WorldRemit, a leading cross-border digital payments service,
welcomes the Central Bank of Nigeria’s (CBN) announcement that all Nigerian
banks will be mandated to facilitate money transfers by automatically opening
US Dollar bank accounts for those who do not currently have US Dollar bank
accounts. This development ensures that all international money transfers will
be successfully processed even if senders enter Naira account details for
transactions.
Further to this announcement, the CBN also stated that a
$2,000 withdrawal limit will apply to these accounts. A number of analysts have
described this recent development as a long-awaited and broadly welcome policy
that will benefit both senders and recipients. The apex bank has said these
changes will ensure that transactions do not fail due to a recipient not having
a US Dollar bank account. It will also introduce transparency by guaranteeing
that all recipients receive an exchange rate that reflects the market rate.
Speaking on this announcement Gbenga Okejimi, Country Manager, Nigeria and Ghana, at WorldRemit, said: We are very pleased by the CBN’s decision to mandate Nigerian banks to help citizens who do not have a USD account by automatically providing this facility on their behalf. This development will make all the difference to those who receive support from family and friends abroad.
For our part, we are excited by the fact that we can
continue to enable the transfer of remittances to more people across Nigeria
whilst also supporting the Nigerian government in its efforts to strengthen the
economy. When our founder came up with the idea to create WorldRemit, it was
with the ultimate goal of ensuring that the diaspora community could send money
back home easily and through a safe platform. I am proud to say that we are
constantly evolving, innovating and adapting to ensure that our customers’ needs
are met efficiently”
WorldRemit recently announced the expansion of its US Dollar
payout option with nine of its existing bank partners. This development makes
it an International Money Transfer Organizations (IMTO) with one of the
broadest and largest USD payout networks in Nigeria.
Customers of FCMB, First Bank, Access Bank, Fidelity Bank,
GT Bank and UBA can now also access USD payout through the bank transfer and
cash pickup options. Those receiving transfers into Union Bank, Polaris Bank
and Zenith Bank accounts can access USD payout only through the cash pickup
option.
The pioneering fintech company continues to build new
partnerships and develop methods to continue serving more people across
Nigeria. This helps to create a pipeline for funds to flow into the country
thereby improving socioeconomic outcomes and supporting the sustainable
development of the nation. This announcement builds upon WorldRemit’s efforts
to give Nigerian customers more convenient options through broadening cash pickup
and bank transfer services, in line with relevant regulatory requirements.
WorldRemit has developed a Transfer Tracker App which allows
recipients of money transfers to track their funds. The app is free to download
through the Google app store in a number of countries including Nigeria. The
innovative cross-border payments company continues to create opportunities for
customers to support their family and friends across the world.
For more details, visit: www.worldremit.com
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