Customers, many of whom were there to cash money sent to them from abroad, queue before a Nigerian bank in Abuja. Remittances are a lifeline to millions of families in Africa /Photo: NAN

Nigeria: Money transfer company supports CBN on dollar account

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 CBN had recently announced that all Nigerian banks will be mandated to facilitate money transfers by automatically opening US Dollar bank accounts for those who do not currently have US Dollar bank accounts.

The apex bank stated also that a $2,000 withdrawal limit will apply to these accounts

This development, according to the regulator, would ensure successful process of international money transfer.

Commenting further, Okejimi said, “We are excited by the fact that we can continue to enable the transfer of remittances to more people across Nigeria, whilst also supporting the Nigerian government in its efforts to strengthen the economy.

“When our founder came up with the idea to create WorldRemit, it was with the ultimate goal of ensuring that the diaspora community could send money back home easily and through a safe platform. I am proud to say that we are constantly evolving, innovating and adapting to ensure that our customers’ needs are met efficiently.”

WorldRemit recently announced the expansion of its US Dollar payout option with nine of its existing bank partners. This development makes it an International Money Transfer Organisations (IMTO) with one of the broadest and largest USD payout networks in Nigeria.

Customers of FCMB, First Bank, Access Bank, Fidelity Bank, GT Bank and UBA can now also access USD payout through the bank transfer and cash pickup options. Those receiving transfers into Union Bank, Polaris Bank and Zenith Bank accounts can access USD payout only through the cash pickup option.

Kola Tella

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