REMITTANCES

According to a new directive of the Central Bank of Nigeria (CBN), recipients of remittances from abroad henceforth have the option to receive their money in naira. This is in addition to the existing alternatives of being paid in dollar and eNaira. The directive, addressed to banks, international money transfer operators (IMTOs) and the general public, was contained in a …

Exchange rates crucially impact the trade and economic performance of a country and often, they indirectly influence many different areas of your day-to-day life, from the cost of your groceries at the local market, to the cost of fuel, job opportunities and even the value of the money you remit.  To help you get a good deal on your next …

Hon. Abike Dabiri-Erewa, Chairman/CEO, Nigerians in Diaspora Commission (NIDCOM), has commended Nigerians in the Diaspora on the rise of remittances in the first quarter of the year, by 20.3 per cent, representing the seventh consecutive quarterly increase in diaspora remittances since last quarter in 2020. In a statement by the Commission’s Head of Media and Public Relations, Abdur-Rahman Balogun, Dabiri-Erewa …

While rising costs of living have been globally observed, with inflation rates soaring to new highs in major economies, less-considered is the impact these costs have on migrants around the world who are often charged with financially supporting loved ones in their home countries. WorldRemit, a leading digital remittances company, conducted a multi-country study to determine the effects of the …

According to new World Bank data, remittance flows in 2020 to low- and middle-income countries (LMICs) were projected to fall by 7.2 per cent to USD 508 billion because of the economic crisis caused by the COVID-19 pandemic which negatively affected wages and employment for migrant workers. Instead, remittance flows fell by only 1.6 per cent to USD 540 billion, defying …

Nigeria’s diaspora remittances have been projected to rise by five per cent to $22bn by the end of 2021. Agusto Consulting Limited, a wholly owned subsidiary of a rating agency, Agusto & Co. Limited, disclosed this in its report titled ‘2021 Nigeria diaspora remittance report & survey’ for May 2021. The report was presented by the Managing Director, Yinka Adelekan, …

The Central Bank of Nigeria (CBN) has announced an extension of its ‘Naira 4 Dollar’ incentive to encourage diaspora remittances until further notice. Under the scheme, the Bank pays out a reward of N5 for every $1 of fund remitted to Nigeria through money transfer companies. The apex bank announced the extension on Wednesday (5 May) through a memo by …

The Central Bank of Nigeria has released the list of 47 International Money Transfer Operators (IMTOs) that are licensed to operate in the country. It disclosed this on its website in a document titled ‘List of approved International Money Transfer Operators as at February 28, 2021’. Click here for the list of the IMTOs. While some of the operators have …

As part of its incentives to boost the inflow of foreign currency in the country, the Central Bank of Nigeria (CBN) on Saturday introduced a reward of N5 for every $1 of fund remitted to Nigeria through International Money Transfer Organisations in its new forex policy. The CBN announced the new policy in a circular to all deposit money banks, …

International remittance service provider, WorldRemit has described the move by the Central Bank of Nigeria, CBN, mandating commercial banks to open dollar accounts for customers who do not have as timely and apt. Country Manager, WorldRemit, Nigeria and Ghana, Gbenga Okejimi, stated that the move would enhance remittance payments for those who receive support from family and friends abroad. The …

The Central Bank of Nigeria has warned operators against paying recipients of diaspora remittances in local currency despite the existing directive requiring them to pay in foreign currency, especially in US dollars. The apex bank warned that violators of the order, which it issued on 3 December, could lose their operational licences if they failed to comply with its guidelines …

Nigeria has ordered International Money Transfer Operators (IMTOs) offering remittance services to the country to pay recipients of money sent to the country from abroad in the foreign currency used by the senders it they so desire. This means, if you send 500 euros from Germany to your sister in Nigeria, she must be paid 500 euros or the equivalent …

Prime Bank, a leading private bank in Kenya, has partnered with London-based FinTech SimbaPay, to launch an instant international money transfer service via the bank’s digital platform PrimeMobi.

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LOME, Togo, February 12, 2020/ — The leading pan-African bank, Ecobank, has signed a cross-border remittance agreement with Alipay, the world’s leading payment and lifestyle platform, that aims to bring more inclusive financial services by providing a fast, safe, affordable and convenient way for workers to transfer money back home. The partnership will facilitate instant transfers from Rapidtransfer, Ecobank’s remittance …

ACCRA, Ghana, February 12th, 2020,-/African Media Agency (AMA)/- Leading online international money transfer company WorldRemit predicts that 2020 will be the year of intra-African remittances. The World Bank already estimates that migrant workers within Africa send remittances in excess of $14 billion dollars each year, and in 2018 intra-African remittances represented 20% of global remittance flows according to Ecobank Group. …

Money sent by people living outside their countries of origin accounts for the largest foreign exchange inflow for many nations, indicating the huge importance remittances have assumed as a factor of economic development. For example, Africa received an estimated US$65 billion in remittances in 2018. Sending money to the continent is however more expensive than sending to any other region …

Concerned with the stagnant state of the nation’s economy marred with inconsistent foreign exchange earnings through oil export, the Association of Bureaux De Change Operators of Nigeria (ABCON) has disclosed that forex remittances from Nigerians in the Diaspora far exceeded the country’s earnings from crude oil export last year. The President of ABCON, Alhaji Aminu Gwadabe, who disclosed this to …

A research by the World Bank has found that Nigerians was the top receiver of cash from the United Kingdom in 2017. Nigeria was ranked the largest remittance recipient in sub-Saharan Africa and the sixth largest amongst lower-middle-income countries. According to the report, Nigerians living in the UK sent £3.27 million back home in 2017. “Remittances to sub-Saharan Africa are …

As the world’s second-largest provider for international money transfers, MoneyGram consistently works to make sending money even easier for its customers than it already is. Now, there is the new MoneyGram-App, which can be downloaded for free from Google Play Store or Apple Store. Once the app is installed on a mobile phone, the desired amount can be on its …