estate.

Unlike the unstable oil and gas revenue, remittance inflow is generally stable and not impacted by conflict or economic uncertainty peculiar with most African nations.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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