Nigerian diaspora to benefit from increased competition in remittance market
WorldRemit, the leading digital remittance service, commends the restoration of money transfers to Nigeria, following the decision of the Central Bank of Nigeria (CBN) to approve WorldRemit and other international money transfer operators (IMTOs).
At the beginning of August 2016, hundreds of IMTOs suspended their operations, leaving the Nigerian diaspora to rely on Western Union, MoneyGram and Ria.
WorldRemit launched its service to Nigeria in 2011 when it pioneered low-cost instant deposits to all bank accounts. The service provided the Nigerian diaspora with an easy, fast and secure way to send money home as well as bringing much-needed foreign exchange into the local economy. Supporting the country’s move towards a cashless economy, 100% of transactions were either bank deposits or airtime top-ups.
Ismail Ahmed, founder and CEO of WorldRemit, comments: “We commend the CBN for reaffirming the country’s commitment to building an enabling environment and level-playing field for international money transfer services to Nigeria. The new environment will help to bring the estimated 50% of remittances to Nigeria that currently go through unregulated, informal networks into the formal channels.
“We’re grateful to the many Nigerians both at home and in the diaspora that supported our call for money transfers to be restored. A competitive remittance market provides Nigerians with greater convenience and better pricing.”
To celebrate the relaunch of its service to Nigeria, WorldRemit is offering promotional pricing of nominal $0.01, €0.01, £0.01 or equivalent in fees on all money transfers to Nigeria until 30 September 2016.