Digital money transfer company WorldRemit is significantly expanding its service in Nigeria by introducing a new cash pick-up service at all branches of FCMB Bank, 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. By the end of the year, WorldRemit will more than double its cash pick-up network to over 5,000 branches nationwide.
The new service builds on WorldRemit’s efforts to offer Nigerian customers choice and convenience. As well as instant cash pickup, customers can also send money to Nigeria via bank transfer, airtime top-up and mobile money.
In Nigeria where nearly 40% of adults are unbanked and the informal economy accounts for 65% of the economy, cash still plays a vital role in bringing the unbanked population into the financial system and supports millions of families.
Recent WorldRemit research shows that 200,000 children are in school due to money sent from loved ones living abroad. 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.
WorldRemit’s mobile-first, digital model saves customers time and money as they do not have to visit a bricks and mortar agent to send money home. International transfers to bank accounts, Paga mobile money accounts, and cash pick-up via WorldRemit are instant.
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. The World Bank estimates that in 2018 alone Nigeria received $26 billion in remittances, making it the largest recipient in Africa.
Andrew Stewart, Managing Director for Middle East and Africa at WorldRemit, comments: “WorldRemit is delighted to expand its service offering in Nigeria, and introduce more recipients to our award-winning fast and convenient service. We recognise that the future of international payments will increasingly be defined by diversity and choice as more countries across the world strive to achieve universal financial inclusion.
“Using our app or website, customers living in over 50 countries can now send money home for collection as cash in just a few taps from their phones. We also offer notifications to both senders and recipients when the money has been sent and received for complete peace of mind.”
WorldRemit sends from over 50 countries to over 150 destinations via its app and website. The company is partnered with over 20 major Nigerian banks.