WorldRemit, a digital cross-border payments business, has said that its customers in Nigeria can now receive remittances in foreign currency (USD) through its cash pick up providers
Following the Central Bank of Nigeria (CBN) announcement, WorldRemit adapted to the new requirements, making it the first digital service to offer its customers worldwide the option of cash pickup in USD in Nigeria.
WorldRemit enables Nigerians in more than 50 countries worldwide to support their family and friends in Nigeria.
The Central Bank of Nigeria (CBN) decision to allow international money transfers to be paid in foreign currency is aimed at providing increased liquidity in the foreign exchange market. The bank explained that the new regulation is part of its efforts to liberalise, simplify and improve the receipt and administration of diaspora remittances into Nigeria.
Gbenga Okejimi, country manager, Nigeria and Ghana, at WorldRemit, said, “We have added a new option to send USD for cash pick up to approximately 3,500 cash payment points around the country. This will make international payments more convenient for Nigerians during this holiday season, when we typically see an increase in transfers.”
Okejimi emphasised that WorldRemit customers can continue to send money transfers quickly and securely to Nigeria through multiple payment methods, such as bank accounts, cash pick-ups and airtime pick-ups.
Records indicate that approximately 15 million migrants from Nigeria live abroad in countries such as the US, the UK, Canada and Italy. The economist estimates that in 2018 alone, Nigeria received US$24bn in remittances, making it the largest recipient in Africa.
The efforts from the CBN and WorldRemit, show a collaborative approach to supporting remittance flows to Nigeria.
