Digital money transfer company, WorldRemit has collaborated with First Bank of Nigeria to ensure instant money transfers to all First Bank accounts in Nigeria. The deal is expected to see WorldRemit expand its footprint in Nigeria and allow customers in over 50 countries to send money to First Bank accounts directly from their phones.
The deal is in line with WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020.
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. 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 per cent for sending $200, according to the World Bank.
Andrew Stewart, Regional Head of Middle East & Africa at WorldRemit, said: “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 partner in the country that will further support Nigeria’s transition from offline remittances to online, safer, faster and lower-cost money transfer methods.”
Abiodun Famuyiwa, Group Head of Products and Marketing Support at First Bank, added: “The Bank is excited to be working 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”.
First Bank is collaborating with WorldRemit to drive convenience and ease of banking for its customers as well as provide the much-needed push for financial inclusion initiatives.
Established since 1894 and with a footprint in 6 African countries and a full-fledged branch in London, First Bank has over 14 million customer accounts and more than 750 business locations providing a comprehensive range of retail and corporate financial services across these markets.