WorldRemit.com has been approved by the Central Bank of Nigeria (CBN) to resume international money transfer services to Nigeria, after its services and of hundreds others were suspended at the beginning of August 2016.
According to Ismail Ahmed, founder and CEO of WorldRemit, “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.”
With headquarters in London, UK with regional offices in the United States, Canada, Japan, Australia and New Zealand, WorldRemit allows users to just open the app or visit the website to send money, eliminating agents altogether. The platform allows users to send money to Mobile Money, bank transfer, cash pickup, and mobile airtime top-up. The firm is available in over 50 countries and 125+ destinations and is backed by Accel Partners and TCV – investors in Facebook, Spotify, Netflix and Slack.
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.