NIGERIA – WorldRemit, a digital money transfer company, has introduced a new cash pick-up service at all branches of FCMB, Fidelity Bank, Access Bank, Zenith Bank and Polaris Bank.
Using the WorldRemit app or website, the Nigerian diaspora living in over 50 countries can now send money quickly and securely to 1,800 cash pick-up locations across 36 Nigerian states.
Andrew Stewart, Managing Director for Middle East and Africa at WorldRemit, said: “WorldRemit is delighted to expand its service offering in Nigeria, and introduce more recipients to our award-winning fast and convenient service.
The World Bank estimates that in 2018 alone Nigeria received US$26 billion in remittances, making it the largest recipient in Africa.
With a diaspora of 15 million people living in countries including the United States, the United Kingdom, Australia and Canada, remittances play a significant role in Nigeria’s economy.
Education is one of the sectors of the Economy which immensely benefits from diaspora remittance.
Recent WorldRemit research shows that 200,000 children are in school due to money sent from loved ones living abroad.
The research also noted that in the households that receive remittances, not only is more money spent on education, but children are also less likely to work and more likely to study.
The new service by WorldRemit’s therefore plays a critical role especially in providing the beneficiaries of diaspora remittances with a greater choice of financial services and convenience.
WorldRemit’s mobile-first, digital model would also offer convenience to Nigerians abroad as since they do not have to visit a bricks and mortar agent to send money home.
Customers can also send money to Nigeria via bank transfer, airtime top-up and mobile money using the newly launched cash pick-up service.
WorldRemit also noted that in Nigeria where nearly 40 per cent of adults are unbanked and the informal economy accounts for 65 per cent of the economy, cash still plays a vital role in bringing the unbanked population into the financial system and supports millions of families.
By the end of the year, WorldRemit plans to more than double its cash pick-up network to over 5,000 branches nationwide to serve a wider market and bring financial services to the majority of the unbanked population.