Categories: Mobile

WorldRemit commends Restoration of Money Transfers to Nigeria

Nigerian diaspora to benefit from increased competition in remittance market

WorldRemit (www.WorldRemit.com/en/Nigeria), 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 ten 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 just three approved companies to send money home, as well as unregulated, informal networks.

Now WorldRemit has received a letter of approval from the CBN enabling its services to Nigeria to be resumed.

Ismail Ahmed, founder and CEO of WorldRemit, comments: “We launched our service to Nigeria in 2011 when we pioneered instant deposits to all bank accounts. Our service provided the Nigerian diaspora with an easy, secure and low cost way to send money home as well as bringing much-needed foreign exchange into the local economy. We’re delighted that we can now resume operations.

We commend the the Central Bank of Nigeria for reaffirming the country’s commitment to building an enabling environment and level-playing field for international money transfer services to Nigeria. Increased competition will help to bring the estimated 50% of remittances to Nigeria that currently go through unregulated, informal networks into formal networks channelled through licensed IMTOs.

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 $0.01, €0.01, £0.01 or equivalent on all money transfers to Nigeria until 30 September 2016.

Innov8tiv.com

Innov8tiv is a dynamic Web source for technology news, resources and innovation, with a special focus on the entrepreneurial advances of Africans on the continent as well as in the Diaspora. This site seeks to not only inform consumers and companies about the latest in tech trends and ideologies, but to shed light on a phenomenon often ignored: the inventive, life-changing and creative engine that exists in Africa and among leaders of color around the world, including the UK, the Caribbean, Australia, and Asia. Send story ideas to info@innov8tiv.com

Recent Posts

How to Prepare for a Personal Injury Claim

If you’ve been injured or suffered damages as the result of the actions of a…

9 hours ago

Fintech makes investment into FundingHub to boost SME funding in SA

Finch Technologies, a Cape-based fintech focused on creating better fintech ecosystems, has made a further…

10 hours ago

The Best Ways to Improve School Administration

When your job involves helping a school to fulfill any administrative or office needs, you…

12 hours ago

DO’S and DON’TS In Scrum

Scrum is a term you’ve probably heard in the same sentence as project management. As…

20 hours ago

How Buying Likes For Your YouTube Videos Are Beneficial For You?

Do you know what YouTube? Most of you just know YouTube as the platform where…

2 days ago

How to Prepare for a Personal Injury Claim

If you’ve been injured or suffered damages as the result of the actions of a…

2 days ago