WorldRemit Adds Naira as Payout Option for Customers Sending Money to Nigeria
WorldRemit, Zepz’s worldwide remittance network, has announced Naira currency remittances as Payout Option for Customers Sending Money to Nigeria, an additional product for Nigerian consumers, which are now available via bank transfer, airtime top-up, and at all cash pick-up locations across the country.
Last year, approximately 1.5 million Nigerian migrants around the world returned more than US$20 billion into Nigeria, making the country the eighth largest remittance receiving country in the world. Remittances account for more than 4% of Nigeria’s overall economy, making timely and efficient transmission of remittances critical not only on an individual level, but also as a driver of economic stability for the country.
Payout Option for Customers Sending Money to Nigeria
Nigerians can now contribute contributions in Naira, allowing them to make a greater impact with their money and benefit from favorable exchange rates into the country. We know that one in every nine people in the world rely on money given by friends and family who have relocated abroad for work. This enables migrants to make a significant difference with their regular remittance behaviors, while also allowing receivers to accomplish more with their received funds.
The International Monetary Fund has warned Nigeria against the dollarization movement, claiming that it has increased black market money flow, destabilized the role of the currency rate, and caused unhappiness among those who rely on remittances. Nigerians can feel more secure about sending money to their loved ones thanks to the newly appointed Central Bank of Nigeria governor’s turn toward providing a safer route for the Naira currency.
“Customer needs are at the forefront of our minds with every innovation and feature we develop and invest in,” stated Mark Lenhard, CEO of Zepz. “Enabling Naira currency for this vast community is a necessary and obvious choice to ensure Nigerians all over the world have access to reliable, secure methods of money movement.”
WorldRemit users can send money in Naira by selecting ‘Nigeria NGN’ and then selecting Cash Pick-Up as the receive method. Transfers sent with WorldRemit typically arrive within minutes, making sending money to loved ones easier than ever.
Visit worldremit.com to learn more about sending Naira.
