WorldRemit, an online money transfer service, is collaborating with one of Nigeria’s leading commercial banks, Fidelity Bank Plc, to effect instant money transfers to all its accounts in Nigeria. This is happening as remittances continue to contribute to the recovery and growth of Nigeria’s economy. According to the World Bank, Nigeria was Africa’s largest recipient of remittances in 2017 and the fifth largest in the world receiving $22 billion.
WorldRemit was founded by Ismail Ahmed, Catherine Wines and Richard Igoe in 2010 and is available to senders in 50 countries offering transfers to more than 140 destinations across Europe, Asia, Africa, Australia and the Americas. WorldRemit is relatively cheaper compared to other money transfer services. It is continually revolutionizing the way money is sent across borders by bringing the money transfers online thereby making the whole process quicker, easier and more secure. Money can be received via mobile money or airtime top-up option for the customers who don’t operate bank accounts.
Fidelity Bank, on the other hand, ranks among Nigeria’s most capitalized banks and has over 240 business offices across all the major cities in Nigeria. This partnership is in line with WorldRemit’s plans to increase its activities in Nigeria and expand its reach with 10 million customers connected to emerging markets by 2020. It serves Fidelity Bank’s commitment to innovative digital products aimed at boosting innovation and increased financial inclusion.
WorldRemit Regional Director of Africa and the Middle East, Andrew Stewart acknowledged Nigeria as their largest and fastest growing market in Africa, and WorldRemit’s second-biggest market globally owing to the over 15 million Nigerians in the diaspora. He expressed delight at partnering with Fidelity Bank and hopes the two can work together and deliver to its’ customers the best in class online money transfer service, which offers a safer, faster and more cost-effective way to send and receive money.
Managing Director and Chief Executive Officer (CEO) of Fidelity Bank Plc, Nnamdi Okonkwo said the bank embraced the partnership because it offers its customers the option of receiving money from over 50 countries in a quick, affordable and convenient manner. He noted that it is in line with the Bank’s promise to deliver a new standard of service in the financial services sector.
This is a great partnership giving the fast-paced world we live and operate in. Customers of this service can now send money on the go right from their smartphones by simply downloading and installing the app or making use of the web platform. Owners of Fidelity Bank accounts can also receive money from abroad directly into their bank accounts.